Reference no: EM133031582
Question - BB, WW and FF agree to sell construction tools for a period of one month. BB agrees to construct a stand on the front of the lawn of FF. FF will be paid P2,500 for cleaning up the lawn after the one month selling period.
BB, WW and FF decide that net income, if any will be allocated first by the P2,500 payment to FF and then by a 40% commission on individual sales. The balance will be distributed 75% to BB and 25% to WW. They agree that a cash box will complicate the matters and that all purchases and sales transactions will be out of-pocket and the responsibility of the individual. Sales to BB, WW and FF are to be at cost, except that the ending inventory may be purchased at 50% of cost. All other sales are to be made at 100% mark-up on cost.
The activity of the joint operation is as follows:
a. BB construct the stand on the front of the lawn at a cost of P10,000;
b. BB pays for P100,000 for various construction tools. FF pays P5,000 for permit to operate the concession or business;
C. BB purchases additional construction tools for P150,000, using P50,000 contributed by WW and P100,000 of personal money,
d. Sales for the period were as follows:BB, P170,000; WW, P260,000; and FF, P60,000;
e FF pays P9,000 for office supplies and these are distributed equally between BB, WW, and FF for their personal use at home. FF agrees to pay P5,000 for the stand.
f. The balance of construction tools inventory was taken by BB.
Requirement - Determine the amount to be received (paid) by BB during cash settlement?
Assignment on concepts-business software
: Design and a spreadsheet using Excel to record a personal budget for a year including an income, expenses and net for each month. You should have a section for
|
What was her real income
: However, on average, prices in 2017 were higher than in 1950. What was her real income in 2017 in terms of constant 1950 dollars
|
Create competitive advantage in the digital era
: Strategic evaluation of a company requires managers to consider the reasons why one company has a competitive advantage over another.
|
Explain in detail why accounting is documentary
: Explain in detail why accounting is documentary. Explain what are the main two differences between life-cycle costing and traditional costing
|
Determine the amount to be received
: BB construct the stand on the front of the lawn at a cost of P10,000; Determine the amount to be received (paid) by BB during cash settlement
|
What is the character of the section gain to the partners
: Bevo Partnership had the following financial activity for the year: Gross receipts from sales $860,000. What is the character of the Section gain to the partner
|
Describe the purpose of environmental management accounting
: Describe the purpose of environmental management accounting (EMA) and explain how using it would benefit JTG
|
What is the total amount of sunk cost in this decision
: Breezy Company is disposing of equipment that was originally purchased for $600,000. What is the total amount of sunk cost in this decision
|
What is the project irr
: A project has an initial cost of $40,000, expected net cash inflows of $8,000 per year for 10 years, and a cost of capital of 10%. What is the project's IRR
|