The consolidated income statement of P Corp. and its 80% subsidiary follows: P. Corp and Subsidiary Consolidated Income Statement For the year ended December 31, 2013 Sales P402,000 Cost of Goods Sold 246,000 Gross Profit 156,000 Operating expenses 81,000 Consolidated net income 75,000 Non-controlling interest in net income 6,000 Share of P. Corp. in the consolidated net income P69,000 How much of the consolidated net income was the result of the operation of the subsidiary? A. P51,000 B. P24,000 C. P7,500 D. P30,000
The consolidated income statement of P Corp. and its 80% subsidiary follows: P. Corp and Subsidiary Consolidated Income Statement For the year ended December 31, 2013 Sales P402,000 Cost of Goods Sold 246,000 Gross Profit 156,000 Operating expenses 81,000 Consolidated net income 75,000 Non-controlling interest in net income 6,000 Share of P. Corp. in the consolidated net income P69,000 How much of the consolidated net income was the result of the operation of the subsidiary? A. P51,000 B. P24,000 C. P7,500 D. P30,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The consolidated income statement of P Corp. and its 80% subsidiary follows:
|
P. Corp and Subsidiary Consolidated Income Statement For the year ended December 31, 2013 |
|
|
Sales |
P402,000 |
|
Cost of Goods Sold |
246,000 |
|
Gross Profit |
156,000 |
|
Operating expenses |
81,000 |
|
Consolidated net income |
75,000 |
|
Non-controlling interest in net income |
6,000 |
|
Share of P. Corp. in the consolidated net income |
P69,000 |
How much of the consolidated net income was the result of the operation of the subsidiary?
A. P51,000
B. P24,000
C. P7,500
D. P30,000
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