What is the consolidated sales for 2020? The separate incomes (which do not include investment income) of Celine Corporation andMargaux Corporation, its 80% owned subsidiary, for 2020 were determined as follows:CELINEMARGAUXSales .P800,000400,000P400,000P200,000Less Cost of sales120,000P 80,000Gross profit .Other expenses .200,00060,000Separate 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.

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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 P200,000 Less Cost of sales . 400,000 P400,000 120,000 P 80,000 60,000 P 20,000 Gross profit . 200,000 P200,000 Other expenses Separate incomes . 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 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 P200,000 Less Cost of sales . 400,000 P400,000 120,000 P 80,000 60,000 P 20,000 Gross profit . 200,000 P200,000 Other expenses Separate incomes . 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,

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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