How much is the adjusted capital of Karen

Assignment Help Financial Accounting
Reference no: EM132845444

Question - On March 31, 2020, Karen admits Lanie for an interest in his business.

On this date, Karen's capital account shows a balance of P250,175. The following were agreed upon before the formation of the partnership.

1. Prepaid expenses of P11,200 and accrued expenses of P4,500 are to be recognized.

2. 4% of the outstanding accounts receivable of P90,000 of Karen is to be recognized as uncollectible.

3. Lani is to be credited with a 45% interest in the partnership and is to invest cash aside from the Equipment with a book value of P48,000 and a fair value of P46,500.

Required - How much is the adjusted capital of Karen and the new capital of the partnership?

Reference no: EM132845444

Questions Cloud

In what ways has your own attitude and language changed : How does this affect you as an educator, aspiring educator, and individual now, and in what ways has your own attitude and language changed over the years?
CO7607 Penetration Testing and Active Defence Assignment : CO7607 Penetration Testing and Active Defence Assignment Help and Solution, University of Chester - Assessment Writing Service
Is the modern presidency powerful or not powerful enough : What are the powers of the United States President as laid out by the Constitution? Is the modern presidency powerful or not powerful enough. Explain?
What is the value of the coefficient of determination : What is the value of the coefficient of determination? Is this value significantly greater than zero? Test at the 1 percent level. Support your answer.
How much is the adjusted capital of Karen : Prepaid expenses of P11,200 and accrued expenses of P4,500 are to be recognized. How much is the adjusted capital of Karen
Conduct a chi-square test for independence : A professor tests whether the loudness of noise during an exam (low, medium, and high) is independent of exam grades (pass, fail). The following table shows the
Which printed sermon by jonathan edwards provides evidence : When Poor Richard discusses the invention of the telescope and the orbits of planets around the sun, what does he assume about his readership?
What are the advantages of privatizing jails : As governments downsize, they often contract with private companies to perform what was once considered to be the traditional work of government.
Calculate accumulated depreciation over four years : The asset is sold at the end of year 4 for $14,776. Calculate accumulated depreciation over 4 years. Round the answer to two decimals

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is dawson retained earnings balance at the end th

Based on this information, what is Dawson's Retained Earnings balance at the end of the year?

  What is accounting for associates and joint venture

Identify a limitation of using the cost method of accounting for investments in associates. Use the AASB Framework to support why believe is a limitation

  What is the due date of note

sunhine service center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. What is the due date of the note?

  Construction of a new warehouse

On January 1, 2016, Dreamworld Co. began construction of a new warehouse. The building was finished and ready for use on September 30, 2017. Expenditures on the project were as follows: January 1, 2016 $307,000 September 1, 2016 $459,000 December 31,..

  What was the operating cash flow

Administrative (SG&A) expense was $800,000. If the interest charge was $30,000 and the tax rate is 35 percent, what was the operating cash flow

  How will you collect the necessary data for the report

Where will you collect the data you need to prepare the report? How will you collect the necessary data for the report? What will the report look like? Prepare an accounts receivable aging report in excel or another spreadsheet package?

  Explain propositions of the modiglianir theorem in a world

Explain propositions of the Modigliani/Miller theorem in a world without taxes in your own words. What are the implications of the M&M-Theorem?

  Determine the annual bond interest rate

Determine the annual bond interest rate that they must pay if investors desire a MARR of 8% per year.

  Sales forecast and production budget

Rad Co. provides the following sales forecast and production budget for the next four months: April May June July Sales (units) 500 580 530 600 Budgeted production (units) 442 570 544 540 The company plans for finished goods inventory of 120 units at..

  What is the payment to pay off the loan at the end of month

Loan Amortization Schedule,Amount Borrowed: $22,000,Interest rate 8%. What is the payment to pay off the loan at the end of 36th month?

  Amount of over-underapplied manufacturing overhead

Kacey Manufacturing Company applies batch-related manufacturing overhead on the basis of the number of production runs. The following information is available. The amount of over/ underapplied manufacturing overhead is?

  Is it in with any international accounting standard

Is it in with any international Accounting Standard for an organisation to be charging rent on asset claimed to have and the same charging depreciation

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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd