Yani Inc. is a wholly owned subsidiary of Pakito Corporation.  The following are excerpts from the 2008 condensed statements of financial position of the two companies: (see image below) The sales of Pakito to Yani are made on the same terms as those made to others.  Determine the net income attributable to Pakito Corporation

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Yani Inc. is a wholly owned subsidiary of Pakito Corporation.  The following are excerpts from the 2008 condensed statements of financial position of the two companies: (see image below) The sales of Pakito to Yani are made on the same terms as those made to others.  Determine the net income attributable to Pakito Corporation

Sales to Xani
Sales to others
Cost of goods sold from Pakito
Cost of goods sold from others
Gross profit
Pakito Corp. Yani Inc.
P500,000
2,000,000
P1,500,000
400,000
1,750,000
950,000
P750,000
P150,000
Transcribed Image Text:Sales to Xani Sales to others Cost of goods sold from Pakito Cost of goods sold from others Gross profit Pakito Corp. Yani Inc. P500,000 2,000,000 P1,500,000 400,000 1,750,000 950,000 P750,000 P150,000
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