FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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What is 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 .
P800,000
400,000
P400,000
P200,000
Less Cost of sales
120,000
P 80,000
Gross profit .
Other expenses .
200,000
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.
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Transcribed Image Text: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 . P800,000 400,000 P400,000 P200,000 Less Cost of sales 120,000 P 80,000 Gross profit . Other expenses . 200,000 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.
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