Y Inc. is a wholly owned subsidiary of P Corporation. The following are excerpts from the 2019 condensed statements of financial position of the two companies: P Corp. P500.000 2,000,000 Y Inc. Sales to Y Sales to others Cost of goods sold from P Cost of goods sold from others Gross profit P1,500,000 400,000 950,000 P150,000 1,750,000 P750,000 The sales of P to Y are made on the same terms as those made to others.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Determine the net income attributable to P Corporation using the information below: 

Y Inc. is a wholly owned subsidiary of P Corporation. The following are excerpts from the 2019 condensed statements of
financial position of the two companies:
P Corp.
P500.000
2,000,000
Y Inc.
Sales to Y
Sales to others
Cost of goods sold from P
Cost of goods sold from others
Gross profit
P1,500,000
400,000
1,750,000
P750,000
950,000
P150,000
The sales of P to Y are made on the same terms as those mode to others.
Transcribed Image Text:Y Inc. is a wholly owned subsidiary of P Corporation. The following are excerpts from the 2019 condensed statements of financial position of the two companies: P Corp. P500.000 2,000,000 Y Inc. Sales to Y Sales to others Cost of goods sold from P Cost of goods sold from others Gross profit P1,500,000 400,000 1,750,000 P750,000 950,000 P150,000 The sales of P to Y are made on the same terms as those mode to others.
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