How much ompong should receive from the cash distribution

Assignment Help Accounting Basics
Reference no: EM132788518

Nano and Ompong are partners sharing profits and losses in the ratio of 55% and 45% Nano's capital investment is P45,000 and Ompong's is P35,000 It is decided by the partners that the business should be dissolved The firm has liabilities of P72,000, including P9,000 owing to Ompong and P6,000 owing to Nano on loans. After realization, the cash on hand amounts to P75,000

Problem 1: How much Ompong should receive from the P75,000 cash distribution?

Option 1: P 40,000

Option 2: P 10,650

Option 3: P 7,650

Option 4: P 9,350

Reference no: EM132788518

Questions Cloud

Find what income tax payable is : Asset will result in taxable amounts of P600,000 in each of the next three years. The income tax rate is 30% for all years. Income tax payable is
What are the essential requisites to accept a new client : Can Marcos' audit firm accept Coconut Company for this audit engagement? Does Marcos' need to seek professional clearance given the above circumstances?
Determine company predetermined overhead application rate : Raw materials were purchased on credit, $410,000. Determine the company's predetermined overhead application rate for the year
How much income should lessor recognize in profit : P1.6 million are payable in advance on 1 January, commencing in 2022. How much income should lessor recognize in profit or loss in year ended 31 December 2016
How much ompong should receive from the cash distribution : How much Ompong should receive from the P75,000 cash distribution? Nano and Ompong are partners sharing profits and losses in the ratio of 55%
Calculate the company current ratio : Inventory of $3,000, Long-Term Assets of $40,000, Accounts Payable of $5,000 and a Long-Term Bank Loan of $50,000. Calculate the company's current ratio.
Prepare the necessary journal entries using good form : Prepare the necessary journal entries using good form. Made adjusting entry for Bad Debt Expense using the percentage of net sales method.
What is the excess of income over expenses for the year : What is the Excess of Income Over Expenses for the year ended December 31, 2019? Unutilized NCA for the month ending December 31, 2019, amounted to P100,000
What is the acquisition cost of the machine : Use the information below, which relates to the purchase of a machine, to answer the question that follows - What is the acquisition cost of the machine

Reviews

Write a Review

Accounting Basics Questions & Answers

  Cost-volume-profit analysis assumes that selling price

Cost-volume-profit analysis assumes that selling price, variable cost per unit, and total fixed costs fluctuate through the relevant range

  Prepare the necessary correcting entries

You have been engaged to review the financial statements of Water Sync Inc. Prepare the necessary correcting entries

  Prepare a break-even analysis to calculate the number of

your client is planning to open her own architectural firm for the reasons discussed above. one of her concerns is the

  What do you think the ex-dividend price will be

Ginger, Inc., has declared a $6.30 per share dividend. What do you think the ex-dividend price will be

  Why is becoming increasingly important for auditors

Why is it becoming increasingly important for auditors to be consulted during the development phases of a new accounting information system?

  Discuss pros and cons of using digital approvals

Please provide the pros and cons of using digital approvals and signatures. Please also identify and discuss a scenario in which the use of digital approvals

  Is marcus able to save on the present for wife

Is Marcus able to save $1,815 on the present for his wife? Regarding the given discussion, would you not participate in this idea if you were Marcus or his aunt

  Prepare qualitative assessment of the xpress

Prepare qualitative assessment of the Xpress300 and the D-Lux550, and make an overall recommendation for the CEO's consideration.

  Total shares of stock outstanding

Micron owns 3,000 shares of JVT. JVT has 25,000 total shares of stock outstanding. JVT paid $3 per share in cash dividends to its stockholders. Micron should record a:

  Salisbury corporation formed a corporation on january 3

Salisbury Corporation formed a corporation on January 3, 2016, and is authorized to issue 500,000 shares of $10 par value common stock. The company has the following stock transactions. Journalize the following transactions for Salisbury Corporation:

  Prepare a statement of net assets for the city of franklin

From the following information, prepare a statement of net assets for the city of Franklin as of June 30, 20X3

  Calculate Fish unrelated business taxable income

Fish, Inc., an exempt organization, reports unrelated business income of $500,000. Calculate Fish's unrelated business taxable income (UBTI)

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!

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