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Problem - X and Y have capital balances of P150,000 and P180,000, respectively. Z is to invest P60,000 for 15% in the partnership interest and also in the profit and loss. There is an undistributed net income in the amount of P80,000. Partners X and Y share profit and loss 65:35.
Required -
1. How much is the capital credit of Z upon his admission?
2. How much is the bonus to partner X from partner Z?
A firm reports assets of $7,500 on the Income Statement. If the tax rate is 25%, then how much should equity be after making the adjustment
What is the economic profit, opportunity cost, and should US Airways (American Airlines) build the training center at location or accept the developers offer?
A. Prepare a trial balance in U.S. dollars at the date of acquisition. B. Prepare the journal entry to recognize the acquisition of LRB by Micro Electronics. C. Prepare the worksheet elimination, in journal entry form, at the date of acquisition.
1. What are some accounting-related professions? 2. How do ethics rules affect auditors' choice of clients?
What is the difference between an opportunity cost and a sunk cost? Share an example of each with the group. Define variable, fixed, and mixed costs.
Is preventing employee fraud easier or more difficult in small companies? Why? Use examples from the news or your own experience to explain and justify your answer.
the face amount of the bonds. Green had a basis of $120,000 in the land. What are the tax consequences of this land transfer to Green Corporation and to Orange Corporation?
Assuming the market rate of interest is 10%, calculate the selling price for each bond issue. Refer to the tables above for present value factors
Que trades that land for a new piece of land worth $26,000. The other party buyer assumes Que's mortgage. How much if any gain does Que realize on the swap?
Provide an investor or creditor with the most important information needed to make accurate predictions about the company's financial condition.
The firm typically has a collection period of 33 days and days' sales in inventory of 28 days. What is the operating cycle for Carla Vista
Calculate the gross wages under each of the methods of remuneration.A workman's wage for a guaranteed 44 week is Rs. 0.19 per hour.
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