Reference no: EM132978303
Question - Please answer, no need for deep explanation
Case 1 - A balance sheet for the partnership of J, Y and P who share profits in the ratio of 50:25:25, shows the following balances just before the liquidation:
Cash P113,000
Other assets 562,275 Liabilities 188,825
J, capital 207,900
Y, capital 146,650
P, capital 132,300
On the first month of liquidation, the following occurs: certain assets with book value of 500,000 were sold for P375,000. Liquidation expenses of P9,450 are paid, and additional liquidation expenses are anticipated. Liabilities are paid amounting to P51,500, and sufficient cash is retained to insure the payment to creditors before making payment to partners. On the first payment to partners, J receives P99,537.5.
1. What is the amount of cash withheld for anticipated liquidation expenses?
2. What is the balance of cash account after the first payment?
3. How much cash were received by Y?
Case 2 - On January 1, 2020, an entity entered into a long-term construction contract to be completed on June 30, 2020 at an original contract price of P2,400,000. Due to the change in structural design as requested by the customer, the contract price increased by P3,600,000 for the year ended December 31, 2021. The Project was completed on September 30, 2022 which resulted to penalty of P1,200,000 for delayed construction. The following data were provided by the cost accountant of the entity:
Cost incurred during the year 2020 P360,000
2021 P3,384,000
2022 P456,000
Estimated remaining cost to complete at the end of the year
2020 P1,440,000
2021 P2,496,000
2022 --
4. What is the realized gross loss to be recognized by the entity for the year ended Dec. 31, 2022 under cost recovery method?
5. What is the realized gross loss to be recognized by the entity for the year ended Dec. 31, 2021 under percentage of completion method?
Case 3 - On August 31, 2020, JYP company consigned to TVn company 10 ladies handbags which cost JYP 200 each. JYP paid freight charges of 100 on the shipment.
On Sept. 30, 2020, TVn Company submitted an account sales reporting that it sold for cash 7 ladies handbags for which it remitted 2110 representing the net proceeds after deduction as follows:
Commission 20% of sales price
Advertising placed upon receipt of shipment 80
Total delivery fee of unit sold 50
6. The Consignee sold the 7 handbags for a total of?
A. 300
B. 400
C. 500
D. 600
7. What is the Gross profit of the consignor?
A. 710
B. 680
C. 550
D. 730
8. The consignor realized a net Income on the consignment amount to?
A. 2006
B. 2008
C. 2010
D. 2012
9. The consigned realized income from the sale of consigned handbags amount to?
A. 640
B. 560
C. 610
D. 580
|
Is this a good idea and a substitue for dollars
: What do you think? Is this a good idea and a substitue for dollars, euros, and yen or is it a disaster ready to happen
|
|
What is the present value index of the project
: An initial investment of $170,000, and is expected to yield annual cash flows of $60,000. What is the present value index of the project
|
|
Define three different kinds of power
: Define three different kinds of power, and describe how power affects the relationships between people of different disciplines (e.g., between staff in nursing)
|
|
Have ever worked in a healthcare facility and why
: Have you ever worked in a healthcare facility that had Magnet accreditation, or had experience with shared governance? If so, share your experience.
|
|
What is the balance of cash account after the first payment
: Additional liquidation expenses are anticipated. Liabilities are paid amounting to P51,500, What is the balance of cash account after the first payment
|
|
What is your yield to maturity
: Abner Corporation's bonds mature in 18 years and pay 9 percent interest annually. If you purchase the bonds for $1,150, what is your yield to maturity
|
|
Description of the healthcare organization website reviewed
: Post a description of the healthcare organization website you reviewed. Describe where, if at all, EBP appears (e.g., the mission, vision)
|
|
How much was the net income-loss during the year
: Sisiw Company provided the following information for the current year: Retained Earnings at January 1 1,300,000. How much was the net Income-Loss during year
|
|
Discuss the internal and external environment
: Discuss the internal and external environment through the compilation of a SWOT (strengths, weaknesses, opportunities, and threats) analysis
|