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Juliet and Kilo have capital balances of P200,000 and P220,000 respectively before admission of Lima. Their profit and loss agreement was 35:65. Lima was to be admitted for 40% interest in the partnership and 20% in the profits and losses by contributing a used machine which had a cost of P205,000 and an appraised value of P180,000. After admission of Lima, Juliet and Kilo agreed to share profits and losses equally. At the end of the year the new partnership generated net income of P130,000.
Problem a. Assuming there is an implied undervaluation or overvaluation of an asset, how much is the undervaluation or (overvaluation) of the asset?
Problem b. Assuming there is an implied undervaluation or overvaluation of an asset, how much is the capital balance of Kilo at the end of the year?
(Learning Objective 2: Apply GAAP for proper revenue recognition) On December 23, 2012, Big Sky Sports Manufacturing sells a truckload of sporting goods to the Sports R Us store in Amarillo, Texas. The terms of the sale are FOB destination.
Complete a Horizontal Analysis of the 2013 Income Statement. Complete a Vertical Analysis of the 2013 and 2012 Income Statement using Total Revenue as the base amount.
NPV and IRR Lalala Company is considering, Compute the project's IRR. Suppose the company uses the NPV model. Would it accept the project? Why or why not?
ACCT5930 Financial Accounting Assignment Help and Solution - University of New South Wales, Australia. Part A - Computerised shipping documents
Paul makes $10.00 an hour working as a delivery person for UPS. He worked 46 hours and received $220 in tips for the week. How much did he make for the week?
Compare your companys ratios to both competitors and industry averages. Then describe how good or bad ratios of your company are considered
HHL pays in cash for a 2-year malpractice insurance premium at a cost of $5 million. Create financial statements for HHL
Bank employees use a system known as the maker-checker system. An employee will record an entry in the appropriate journal, and then a supervisor will verify and approve the entry. Identify the principles of internal control inherent in the maker-che..
Discuss Extinguishment of Bonds Prior to Maturity. Cone appropriately uses the straight-line method for the amortization because the results
Identification of Current Liabilities, Contingencies and Commitments LO3 P 1. Listed below are common types of current liabilities, contingencies, and commitments: For each of the following statements, identify the category above to which it gives ri..
Suppose that she had deposited this money into an investment account earning 5.4% interest, compounded quarterly. How much money would she have in that account
Find adjusting entries as of December 31, 2019. The company has 15 employees, who earn a total of $2,950 in salaries each working day. They are paid each Monday
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