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Question - Pedro, Quito, Romeo and Sixto are partners, sharing earnings in the ratio of 3/21, 4/21, 6/21 and 8/21. The balances of their capital accounts on December 31, 2015 are: Pedro, P10,000; Quito, P250,000; Romeo, P250,000; Sixto, P90,000. The partners decide to liquidate, and they accordingly convert the noncash assets into cash. After paying the liabilities amounting to P60,000, they have P222,000 to divide. How much cash Quito should receive?
Miley, a single taxpayer, plans on reporting $32,350 of taxable income this year (all of her income is from a part-time job). She is considering applying for a second part-time job that would give her an additional $11,300 of taxable income. By how m..
Determine the balance in the income taxes payable account at 31 st December, 2007.
Suppose that there is a 4% chance in any year each restaurant will catch fire. Find the expected annual loss for each of the insureds
Jordan and Taylor became friends after meeting on a reality cooking show. They have recently decided to start an Internet business to sell their delicious chocolate brownies. Their knowledge of business, unlike their totally awesome culinary skills, ..
The Fleming fraud involved an expense manipulation designed to increase net income. Describe a substantive audit procedure that an auditor could use to determine whether financial statements are misstated by early recording of purchase rebates.
The calculation of the income recognized in the third year of a five-year construction contract accounted for using the percentage-of-completion method includes the ratio of
Suppose that this project requires an investment in working capital of 200,000, but all else remains the same. What is the cash flow in time 1-time 5?
It expects to use the patent for the next ten years, after which it will be valueless. Calculate the amortisation expenses for the first four years.
What are the rules for the elimination entry for intra-group transactions relating to dividend declared by the parent company and dividend declared
Your financial ratios are not similar to other companies in your industry. What can be going on? What are the good points of leverages?
On January 1, 2016, Cobbler Corporation awarded restricted stock units (RSUs) representing 30 million of its $1 par common shares to key personnel, subject to forfeiture if employment is terminated within three years. Determine the total compensation..
What the level of required new funds is the sales will rise from 400K to 550K next year. when assets are 60% of sales and liabilities are 30% of sales
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