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The condensed balance sheet of May, June, and July as of March 31,2021 follows:
PARTNERSHIP LIQUIDATION
Cash P28,000
Other Assets 265,000
Liabilities P48,000
May, Capital 95,000
June, Capital 80,000
Total P293,000
July, Capital 70,000
Problem 1: The income and loss ratio is 50:25:25, respectively. The partners voted to dissolve their partnership and liquidate by selling other assets in installments. P70,000 was realized on the first cash sale of other assets with a book value of P150,000. After settlement with creditors, all cash available was distributed to the partners. How much cash was received by July?
Present general journal entries to record the initial capital investments of the partners, their cash withdrawals, and the December 31 closing of Income Summary
The company records any price variance for materials at time of purchase. Find the direct materials purchase-price variance in July
Best Birdies produces ornate birdcages. The company's average cost per unit is $18.00 when it produces 2,200 birdcages
Prepare a table that illustrates the percentage change in costs between the volume-based system and the strategic activity-based system.
On January 1, 2015, when its $30 par value common stock was selling for $70 per share, Record the original issuance of the convertible debentures
Calculate the net positive effect on the company's profit per brake unit given that the Electrical Division supplies the fittings to the Brake Division
Suppose that you've a short investment horizon (less than one year). You're considering two investments: a one-year Treasury security and 20-year Treasury security.
A primary characteristic that distinguishes governmental entities from business entities is:
The unearned portion of the rent collected in 2013 was $50 million and $40 million at the end of 2014. Taxable income is $200 million. No temporary differences existed at the beginning of the year, and the tax rate is 40%. Prepare the appropriate ..
Beige's earnings and profits are $300,000. Beige redeems 200 of Lois' shares for $100,000. Determine the amount of Lois' recognized gain (1) if she is Sam's mother and (2) if they are unrelated.
Compute the following ratios in Excel for two years.
PNG Corporation designs and builds roller coasters for amusement parks. At the end of 20x1, managers estimated overhead costs for 20x2 of $150,000 based on expected production of 5 roller coasters (5 jobs) using 5,000 labor hours each. Actual ov..
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