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Problem - On May 1, 2021, Jose and Pedro formed a partnership and agreed to share profits and losses in the ratio of 35', respectively. Jose contributed a computer that cost him P50,00U. Pedro contributed P200,000 cash. The computer was sold for P55,000 on May 1, 2011 immediately after the formation of the partnership. What amount should be recorded in Jose's capital account on formation of the partnership?
What is the budgeted total cash inflows for the year? You are an accountant that has been appointed to the help Mr Lloyd assess his next year
ACCT 504- The following is selected information from J Corporation for the fiscal year ending October 31, 2010. Based on accrual basis of accounting, what is J Corporation's net income for the year ending October 31, 2007?
Discuss the strategies used to get the policies passed. Describe In what ways the service recipients may have influenced the policy
Prepare the journal entry Planter would record the time of the exchange if Planter issued bonds with a par value of $580.000 and a fair value $564.000
A, B and C are partners with capital balances, Brand new, the furniture and fixtures may cost P30,000. Give the entries necessary to record the withdrawal of C.
Its production process involves highly skilled workers and top-quality ceramic craftsmen. Work in Process is relatively large because each tile is in process for up to three weeks because of art, mold work, and drying time. October began with 5,000 u..
Compute current CIT liability,compute deferred tax asset,compute deferred tax liability,compute CIT expense,compute net profit
In addition, the company had outstanding all year a 10%, 3-year, $4,000,000 note payable and an 11%, 4-year, $7,500,000 note payable. What are weighted-average accumulated expenditures?
ABC Inc. uses the equity method to account for its investment in 123 Inc. What would be the carrying amount of the "Investment in 123 Inc." account
The possible return (in %) under these situations is visualized to be 14, 8, 3 and -2 respectively. Find the expected return
Prepare the journal entry on December 31, 2018 to close out the net loss to the partner's capital accounts. Show the distribution of the loss in a table format
What would you expect the nominal rate of interest to be if the real rate is 3.9 percent and the expected inflation rate is 7.5 ?percent?
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