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Question - On July 1 Martinez and Policarpio formed a partnership, agreeing to share profits and losses in the ratio of 4:6, respectively. Martinez contributed a parcel of land that cost her P25,000. Policarpio contributed P50,000 cash. The land was sold for P50,000 on July 1, four hours after formation of the partnership. How much should be recorded in Martinez capital account on the partnership formation?
What is the times interest earned for the company? The company's income statement included Income Tax Expense of P140,000 and Interest Expense of P60,000.
Compute the Return on capital employed and Current ratio and quick ratioratios for Bajaj Auto Ltd., for the financial years 2018-19 and 2019-20
Which costs is an example of a manufacturing overhead cost? Which of the following costs for a restaurant would typically be a variable cost?
How much FICA tax should be withheld from her $1,600 paycheck on December 31st, and in which calendar year should it be withheld?
If he can earn 12% p.a. on his money, how much will his $14,188 savings be worth in 5 years? Will Mr Lee have $50,000 he needs
Kimbo Corporation, What are the journal entries that Kimbo Corporation would make relating to the sale of the widgets and their warranty?
Discuss the accounting treatment of the above events in the financial statements in accordance to MFRS 110 Events After the Reporting Period
Interest is payable semi-annually on January 1 and July 1. Transaction cost of 10,000 were paid by Red. What is the net cash receipts from the bond issuance?
On January 1, 2016, Barden Universal issued 12% bonds dated January 1, 2016, with a face amount of $200 million. The bonds mature in 2025 (10 years). For bonds of similar risk and maturity, the market yield is 10%. Interest is paid semiannually on Ju..
Alfa Romeo incurs direct cash costs of $30,000 in manufacturing a red convertible automobile during 2009. Assume that it incurs all of these costs in cash. Alfa Romeo sells this automobile to you on January 1, 2010, for $50,000. Assume that Alfa Rome..
They place the money into an annuity that pays 5.5% per year, compounded monthly. How much will they have to spend on a car after 4 years?
From the first e-Activity, determine at least two (2) AICPA Professional Conduct principles that are most likely to be violated. rom the second e-Activity, recommend at least two (2) additional responsibilities that the audit committee should take in..
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