a. 800,000b. 1,000,000c. 560,000d. 920,000 The separate incomes (which do not include investment income) of Celine Corporation andMargaux Corporation, its 80% owned subsidiary, for 2020 were determined as follows:CELINEP800,000MARGAUXSales .P200,000Less Cost of sales400,000P400,000200,000120,000P 80,000Gross profit .Other expenses .60,000Separate incomes.P200,000P 20,000During 2020 Celine sold merchandise that cost P40,000 to Margaux for P80,000, and atDecember 31, 2020 half of these inventory items remained unsold by Margaux.The Consolidated sales for 2020:

Name: a. 800,000b. 1,000,000c. 560,000d. 920,000 The separate incomes (which
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Description: a. 800,000b. 1,000,000c. 560,000d. 920,000 The separate incomes (which do not include investment income) of Celine Corporation andMargaux Corporation, its 80% owned subsidiary, for 2020 were determined as follows:CELINEP800,000MARGAUXSales .P200,000L

The sales of the parent and those of the subsidiary excluding the inter-company sales would give the…

Business

Accounting

The separate incomes (which do not include investment income) of Celine Corporation and Margaux Corporation, its 80% owned subsidiary, for 2020 were determined as follows: CELINE MARGAUX Sales . Less Cost of sales P800,000 P200,000 400,000 P400,000 120,000 P 80,000 Gross profit Other expenses. Separate incomes . 200,000 60,000 P200,000 P 20,000 During 2020 Celine sold merchandise that cost P40,000 to Margaux for P80,000, and at December 31, 2020 half of these inventory items remained unsold by Margaux. The Consolidated sales for 2020:

The separate incomes (which do not include investment income) of Celine Corporation and Margaux Corporation, its 80% owned subsidiary, for 2020 were determined as follows: CELINE MARGAUX Sales . Less Cost of sales P800,000 P200,000 400,000 P400,000 120,000 P 80,000 Gross profit Other expenses. Separate incomes . 200,000 60,000 P200,000 P 20,000 During 2020 Celine sold merchandise that cost P40,000 to Margaux for P80,000, and at December 31, 2020 half of these inventory items remained unsold by Margaux. The Consolidated sales for 2020:

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter11: The Corporate Income Tax

Section: Chapter Questions

Problem 5P: Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of...

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

a. 800,000

b. 1,000,000

c. 560,000

d. 920,000

The separate incomes (which do not include investment income) of Celine Corporation and
Margaux Corporation, its 80% owned subsidiary, for 2020 were determined as follows:
CELINE
P800,000
MARGAUX
Sales .
P200,000
Less Cost of sales
400,000
P400,000
200,000
120,000
P 80,000
Gross profit .
Other expenses .
60,000
Separate incomes.
P200,000
P 20,000
During 2020 Celine sold merchandise that cost P40,000 to Margaux for P80,000, and at
December 31, 2020 half of these inventory items remained unsold by Margaux.
The Consolidated sales for 2020:

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