User Account

All Pages

Compute the balance in joint operation account

Assignment Help Financial Accounting
Reference no: EM132950820

Question - A, B and C's operation has just ended. B, the appointed manager, had the following accounts in his books before closing entries: Dr. JO - Cash - 800, Cr. Payable to A - 105, Cr. Payable to C - 200. The joint operation's profit was P420. B took the unsold inventory costing P30. Compute the balance in Joint Operation account before distribution of profit.

Reference no: EM132950820

Questions Cloud

Make balance day adjustments for prepayments : Make balance day adjustments for prepayments and accruals using the general journal. Record the following balance day adjustment on 30th Jun 2011
What is the total amount to be budgeted : Manufacturing overhead is applied at a rate of 110% of direct labor costs. What is the total amount to be budgeted for manufacturing overhead for the month
Find what is the annual effective rate of interest : Bank credit card shows that the monthly rate of interest is 1.85%. What is the annual effective rate of interest you are being charged on your credit card?
What amount will be recorded as cash dividends : Holds 5,000 of these shares as treasury stock. If the corporation declares a $1 per share cash dividend, what amount will be recorded as cash dividends?
Compute the balance in joint operation account : The joint operation's profit was P420. B took the unsold inventory costing P30. Compute the balance in Joint Operation account before distribution of profit
Compute the loss on share rights on November : January 5 Bought 4,000 ordinary shares, P100 par, at P88 each. Compute the loss on share rights on November
What type of stock does a stockholder need to have the right : What type of stock does a stockholder need to have the right to vote in corporate matters? Preferred stock./ Treasury stock. / Common stock
Which a stock dividend affects the debiting of accounts : Which a stock dividend affects the debiting and crediting of the following accounts. Debit retained earnings, credit common stock and credit paid-in capital.
How much is recognized as research and development expense : Cost of testing the prototype model for safety and environmental friendliness 40,000. How much is recognized as research and development expense

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is its approximate internal rate of return

Horowitz Company is evaluating the purchase of a rebuilt spot-welding machine to be used in the manufacture of a new product. The machine will cost $332,168, has an estimated useful life of 12 years, a salvage value of zero, and will increase net ann..

  Find the projects ninv for the project

Allied Food Products, Calculate the cash net flow for years 1-3 and terminal cash flow for year 4. Find the projects NINV for the project

  What is kellys deductible theft loss in the current year

On December 17 of the current year, Kelly's business office safe is burglarized. The theft is discovered a few days after the burglary. $3,000 cash from the cash registers is stolen. A diamond necklace and a ring that Kelly frequently wore are also s..

  What kind of test is required

What kind of test is required? H0: Prototype design has at most 37 mpg vs HA: Prototype design has greater than 37 mpg. If H0 is rejected

  Find what year will income before tax affected by discounts

Find what year will income before tax be affected by discounts, assuming that all customers paid the net-of-discount amount on January 6, 2022?

  How much would net income be misstated

At the end of the year, 75% of that value had been earned. If the accountant failed to record any adjusting entries, how much 2020's net income be misstated

  Analyze the year-to-year performance of a single company

This chapter explains the ratio analysis useful in analyzing year-to-year performance of a single company or for comparing several companies within an industry.

  Differentiate between mergers and acquisitions

Explain the meaning of economic, transaction and translation risks. Differentiate between mergers and acquisitions. What are free cash flows?

  Your leadership roles and community involvement

Your current school has considered you eligible for a scholarship, but demanded an application from you. Briefly explain your reasons for submitting this application.  Your personal circumstances as related to your financial need for a scholarship. Y..

  Which is true regarding cash management

Which is true regarding cash management? Effective cash management results in minimization of the total interest earnings involved with holding cash

  What is their break-even level of operating income

Home Depot, Inc. (HD) had 1.70 billion shares of common stock outstanding in 2008. whereas Lowes Companies, Inc. (LOW) had 1.46 billion shares outstanding. what is their break-even level of operating income. The EBIT indifference level is $.

  What is forecast for the next month

Using the 6-month moving average, what is your forecast for the next month? (Note: Round up to next single item as, for example)

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd