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Question - On January 1, 2021, Levi contributed P33,750 and Hanji contributed P56,250 to form a partnership and they agreed to share profits in the ratio of their original capital contributions. During the first year of operations, they made a profit of P16,240; Levi withdrew P4,840 and Hanji P1,400. On January 1, 2022, they agreed to admit Erwin into the partnership. He was to receive a three-eighth interest in the capital and profits upon payment of P48,640 to Levi and Hanji, whose capital accounts were to be reduced by transfers to Erwin's capital account of amounts sufficient to bring them back to their original capital ratio. How should the P48,640 paid by Erwin be divided between Levi and Hanji?
what is the purpose of the alternative minimum tax? discuss the pros and cons of such a tax and whether you think it
From the following data: Retained earnings, December 31, 2011 $ 613,000. Calculate the Retained Earnings balance as of December 31, 2010
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Alan, who is a security officer, is shot while on the job. As a result, Alan suffers from a leg injury and must spend most of his time in a wheelchair until his recovery. Alan's physician recommends that he install a whirlpool bath in his home for..
What is the unrealized holding gain or loss to be recognized by ABC Inc. for the year ended December 31, 2011 in profit or loss section
Presented below is information related to Carver Inc.
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Write a statement of cash flows using the indirect method for cash flows for operating activities
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The company returned $275 worth of merchandise and then paid the invoice within the 2% cash discount period. The total cost of this merchandise is
Question - Your brother has offered to give you either $24,000 today or $40,000 in 8 years. What is the present value of the future amount
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