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Problem 1: Partners Joy, Ligaya and Hapi have average capital balances of ?240,000, ?120,000 and ?80,000, respectively, during 2020. Each partner receives 10% interest on her average capital balance. After deducting salaries of ?60,000 for Joy and ?40,000 for Hapi, the residual profit or loss is divided equally. In 2020, the partnership sustained a ?P66,000 loss before partners' interests and salaries. By how much would Hapi's capital account change?
a. ?20,000 increase
b. ?32,000 decrease
c. ?22,000 decrease
d. ?48,000 increase
Sylvester files as a single taxpayer during 2016 and claims one personal exemption. He itemizes deductions for regular tax purposes. He paid charitable contributions of $9,700, real estate taxes of $3,500, state income taxes of $6,000, and interest o..
In a period of rising prices, LIFO usually results in a realistic cost of goods sold. Minority interest reflects the ownership of minority shareholders in the equity of consolidated subsidiaries that are less than wholly owned. Under IFRS, reserves m..
The estimated demand for the harness is 5,000 units a month. Both suppliers will incur some cost to retool for this particular harness. the harnesses wil be prepackaged in 24x 12x 6 inch carton. Each package weighs 10 pounds. Calculate the total cost..
What kind of managerial accounting information is used to make a business decision of manufacturing versus purchasing from an outside source?
lansbury company purchases equipment on January 1, year 1, at a cost of $469,000. The asset is expected to have a service life of 12 years and a salvage value of $40,000.
johnson realty bought a 2000- hectare island for 10000000 and divided it into 200 equal size lots.as the lots are sold
Forty percent of SG&A costs are fixed costs. If its sales are expected to be $60,000 this year, what will be the estimated SG&A costs this year?
Define the revenue recognition principle and the matching concept.
$795,000 of deductions in 2019 from ABC Partnership. How much of this loss can Lynn deduct in 2019 and what does she do with the excess loss?
The amount to be paid would be only £2.7 million. How should HARD account for this £1.5 million adjustment in its financial statements as at 31 March 2018?
ACCT2006 Financial Reporting Assignment Help and Solution, Curtin University - Assessment Writing Service - Consider the negative consequences to Woolworths
Antifraud professionals agree that perception of detection is at the top of the list of fraud prevention measures. What are some of the things you would recommend to the owners of a manufacturing firm trying to prevent fraud?
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