Help Save & Ent Sub Abba Co owns a 40% interest in Jay Ltd., a...
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Help Save & Ent Sub Abba Co owns a 40% interest in Jay Ltd., a joint venture. Information for these two entities for the year ended July 31, 2019 is as follows Accounts receivable Sales Abba Co. $ 400,000 5,000,000 Jay Ltd. $ 300,000 3,900,eee During the year, Jay had sales of $600,000 to Abba At the end of the year, Abba owed $20,000 to Jay. What would be reported for Sales on the consolidated income statement for the year ended July 31 2019? (Assume that the company was following proportionate consolidation for reporting joint ventures.) Multiple Choice $6.312.000 Help Save t he Multiple Choice 56, 312.000 58,300000 55 560.000 56 320.000
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