Sanchez Company acquired inventories on June 1, 2021 from its 60% owned subsidiary, Black Corporation. The inventories were sold for P285,000, including the 20% mark up on cost. Out of these inventories, 70% were sold to outsiders during the current year and the rest was sold in 2022. During 2022, Sanchez Company reported net income of P880,000 and Black Corporation reported net income of P560,000. How much is the non-controlling interest in net income of subsidiary for 2022?
Sanchez Company acquired inventories on June 1, 2021 from its 60% owned subsidiary, Black Corporation. The inventories were sold for P285,000, including the 20% mark up on cost. Out of these inventories, 70% were sold to outsiders during the current year and the rest was sold in 2022. During 2022, Sanchez Company reported net income of P880,000 and Black Corporation reported net income of P560,000. How much is the non-controlling interest in net income of subsidiary for 2022?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Sanchez Company acquired inventories on June 1, 2021 from its 60% owned subsidiary, Black Corporation. The inventories were sold for P285,000, including the 20% mark up on cost. Out of these inventories, 70% were sold to outsiders during the current year and the rest was sold in 2022. During 2022, Sanchez Company reported net income of P880,000 and Black Corporation reported net income of P560,000.
How much is the non-controlling interest in net income of subsidiary for 2022?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education