Reference no: EM132998283
Korra, Aang, and Roku are partners sharing profits on a 2:3:5 ratio. On January 1, 2021, Kyoshi was admitted into the partnership with a 20% share in profits. The old partners shall continue to participate in profits in proportion to their original ratios. For the year 2021, the partnership books showed a profit of P450,000.
It was ascertained, however, that the following errors were made:
Accrued expenses not recorded at the end of 2020 5,000
Overstatement of 2020 ending inventory 48,000
Goods received and inventoried in 2020 but the related purchases not recorded 20,000
Income received in advance (unearned income), not recorded at the end of 2020 10,000
Prepaid expenses not recorded at the end of 2020 3,000
Assume the tax rate is 30%.
Required:
Problem 1. How much is the adjusted net income of the partnership after income tax?
|
Discuss the consumer decision making process
: Discuss each step of the Consumer Decision Making Process, which you wouldpersonally undertake in buying a Car.
|
|
How does a company financing strategy impact
: How does a company's financing strategy impact its operations and performance?
|
|
Explain key fundamental ethical principle from apes
: Explain key fundamental ethical principle from APES 110 Code of Ethics for Professional Accountants that could be at risk for members.
|
|
Draft a corporate responsibility-ethics and accountability
: Case Studyabout the topic in the company, business (or accounting) setting/context. NO PLAGIA. The format is given below:
|
|
How much is the adjusted net income of the partnership
: Korra, Aang, and Roku are partners sharing profits on a 2:3:5 ratio. How much is the adjusted net income of the partnership after income tax?
|
|
Virtual team philosophy and values statements
: 1.Statement on ethical theories, principles and framework for decision making?
|
|
Characteristics of different types of innovation management
: -Explain the relationship between creativity, innovation and corporate entrepreneurship and how it impacts business growth, sustainability and wealth creation
|
|
What is profit under accrual accounting
: What is its profit in 2020 under accrual accounting? Kanapy Ltd Company earned revenues of $9,500,000 in cash and $2,080,000 on account.
|
|
Solve the present value of the minimum lease payments
: Calculate the present value of the minimum lease payments. On 1 July 2019, Mavis Ltd leased equipment from Perry Ltd. The term of the lease is 20 years.
|