Philips Has a 50% Joint Operation Interest in Josef A)$200
B)$550
C)$750
D)$1,150

Philips has a 50% joint operation interest in Josef. Based on the following information, what amount will be presented for net income on Philips' proportionately consolidated income statement? $$\begin{array} { | l | r | r | } \hline & \text { Philips } & \text { Josef } \\\hline \text { Revenue } & 1,000 & 2,000 \\\hline \text { Income from Josef } & 200 & \\\hline \text { Expenses } & 450 & 1,600 \\\hline \text { Net income } & 750 & 400 \\\hline\end{array}$$

A) $200
B) $550
C) $750
D) $1,150

Correct Answer:

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