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Partners Emily, Francing and Gestapo had capital balances of P120,000, P155,000, and P115,000, respectively. The partnership generated a net loss of P140,000 during the year, The partners share profits and loss 2:5:1 respectively.
Due to disagreement, Partner Francing wanted out of the partnership . Before retirement, the value of inventory increased from P85,000 to P97,000. The partners decided to pay partner Francing P70,000 upon retirement. Assume that an equipment is overvalued.
Problem 1: What amount should be reported as the capital balance of partner Emily after the retirement of Francing?
Group of answer choices
a. P84,667
b. P91,333
c. P86,000
d. P89,000
Analytical Procedures- Prepare a common-size statement for the balance sheet of Cloud 9, use total assets as the basis for the balance sheet.
Randy and Sharon are married and have two dependent children. Their 2015 tax and other related information is as follows: Compute Randy and Sharon's adjusted gross income, taxable income and tax liability.
finding the npv irr and payback period.book amp bible bookstore desires to buy a new coding machine to help control
The McKan Company experiences the following annual incomes over the last five years: $60,000, $70,000, $110,000, $150,000, $140,000 (from oldest to most current). A firm like Indy Company commands a 10% discount rate and a price earnings ratio of 10...
Petras Company engaged in the following transactions during 2012, its first year in operations: During 2013, Petras engaged in the following transactions: (Assume all transactions are cash transactions)
Create the journal entry to record, compute the amount of loss, if any, to be recognized by Sunland as a result of retiring the $1,230,000 of bonds in 2020.
What is the defining distinction between for-profit businesses and not-for-profit entities, including governments? What are implications of this distinction for financial reporting?
Crane Company designated Alexa Kidd as petty cash custodian.Prepare the entries that are necessary to record independent transactions
Prepare CCM's statement of cash flows for the year ended December 31, 2017. Format cash flows from operating activities by the indirect method.
In order to provide capital for new hotel construction in other locations, Prepare a separate journal entry to record the disposition of each of these assets.
Would an effectively enforced law requiring drivers to wear seat belts tend to reduce driver deaths? Pedestrian deaths? Dr. Samuel Johnson said, "There are few ways in which a man can be more innocently employed than in getting money."
Though, it is important to evaluate the performance of government agencies. But, necessary adjustments to the balanced scorecard or other model needs to be done to make it more applicable to the agency. Can a balance scorecard be adjusted during the ..
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