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Problem 1: A, B, and C were partners with capital balances on January 2, 2020 of P 100,000, P 150,000, and P 200,000, respectively. Their profit and loss ratio is 5:3:2. On July 1, 2020, A retires from the partnership on the date of retirement the partnership net income is P 140,000 and the partners agreed that inventories are to be revalued at P 70,000 from its original cost of P 50,000. The partners agreed further to pay A P 195,000 in settlement of her interest. What are the capital balances of the remaining partners after the retirement of A?
What does 6% even mean?(will we use it to figure out this problem?)Prepare the journal to record the transaction of December 31, 2019 for Hurly Co.
Prepare in good form the 2017 Cash Flow Statement for Bell Ltd. During 2017, the company sold old equipment costing $100,000 (net book value, $62,000)
Distra Corporation issues 100 shares of $100 par preferred stock for $120 and incurs stock issue costs of $500. Prepare the entries for the stock issuance and the stock issue costs.
If sales totaled $578,725 for the year (82,675 units at $7 each) and the planned sales totaled $865,480 (78,680 at $11.00 each), the effect of the quantity factor on the change in sales is:
Cheney Company sold a 20-ton mechanical draw press for $64,400. The old draw press cost $84,600 and had a book value of $59,000. Required: Prepare the journal entry to record the disposition. (If no entry is required for a transaction/event, select "..
1. reflect on and describe which key concepts and topics in this course have made you a stronger candidate to enter the
Prepare the corporation's journal entry to record the reacquisition of the bonds. On January 1, 2020, Bramble Corporation redeemed $610,000 of bonds
Explain how the Double-declining-balance method is computed and provide an example of how this method could be used on a new delivery truck purchased for $30,000 to be used for 4 years with a salvage value of $5,000 for year one only.
What is the net effect on appraisal costs for 20X6, assuming the new receiving method is implemented and that 800,000 material units are received?
What are the basic classifications found on an income statement for a merchandising business as compared to a service business?
The chief executive officer of Richards Corp. attended a conference in which one of the sessions was devoted to variable coting. The CEO was impressed by the presentation and has asked that the following data of Richards COrp. be used to prepare comp..
multiple choice questions on techniques of project evaluation.1.which of the following techniques may not consider all
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