For the quarter ended September 30, 2021, how much should GREEN report as net income? GREEN Company's P190,000 net income for the quarter ended September 30, 2021 includedthe following after tax items:a. A P120,000 gain on disposal of equipment, realized on April 30, 2021 was allocatedequally to the 2nd, 3rd, and 4th quartersb. AP32,000 cumulative effect loss resulting from a change in inventory valuation wasrecognized on September 14, 2021.c. In addition, GREEN paid P96,000 on March 1, 2021, for 2021 calendar year propertytaxes, of this amount, P28,800 was allocated to the 3rd quarter of 2021.

Financial statements are those statements which are prepared at the end of accounting period. The…

Answered: For the quarter ended September 30,…

Business

Accounting

For the quarter ended September 30, 2021, how much should GREEN report as net income?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter26: Tax Practice And Ethics

Section: Chapter Questions

Problem 32P

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