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Question - Rules for the Distribution of Profits or losses - Laguna and Cadelina share profits and losses on a fractional-share basis with two-fifths for Laguna and three-fifths for Cadelina. This year the firm has profits of P650,000. The beginning Capital balances for the year were P900,000 for Laguna and P1,300,000 for Cadelina. The balances of the Drawing accounts are P300,000 for Laguna and P240,000 for Cadelina.
Required - Journalize the entries to close income summary and the partners' drawing accounts on Dec. 31.
On April 15, she withdrew $15,000 through the HBP. What effect, if any, does the withdrawal have on her RRSP tax deduction
Compute how much cash will increase (decrease) during the month of March. Aelphi Company has budgeted activity for March to reflect net income $100,000.
The remainder is owed by the company at the end of the year. Assuming that Goodson uses accrual accounting, calculate what is their net income for the year
Compute the amount of gross profit to be recognized from the installment sale in 2013, 2014, and 2015 using the installment sales method
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Prepare condensed divisional income statements for the three divisions, assuming that there were no service department charges
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The partnership has total assets totaling to $500,000 including $50,000 cash before liquidation. How much is the loss on realization of noncash assets
What was the Boston Beer's net income for the current year? Did their income increase or decrease from the previous year? By how much
For each excerpt, identify and evaluate any threats in relation to auditor independence. Identify any safeguards to those threats identified above
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