Bell Company reported P 950,000 net income for the quarter ended September 30, 2014 which include the following after tax items: • A P 600,000 expropriation gain, realized on April 30, 2014, was allocated equally to the second, third and fourth quarters of 2014. • A P 160,000 cumulative-effect loss resulting from a change in inventory valuation method was recognized on August 1, 2014. In addition, the entity paid P 480,000 on February 1, 2014, for 2014 calendar-year property taxes. Of this amount, P 120,000 was allocated to the third quarter of 2014. For the quarter ended on September 30, 2014, what amount should be reported as net income?
Bell Company reported P 950,000 net income for the quarter ended September 30, 2014 which include the following after tax items:
• A P 600,000 expropriation gain, realized on April 30, 2014, was allocated equally to the second, third and fourth quarters of 2014.
• A P 160,000 cumulative-effect loss resulting from a change in
In addition, the entity paid P 480,000 on February 1, 2014, for 2014 calendar-year property taxes. Of this amount, P 120,000 was allocated to the third quarter of 2014.
For the quarter ended on September 30, 2014, what amount should be reported as net income?
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