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Problem 1: Jag, Lee and Bench decided to dissolve and liquidate their partnership on August 31, 2020. They have been dividing profits and losses in the ratio of 40%; 30%; 30%, respectively and their capital balances as of January 1, 2020 were as follows: Jag - P 75,000; Lee - P 90,000; and Bench - P 30,000. The operations of the partnership for the period January 1, 2020 to August 31, 2020 resulted to a profit of P 66,000. As of August 31, 2020, cash balance is P 60,000 and the liabilities are P 135,000. For Jag to receive P 60,000 in final settlement of his equity, the non-cash assets must be sold for?
Universal Foods issued 12% bonds, dated January 1, with a face amount of $175 million on January 1, 2016. The bonds mature on December 31, 2030 (15 years). Determine the price of the bonds at January 1, 2016.
Blossom Company designated Alexa Kidd as petty cash custodian. Prepare journal entries for the establishment of the fund and the reimbursement.
Project A costs $5,000, and its cash flows are the same in Years 1 through 10. Its IRR is 12%, and its WACC is 10%. What is the project's MIRR?
Land yard company is considering an investment that will generate 600,000 in cash inflows per year for 7 years and has 240,000 of cash outflows for the same period ( before income taxes). The cost of the asset is 700,000 and it will be depreciating u..
In this project, the life of two systems are different. Which capital budgeting technique would better answer the question and why
Which costs is an example of a manufacturing overhead cost? Which of the following costs for a restaurant would typically be a variable cost?
Prepare the journal entries necessary at December 31, 2008, assuming that the books have been closed and Present a schedule showing the corrected net income after reviewing the above transactions
On December 31, 2020, Leave sold 16,000 treasury shares at P16 per share, What is the total shareholders' equity at December 31, 2020?
Is there any relief available to companies implementing AASB 16 due to the COVID-19 pandemic? AASB 16 was released in February 2016 and applies to annual report
Create, Inc., produces inventory in its foreign manufacturing plants for sale in the United States. Its foreign manufacturing assets have a tax book value of $5 million and a fair market value of $15 million. What amount of Create’s interest expense ..
Adjustment at the end of the year is $6,250. The proper adjusting entry if the amount of supplies on hand at the end of the year is $1,500 would be
What is the deferred tax liability on January 1, 2015 arising from the revaluation? What is the current tax expense for the current year?
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