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Questions -
Q1. Ice and Berg form a new partnership. Ice invests P300,000 in cash for his 60 percent interest in capital and profits of the business. Berg contributes land that has an original cost of P40,000 and a fair market value of P70,000, and a building that has a tax basis of P50,000 and a fair market value of P90,000,. The building is subject to a P40,000 mortgage that the partnership will assume. What amount of cash should Berg contribute?
a. P40,000
b. P80,000
c. P110,000
d. P150,000
Q2. On May 1, 2020, Tom and Jerry formed a partnership and agreed to share profits and losses in the ratio of 3:7 respectively. Tom contributed a computer that cost him P50,000. Jerry contributed P200,090 cash. The computer was sold for P55,000 on May 1, 2020, immediately after the formation of the partnership. If the partnership is liquidated immediately after formation, what amount of inequity would result from recording the computer at P50,000?
a. P1,500
b. P3,500
c. P5.000
Suppose during 2017 that Cypress Semiconductor Corporation reported net cash provided by operating activities of $87,693,000. Calculate free cash flow.
A credit to Allowance for Bad Debt for $16,489.50 was made. Based on this entry, what percentage of sales is considered uncollectible
Lass Corporation reports a $25,000 net capital loss this year. The corporation reports the following net capital gains during the past three years. Year Net Long-Term Capital Gain Net Short-Term Capital GainThird previous yearYear before lastLast yea..
Kangaroo Ltd must provide maintenance for the Inventory for the first 12 months. Prepare the journal entries to be recorded by Kangaroo Ltd
1.horse creek company had beginning inventory of 34000 purchases of 210000 purchase returns of 13000 and ending
cricket company produces many different types of pet toys. you have been hired as a cost accountant to do some basic
Your company will generate $55,000 in revenue each year for the next eight years from a new information database. The computer system needed to set up the database costs $250,000.
Why is depreciation not permitted as to raw land
Berroa Co. began operations in 2010. The cost and fair values for its long-term investments portfolio in available-for-sale securities are shown below.
What is meant by the term corporate sustainability? What are the 4 strategic objectives outlined by DJS in its Corporate Sustainability Report?
which did not break out the equity portion of convertible debt except if detachable stock warrants were issued
When should liabilities for each of the following items be recorded on the books of an ordinary business corporation? (a) Acquisition of goods by purchase on credit.
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