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Question - As of December 31, 2020, Yahiko, Konan, and Nagato have capital balances of P240,000, P370,000, and P190,000, respectively. The partners agreed to have an interest of 8% based on their capital balances. Nagato is to be given a bonus of 20% of profit after bonus and tax. All partners are entitled to receive P20,800 salary for the year. Any remainder is to be divided in a ratio of 3:4:1. The partnership profit for the year is P120,000. How much is the capital balance of Yahiko after the distribution of profit?
Why the historic cost is used when recording the purchase of accounts receivable and the impact the fair value will have on that entry.
Consult Paragraph 69 of PCAOB Auditing Standard No. 5 and Sections 204 and 301 of SARBOX. In thepost-Sarbanes audit environment, which of the issues that arose in 1996 and 1997 would have to bereported to the audit committee at Sunbeam?
Calculate the net present value of buying the new machine and advise on the acceptability of the proposed purchase (work to the nearest $1,000).
A company makes one product, which has variable manufacturing costs of 3.25 per unit, What is the minimum selling price management
Construct a July income statement assuming that Farmer Company recognizes the byproduct revenue at the time of sale. The company uses FIFO
Sales volumes for the 2 weeks were $4,000,000 and $3,200,000 respectively. The estimated variable cost per dollar of sales using the high-low method is
Make all necessary journal entries for 2020 for (a) Sunland and (b) Cheyenne. (If no entry is required, select "No entry" for the account titles)
Suppose your tax bracket is 28%. Would you prefer to earn a 6% taxable return or a 4% tax-free yield? What is the equivalent taxable yield of 4% tax-free yield
Prepare the journal entry Beavis makes for June 1^st. Prepare the journal entry Beavis makes for June 9^th.
Assume that Uncle applies the equity method to account for this investment in Nephew. What is the subsidiary's income recognized by Uncle in 2018
Share the ROA and PE ratio for a company you are familiar with. What do these metrics tell you about the financial health of the company?
Actual factory overhead costs incurred were $470,120, and actual direct labor hours were 54,412. What is the amount of overapplied
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