Occidental Company's P10,000,000 net income for the quarter ended September 30, included the following after-tax items AP1,200,000 gain realized on April 30 was allocated equally to the second, third and fourth quarters of the year. A P3,000,000 cumulative loss resulting from a change in inventory valuation method was recognized on August 2. In addition, Occidental paid P600,000 on February 1 for the calendar-year property tax. Of this amount, P150,000 was allocated to the third quarter. For the quarter ended September 30, Occidental should report net income of

Occidental Company's P10,000,000 net income for the quarter ended September 30, included the following after-tax items AP1,200,000 gain realized on April 30 was allocated equally to the second, third and fourth quarters of the year. A P3,000,000 cumulative loss resulting from a change in inventory valuation method was recognized on August 2. In addition, Occidental paid P600,000 on February 1 for the calendar-year property tax. Of this amount, P150,000 was allocated to the third quarter. For the quarter ended September 30, Occidental should report net income of

Name: Occidental Company's P10,000,000 net income for the quarter ended Sep
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Description: Occidental Company's P10,000,000 net income for the quarter ended September 30, included the following after-tax itemsAP1,200,000 gain realized on April 30 was allocated equally to the second, third and fourth quarters of the year.A P3,000,000 cumul

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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