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Question 1: Peter and Ronald are partners. They have shared profits and losses 65/35 for a number of years. Peter has indicated that he is going to reduce his involvement in the partnership so the profit and loss ratio is being modified to 45/55. At the date of the change in the profit and loss ratio, the partnership own vacant land with a market value of P300,000 and a book value of P100,000. Peter and Ronald compile a list of assets with market and book value differences. Two years after the change in the profit and loss ratios, the land is sold for P450,000. How much of the gain is allocated to Peter?
Akerley, Inc., produces and sells a single product. The product sells for $140.00 per unit and its variable expense is $42.00 per unit. The company's monthly fixed expense is $393,960. Find out the monthly break-even in unit sales.
On February 1, 2015, Pat Weaver Inc. (PWI) issued 8%, $1,800,000 bonds for $2,100,000. PWI retired all of these bonds on January 1, 2016, at 102. Unamortized bond premium on that date was $183,600. How much gain or loss should be recognized on this b..
An interest rate swap as the hedge instrument(valued at fair value) how do you figure out if you need to reclass for the cash flow hedge reserve?
Explain the treatment of both of these payments in the books and disclosures in the financial statements, as on 31st March 2020
An employee earned $43,300 working for an employer in the current year. The current rate for FICA Social Security is 6.2% payable on earnings up to $117,000 maximum per year and the rate for FICA Medicare is 1.45%. The employer's total FICA payroll t..
Complete the table to find the cost of goods manufactured for both Garcon Company and Pepper Company for the year ended December 31, 2017
oxwood Company is a metal- and woodcutting manufacturer, selling products to the homeconstruction market. Prepare an income statement with a separate supporting schedule of costs of goods manufactured. Suppose that both the direct material costs and ..
(Learning Objective 4: Compute ratio data to evaluate operations) Cola Company made sales of $35,376 million during 2012. Cost of goods sold for the year totaled $15,437 million. At the end of 2011, Cola’s inventory stood at $1,672 million, and Cola ..
Journalize the transactions. Post each entry that affects the following T-accounts and determine the new balances. Determine the expected net realizable value of the accounts receivable as of December 31.
ABC Inc. is looking at investing in a 3-year, The cost of this project is $18,000, and the required return is 12%. What is the payback period on this project?
Imagine that you are a manufacturer of a product. Explain what the product is, and give at least one example for each of the Indirect cost.
In February, one of the processing departments at Whisenhunt Corporation had beginning work in process inventory of $45,000 and ending work in process inventory of $18,000. During the month, the cost of units transferred out from the department was $..
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