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Question - Patrice, Bella and Timmy were partners with capital balances on January 2, 2019 of P175,000; P262,500 and P350,000, respectively. Their profit ratio is 5:3:2 while their capital interest ratio is 4:4:2. On July 1, 2019, Jade was admitted by the partnership for 20% interest in capital and 25% in profits by contributing P43,750 cash, and the old partners agree to bring their interest to their old capital and profit interest sharing ratio. The partnership had net income of P105,000 before admission of Jade and the partners agree to revalue its overvalued equipment by P17,500. How much is the he capital balance of Patrice after admission of Jade?
Chandler and Co Pty Ltd was set up with share capital of $500 000. What was the retained earnings balance of Chandler and Co Pty Ltd at the end of year 3
at the beginning of the year lambert motors issued the three notes described below. interest is paid at year end. 1 the
Determine the degree of operating leverage for each approach at current sales levels. How would the company's net income decline under each approach
The police department of Mason, IL consists of 90 full-time officers varying in ages, from 21 to 59. The tenure of the officers also varies with some being newly hired and others with 10 or more years of service to the force.
What is the justification for the following deviations from recognizing revenue at the time of sale?- Installment sales method of recognizing revenue.
Discuss the three challenges that strategists face today. Discuss the extent of the environmental problems facing China. Describe the seven-step process of effective contingency planning in strategy evaluation.
What are balance sheet accounts?
ghi company will issue 2000000 in 8 10-year bonds when the market rate of interest is 6. interest is paid
What would an organizational chart of your department look like? What policies have you established for the agency about overtime for salaried employees? Are branches allowed to have different policies? Under what conditions?
Mareos Company purchased for 3,800,000 a mine estimated to contain 2.5 million tons of ore. Compute total cost per ton of ore mined in the first year
retail firms are at risk that their inventory will become obselete. what can a firm do to minimize this risk? what
If the gift tax rate is 40% and she has never made a gift in excess of $10,000 before this, what amount of gift tax will she pay? What is their net tax savings percentage as a family unit if Sean sells the land?
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