Marie Co. sold inventories on May 1, 2021 to its 75% owned subsidiary, Paz Company. The inventories costing P188,000 were sold for a 25% gross profit. Out of these inventories, 60% were sold to outsiders during 2021. In 2022, Marie Co. reported net income of P430,000 and Paz Co. reported net income of P280,000. How much of the consolidated net income is to be allocated to non- controlling interest in 2022?

Marie Co. sold inventories on May 1, 2021 to its 75% owned subsidiary, Paz Company. The inventories costing P188,000 were sold for a 25% gross profit. Out of these inventories, 60% were sold to outsiders during 2021. In 2022, Marie Co. reported net income of P430,000 and Paz Co. reported net income of P280,000. How much of the consolidated net income is to be allocated to non- controlling interest in 2022?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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