On September 1, Wray Company received a P500,000 cashWray Company provided the following data for the currentdividend from Seco Company in which Wray Companyliquidating dividend from King Company. Wray CompanyWray Company owns a 10% interest in Bow Company,On October 1, Wray Company received a P60,000Problem 16-14 (AICPA Adapted)year:On September 1, Wray Company received a P500,000coowns a 30% interest.On October 1, Wray Company received aowns a 5% interest in King.Wray Company owns a 10% interest in Bow Companywhich declared and paid P2,000,000 cash dividend onNovember 15.What amount should be reported as dividend income for thecurrent year?a. 700,000b. 560,000c. 500,000d. 200,000

calculation of income from dividend for current year are as follows

On September 1, Wray Company received a P500,000 cash dividend from Seco Company in which Wray Company Wray Company provided the cent year: On September 1, Wray Company received a P500,000 co dividend from Seco Company in which Wray Compa owns a 30% interest. On October 1, Wray Company received a P60.000 liquidating dividend from King Company. Wray Company owns a 5% interest in King. Wray Company owns a 10% interest in Bow Company which declared and paid P2,000,000 cash dividend on

On September 1, Wray Company received a P500,000 cash dividend from Seco Company in which Wray Company Wray Company provided the cent year: On September 1, Wray Company received a P500,000 co dividend from Seco Company in which Wray Compa owns a 30% interest. On October 1, Wray Company received a P60.000 liquidating dividend from King Company. Wray Company owns a 5% interest in King. Wray Company owns a 10% interest in Bow Company which declared and paid P2,000,000 cash dividend on

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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