User Account

All Pages

How much cash can be distributed safely at this point

Assignment Help Financial Accounting
Reference no: EM132797201

Questions -

Q1. When JUSTIN and BIEBER, partners who share earnings 60:40, were severely injured in an accident, a liquidator was appointed to wind up their business. The accounts showed cash, P90,000; other assets, P235,000; liabilities, P45,000; Justin's capital, P126,000; and Bieber's capital, PI54,000. The expenses of liquidating the business (advertising, rent, travel, etc.) are estimated at P25,000. How much cash can be distributed safely at this point?

Q2. On February 14, 2020, Love, Mahal and Heart agreed to form a partnership and share profits in the ratio of 40:40:20. They also agreed that Heart shall receive a monthly salary of 5,000. If Heart receives P80,000 in the distribution of profits, determine the amount of income for the year ended December 31, 2020?

Reference no: EM132797201

Questions Cloud

Describe the steps of cellular respiration of the human : Describe the steps of cellular respiration of the human cell to produce the energy molecule ATP.
What is the amount of the fcf to common equity holders : What is the amount of the FCF to common equity holders each year? Assume that XYZ, Inc. is a single asset firm that is expected to generate $5 million
What is total yield of dna : If you have 200ul of the solution described above, what is your total yield of DNA? (the amount of DNA in the tube)
How much cost of goods manufactured for Arturo Manufuring : How much is the cost of goods manufactured for Arturo Manufuring? Beginning Balance-Work-in-Process Inventory $150,000.Direct Labor 74,820
How much cash can be distributed safely at this point : The expenses of liquidating the business (advertising, rent, travel, etc.) are estimated at P25,000. How much cash can be distributed safely at this point
Compute the pre-determined overhead rate : Compute the pre-determined overhead rate. Peter Company uses a job-order costing system and applies manufacturing overhead to jobs
Find What is the yield to maturity on the bond : The Saleemi Corporation's $1,000 bonds pay 5 percent interest annually and have 13 years until maturity. Find What is the yield to maturity on the bond?
Different types of acid-base disturbances : Briefly explain the four different types of Acid-Base disturbances found in the human body according to body system
How much income tax expense is recognized : Assume no items in either quarter requiring the net-of-tax presentation. How much income tax expense is recognized in the second quarter of 2021

Reviews

Write a Review

Financial Accounting Questions & Answers

  Q1 what is the weighted average contribution marginwacm

q1 what is the weighted average contribution marginwacm percentage for bridgestones next annual budget?q2 what would be

  Prepare the journal entry to record the depreciation

Assuming the fiscal year end was December 31, 2018, prepare the journal entry to record the depreciation of the new equipment

  Assuming adrian has no other capital gains or losses

Three years ago, Adrian purchased 220 shares of stock in X Corp. for $29,480. On December 30 of year 4, Adrian sells the 220 shares for $22,000. Assuming Adrian has no other capital gains or losses, how much of the loss is Adrian able to deduct on he..

  How the bonds would be reported on the balance sheet

How the bonds would be reported on the balance sheet. Prepare the journal entries to record the issuance of the bonds and the first and second interest payment.

  What journal would the transactions be recorded

In what journal would the following transactions be recorded? (Assume that a two-column sales journal and a single-column purchases journal are used.)

  Find what is the total amount of bad debt expense

Find What is the total amount of bad debt expense that Hopper needs to record for the December 31, 20X3, fiscal year? Round to the nearest dollar.

  Defect rate and sigma level for each individual batch

During one month, an accounting firm processed 51,000 invoices for Alpha Corp, 49,000 for Beta Corp, and 25,000 for Gamma Corp. Of these, 510 of the Alpha, 525 of the Beta, and 480 of the Gamma invoices had to be reprocessed for errors. a. What is th..

  What was the companys cost of goods sold for the month

Gabat Inc. is a merchandising company. Last month the company's merchandise purchases totaled $67,000. The company's beginning merchandise inventory was $19,000 and its ending merchandise inventory was $22,000. What was the company's cost of goods so..

  How much would the share price increases

Its corporate tax rate is 35% and its cost of equity is 10%. How much would the share price increases if the company decides to issue $1,000,000 bonds?

  What is the principal repaid in the seventh payment

A car loan of $25,000 is amortized over 4 years by equal end-of-quarter payments at 4.99% compounded annually. What is the principal repaid in the 7th payment?

  How many withdrawals will be able to make

Mr. James wants to deposit his savings. How many withdrawals will he or his heir (in case of his death) be able to make before the entire amount is exhausted?

  Statements creates a bearer instrument

Which of the following statements creates a bearer instrument

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