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Question - On January 1, 2013, ACJ Partnership entered into liquidation. The partners' capital balances on this date were as follows: A (25%) P2,500,000; C (35%) P5,400,000; J (40%) P3,700,000. The partnership has liabilities amounting to P4,400,000, including a loan from C P600,000. Cash on hand before the start of liquidation is P800,000. If C received P2,255,000, How much was the loss from the realization of the noncash assets?
In a financial industry summit, representatives from different banks are complaining about prudential supervision. Explain the capital adequacy requirement
A company needs cash, but its Debt to Equity ratio is already too high. How could the company get an influx of cash AND what might be a downside
Maggie’s Muffins Bakery generated $5,000,000 in sales during 2016, and its year-end total assets were $2,500,000. Also, at year-end 2016, current liabilities were $1,000,000, consisting of $300,000 of notes payable, $500,000 of accounts payable, and ..
Pretty Pillows, Mfg., manufactures silk throw pillows. Last month the company produced 3,890 pillows. Using job order costing, determine the product unit cost for one pillow based on the following costs: production facility utilities, $1,600; depreci..
When can an auditor issue a qualified opinion when there is a substantial going concern issue? What should the auditor do when faced with a material departure from GAAP on the financial statements?
What information do the government-wide financial statements present and What information do the fund financial statements present?
Which goods would not be included in merchandise inventory for a purchasing entity? Goods in transit shipped FOB destination.
Fosbre Corporation’s April 30 inventory was destroyed by fire. January 1 inventory was $208,900, and purchases for January through April totaled $532,600. Sales revenue for the same period were $713,700. Fosbre’s normal gross profit percentage is 35%..
In Company's 2014 statement of cash flows, total cash used in investing activities should be?
Identify whether the costs would be expensed. Lawyer fees related to the successful defense of a patent. Routine website maintenance
To evaluate the financial operations and health of a business, ratio anaylysis is used. What do profitability ratios indicate about the company? Please provide 2 examples of profitability ratios and the related formula and indicate how they can be us..
Crockett Construction Company purchased a five-acre tract of land with an existing building for $1,500,000. The company plans to remove the old building and construct a new building o the site.
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