Light of Jesus operates a branch in Cagayan de Oro City. Selected accounts were taken from Dec.
Fantastic news! We've Found the answer you've been seeking!
Question:
Light of Jesus operates a branch in Cagayan de Oro City. Selected accounts were taken from Dec. 31, 2010, financial statements of Light of Jesus and its branch follow:
Home Office | Branch | |
Sales | 6,900,000 | 3,765,000 |
Shipments to Branch | 1,750,000 | |
Shipments from Home Office | 2,187,500 | |
Inventory, Jan. 1 | 800,000 | 120,000 |
Inventory, Dec. 31 | 640,000 | 250,000 |
Purchases | 6,800,000 | 1,000,000 |
Allowance for overvaluation before adjustment | 452,5000 | |
Expenses | 356,000 | 250,000 |
Required
The ending inventory of the branch includes P120,000 purchased from outside suppliers. The consolidated net income is____________.
Related Book For
Posted Date: