What is the non-controlling interest in net income? ABC owns 90% interest of DEF Co. The following information are provided:АВС Со.DEF Co.Sales1,000,0002,700,000Cost of Sales(400,000)(1,350,000)1,350,000(250,000)20,0000Gross Profit600,000(400,000)Operating ExpenseDividend IncomeNet Income200,0001,120,000ABC sold goods to DEF for P30,000, 20% of these goods were sold for the year. DEF also sold goods toABC for P50,000, 20% of these goods were unsold at the end of the year. The ending inventory for ABCand DEF are P120,000 and 50,000 respectively. Compute for the Non-controlling interest in Net Income.

The net income of the subsidiary on multiplying with the percentage of Non-controlling interest(NCI)…

Answered: What is the non-controlling interest in…

Business

Accounting

What is the non-controlling interest in net income?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA2: Investments

Section: Chapter Questions

Problem 11MCQ

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