User Account

All Pages

How much is the share of c in the profit

Assignment Help Accounting Basics
Reference no: EM133080775

Question - A partnership was formed when A, B, C, and D contributed P30,000 each of cash. During the first year, the partnership earned profit of P20,000. Assume that there is an additional partner, E, who is an industrial partner and their managing partner. The fair value of services rendered by E during the period was P2,000. There was no explicit agreement as to the sharing of profits and losses. How much is the share of C in the profit?

a. P3,000

b. P6,000

c. P2,000

d. P5,000

Reference no: EM133080775

Questions Cloud

Identify the incremental profit earned by the company : Further processing requires a variable cost of Rs.13 per unit and fixed costs of Rs.3,00,000 per month. Identify the incremental profit earned by the company
Calculate the book rate of roi : Revenues are projected to be $450,000 for the first two years, and $200,000 for the last three years. Calculate the Book Rate of ROI
Incorporate innovation into strategy : How can a company incorporate innovation into its strategy, and what are the benefits and potential risks (if any) of doing so?
What is this machine acquisition cost : The company also paid $600 for freight, $500 for installation and testing, $900 for employee training, What is this machine acquisition cost
How much is the share of c in the profit : There was no explicit agreement as to the sharing of profits and losses. How much is the share of C in the profit
Prepare a cash budget for mcn for the six months : Prepare a cash budget for MCN for the six months from July to December 2021 in a table format. Each month should be presented as a column in the table
Paper on Child Sexual Abuse : Write a paper relating to working with families in the current social client. The class will brainstorm a list together on day one of the module
What would be the carrying value of the non-current assets : The non-current assets could be sold for £7 million. What would be the carrying value of the non-current assets after the impairment review
Software facilitate group interaction : How does this software facilitate group interaction? How does this software facilitate the sharing of files or project updates?

Reviews

Write a Review

Accounting Basics Questions & Answers

  What amount was reported on the statement of cash flows

In addition, Perkins Company's income statement reported a loss on the sale of equipment of $4,500. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"?

  Prepare the journal entry to establish the petty cash fund

On August 1, 2011, Stubble Station established a $200 petty cash fund. Prepare the journal entry to establish the petty cash fund on August 1, 2011

  Prepare the journal entries to record accrued payroll

Using the above information, complete the below table and Prepare the journal entries to record accrued payroll and cash payment of the net payroll for July

  What is the formula of gross profit rate

What is the formula of Gross Profit Rate? (Installment Sales - Cost of Installment Sales)/Cost Installment Sales. Deferred Profit can be calculated by?

  Veatch company leases a new building from joel construction

Veatch Company leases a new building from Joel Construction, Inc. The present value of the lease payments is $700,000.The lease qualifies as a capital lease.

  Uma company production has variable overhead costs of 8 per

uma company production has variable overhead costs of 8 per direct labor hour and fixed overhead costs of 56000 per

  Compute the direct materials price and efficiency variances

Direct manufacturing labour standard 1.5 hours at $20.00 per hour. Compute the direct materials price and efficiency variances for the quarter

  Total fixed costs

Assume a company sells a given product for $143 per unit. How many units must be sold to break-even if variable selling costs are $29 per unit, variable production costs are $40 per unit, and total fixed costs are $1,357,900? 9,496 units. 12,345 unit..

  Determine the correct amount of trade accounts receivable

Customers' accounts reporting credit balances arising from sales returns ( 600,000). Determine the correct amount of trade accounts receivable

  Compare and contrast three different types of entrepreneurs

compare and contrast three different types of entrepreneurs and state which you are most likely to emulate should you

  Explain why the first section may be confusing

Summary explaining the following: 1. Purpose and sections of the cash flow statement. 2. Explain why the first section may be confusing

  A companys beginning-of-the-year assets are 60000 and

a companys beginning-of-the-year assets are 60000 and liabilities are 40000. during the year the company reported

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd