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Problem 1: Partners AA and BB have profit and loss with the following provisions; salaries of P30,000 and P45,000 for AA and BB, respectively; a bonus to AA of 10% of net income after salaries and bonus; and interest of 10% on average capital balances of P20,000 and P35,000 for AA and BB, respectively. One-third of any remaining profits will be allocated to AA and the balance to BB. If the partnership had net income of P22,000, how much should be allocated to partner AA, assuming that the provisions of the profit and loss agreement are ranked by order of priority starting with salaries?
business combinations provides principles for allocating the fair value of a acquired business. when the collective
Journalize the entries to record the foregoing transactions and determine the carrying amount of the bonds as of December 31, 2013.
Perform horizontal and vertical analysis on Westward's financial statements and assess the financial performance of Westward, given the analysis tools
Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2013, was $960,000 (40,000 units at $24 each). During 2013, 120,000 units were purchased, all at the same price of $29 per unit. 122,000 units were sold during 2013. Es..
Estimate the present value of the tax benefits from depreciation.The cost of capital is 9 percent, and the firm's tax rate is 34 percent.
The directors of Snapper Ltd want to calculate both the factory and the land at fair value as at 30 June 2010 Show how you would measure these fair values
What is theoretical basis for "comprehensive income" and what are the main components of it?
Make the motor vehicle account and the accumulated provision for depreciation on motor vehicles account for the first two years of the motor vehicle
Analyze the conceptual framework with reference to the annual reports of your chosen companies in light of the reporting requirements imposed on accountants and those charged with governance of corporations.
When thinking about challenges, consider them from an array of angles: technical, legal / tax, fundraising, regulatory, other business challenges.
The bank's pure rate of interest is 2% and the inflation premium is 3.5%.
Would a job-order costing system or a process costing system be used for the production process? Give specific reasons for your choice of which costing system
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