User Account

All Pages

How much is the total assets of the partnership for magalang

Assignment Help Financial Accounting
Reference no: EM132946059

Magalang, Matulungin, Masipag and Matapat are partners sharing earnings in the ratio of 3:6:9:12. The balance of their capital accounts on June 30, 2021 are as follows:

Magalang - P2,000;

Matulungin -P50,000;

Masipag - P50,000

Matapat - P18,000

The partners decided to liquidate, and they accordingly convert the non-cash assets into P46, 400 of cash. After paying the liabilities amounting toP16,000, they have P70,000 to divide. Assume all partners are solvent.

Problem 1: How much is the total assets of the partnership?

A. P86,400
B. P16,000
C. P39,600
D. P126,000

Reference no: EM132946059

Questions Cloud

How much cash can be distributed safely to each partner : How much cash can be distributed safely to each partner at this point? Lebron and Wade, partners who share profits and losses equally decided.
What is the book value per share of preference shares on dec : Corporate liquidation, shares are preferred as to assets up to par. What is the book value per share of the preference shares on December 31, 2019?
How much will bench received at the point : Profits and losses are shared 4:2:1. Profits and losses are shared 4:2:1. if Jag receives a total of P3,200 in cash, how much will Bench received at this point?
What would be the amount of the dividend per quarter : It had issued12,000 shares and subsequently reacquired 2,000 shares as treasury stock. What would be the amount of the dividend per quarter?
How much is the total assets of the partnership for magalang : How much is the total assets of the partnership for Magalang? Magalang, Matulungin, Masipag and Matapat are partners sharing earnings in the ratio of 3:6:9:12.
What amount be reported as retained earnings immediately : At the current year end, Spurs Corporation, What amount should be reported as retained earnings immediately after the share capital dividend?
How much is the dividends per share on preference share : Dividends declared for 2020 amounted to P400,000. How much is the dividends per share on Preference share at the end of 2020?
What is the confidence interval : A 95% confidence interval for the population mean µ has to be determined. From the given information, What is the confidence interval
Calculate the value of a put option : Calculate the value of a put option with exercise price $100 using the data in this problem. Show that the put call parity theorem is satis?ed in your solution

Reviews

Write a Review

Financial Accounting Questions & Answers

  Calculate the zero-value contract price

Assuming that the options are priced fairly, use the concept of put-call parity to calculate the zero-value contract price (F0,T) for a forward agreement

  What is the effect on wanda break-even point

What is the effect on Wanda's break-even point if she reduces the bison product price and customers buy more Bison Bites and fewer Chicken Cuties?

  Which situations will cause the share premium account

On November 9, 2020, Jun subscribed and paid for 1,000 P10-par value ordinary shares for P25,000. Which of the following is correct?

  Income statement and permanent accounts

Which item would not appear on the Income Statement? Which of the following are permanent accounts?

  Calculate equivalent units for conversion costs

The ending inventory was 80% completed for materials and 70% completed for conversion costs. Calculate equivalent units for conversion costs for the month in the first processing department.

  Preparation of journal entries and adjusting entries for a

preparation of journal entries and adjusting entries for a publisher of magazine.golf world publications publishes a

  Appropriate account headings in the accounting formula

The following events apply to John's Lawn Service for 2013. Record the effects of the above events under the appropriate account headings in the accounting formula below.

  Whats the effective annual rate return

Friendly's Quick Loan, Inc., offers you "three for four or I knock on your door." This means you get $3 today and reapy $4 when you get your pay check in one week (or else). What's the effective annual rate return Friendly's earns on this lending bus..

  What are the effects that errors will have in over

As of December 31, the merchandise had not yet been received by Beta. Alpha recorded the sale and counted the merchanise in ending inventory

  What was the yield-to-maturity on these bonds

On Jan 15, 2021 you purchased five-year bonds with a face value of $5 million. What was the yield-to-maturity on these bonds at the time of the purchase

  Capital budgeting models

Which actual outcomes are most subject to deviation from expected outcomes?

  Find how much profit troy have if a price is charged

How much profit will Troy have if a price of $45 is charged? Round to two decimal places. Tory Company sells a single product. Troy estimates demand and costs.

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