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Question 1: Capital balances in the LMM partnership are Lili, Capital P 60,000; Mel, Capital P 50,000 and May, Capital P 40,000. Profits and losses are 5:3:2, respectively. The LMMS partnership is formed by admitting Sylvia to the partnership with a cash investment of P 60,000 for a 25% capital interest. The bonus to be credited to May in admitting Sylvia is
For each product sold, the entrepreneur makes a profit of $10. How many products does she need to sell to break even?
Which the minimum return that must be earned on a project in order to leave the firm's value unchanged is? the internal rate of return.
Which of the following is accounted for as a change in accounting principle?
1800 carats were produced in 2024. How much depletion expense associated with this ruby mine should Mine Co. recognize in 2024?
On December 1, 2014, XYZ Company sold 10,000 of its 10%, 15-year, $1,000 face value, nonconvertible bonds with detachable stock warrants at 102. Each bond carried three detachable warrants. Prepare in general journal format the entry to record the is..
Kevin Company purchased a machine for 2,75,000.The entity changed to the straight line method of depreciation. What is the depreciation for 2019?
Create journal entries to record the purchase of the inventory, accrual of interest on Dec 31, 2019 and the final repayment of the note at maturity.
Australia's ageing population has produced some unique issues which will need to be addressed by current and future governments. These issues include
Milsaps Company produces sportsmen’s digital scales. In preparing the current budget, Milsaps’ controller estimates a total of $294,000 in direct materials cost, $231,000 in direct labor cost, and $279,510 in manufacturing overhead costs. What is Mil..
Record the issuance of the note payable on March 1 and the cash payment on September 1. (If no entry is required for a particular transaction/event)
Find How would the price of the bond be affected by a change in the going market interestrate? (Hint: Conduct a sensitivity analysis of price to changes)
Packaging Solutions Corporation manufactures and sells a wide variety of packaging products. Performance reports are prepared monthly for each department.
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