ABC owns 90% interest of DEF Co. The following information are provided: АВС Со. DEF Co. Sales 1,000,000 (400,000) 2,700,000 Cost of Sales (1,350,000) Gross Profit 600,000 1,350,000 Operating Expense (400,000) (250,000) Dividend Income 20,0000 Net Income 200,000 1,120,000 ABC sold goods to DEF for P30,000, 20% of these goods were sold for the year. DEF also sold goods to ABC for P50,000, 20% of these goods were unsold at the end of the year. The ending inventory for ABC and DEF are P120,000 and 50,000 respectively. Compute for the Non-controlling interest in Net Income.
ABC owns 90% interest of DEF Co. The following information are provided: АВС Со. DEF Co. Sales 1,000,000 (400,000) 2,700,000 Cost of Sales (1,350,000) Gross Profit 600,000 1,350,000 Operating Expense (400,000) (250,000) Dividend Income 20,0000 Net Income 200,000 1,120,000 ABC sold goods to DEF for P30,000, 20% of these goods were sold for the year. DEF also sold goods to ABC for P50,000, 20% of these goods were unsold at the end of the year. The ending inventory for ABC and DEF are P120,000 and 50,000 respectively. Compute for the Non-controlling interest in Net Income.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Compute for the non-controlling interest in Net Income
Transcribed Image Text:ABC owns 90% interest of DEF Co. The following information are provided:
АВС Со.
DEF Co.
Sales
1,000,000
2,700,000
Cost of Sales
(400,000)
(1,350,000)
Gross Profit
Operating Expense
600,000
1,350,000
(250,000)
20,0000
1,120,000
(400,000)
Dividend Income
Net Income
200,000
ABC sold goods to DEF for P30,000, 20% of these goods were sold for the year. DEF also sold goods to
ABC for P50,000, 20% of these goods were unsold at the end of the year. The ending inventory for ABC
and DEF are P120,000 and 50,000 respectively. Compute for the Non-controlling interest in Net Income.
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