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Problem 1: Miami, Dallas and Chicago were partners with capital balances on January 2, 2017 of P 100,000, P 150,000, and P 200,000, respectively. Their profit and loss ratio is 5:3:2. On July 1, 2017, Miami retires from the partnership. On the date of retirement, the partnership profit 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 Miami, P 195,000 in settlement of his interest. What are the capital balances of the remaining partners after the retirement of Miami?
Explain the procedure to be followed when a customer whose debt has been written-off as bad subsequently pays the amount originally owing.
Calculate the sales revenue that would have been required to generate an operating profit of £240,000 in 2011.
Bent Inc. had credit sales of $675,000 for March. Accounts receivable of $6,000 were determined to be worthless and were written off during March. Assuming they use the direct write off methos of accounting for uncollectable accounts, uncollectible ..
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What was the balance of the cash account after these transactions were posted?
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Frederickson Office Supplies recently reported $12,000 of sales, How much was the firm's taxable income, or earnings before taxes (EBT)
Are the approaches you described in answer to question (2) mutually exclusive, or can they be used to complement each other? Explain?
Candy Corp issued $1,400,000, 5%, 10 year bonds at face value,The call price is 208. Record the payment of interest and redemption of the bonds.
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