User Account

All Pages

What is the balance of dee capital account at the end

Assignment Help Accounting Basics
Reference no: EM132744461

CeeDee partnership begins its first year of operation with the following capital balances: Cee, Capital, P224,000; Dee, capital, P112,000. According to the partnership agreement all profits will be distributed as follows:

  1. Cee will be allowed an salary of P268,800 and P134,400 to Dee. The partners will be allowed with interest equal to 10% of the beginning capital balance of the eyar. Cee qill be allowed a bonus of 10% of the net income after bonus. The remainder will be divided on the basis of the beginning capital for the first year and equally for the second year.
  2. Each partner is allowed to withdraw up to P11,200 per year. Assume that the income summary has a debit balance of P16,800 on the first year and a credit balance of P61,600 on the second year. Assume further that each partner withdraws the maximum amount from the business each period.

Problem 1: What is the balance of Dee's capital account at the end of the second year?

a. P95,200

b. P296,520

c. P201,600

d. P39,480

Reference no: EM132744461

Questions Cloud

Determine the dollar value of the interest expense : Baltimore uses the straight-line method for amortization. Use this information to determine the dollar value of the interest expense for the 2018
Project manager of assigned project approved by management : You are the new Project Manager of an assigned project approved by Management to have completed and signed off within 1 year (12 months).
What was the amount of total overhead cost applied : Overhead cost is applied to units based on direct labor hours. What was the amount of total overhead cost applied to production for the month of April?
Determine the incremental earnings from the purchase : The expansion will require additional sales and administrative personnel at a cost of $1.91 million per year. Determine the incremental earnings from purchase
What is the balance of dee capital account at the end : What is the balance of Dee's capital account at the end of the second year? Cee will be allowed an salary of P268,800 and P134,400 to Dee.
Discuss emotional detachment versus emotional involvement : Interpersonal Relationships in a Global Work Context - Briefly discuss Emotional Detachment versus Emotional Involvement and its interconnectivity to Diversity
Evaluates organizational and industry environments : Evaluates organizational and industry environments to effectively create, implement, monitor, and adjust strategic initiatives.
Compute for the consolidated cost of sales : Compute for the consolidated cost of sales. A Company own 90% of the outstanding shares of B Company and 80% of the outstanding shares of C Company.
Record the current year long-service leave expense : Projected annual salary increase: 2% per year. Provide the journal entry to record the current year's long-service leave expense

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine the break-even quantity of each product

What is the sales mix of portable grills to stationary grills to smokers? Determine the break-even quantity of each product.

  Define less freight-out on merchandise sold

Net sales consist of: sales $911,000, less freight-out on merchandise sold $33,000, and sales returns and allowances

  Falk company signed a contract to lease space

The lease contract calls for annual (prepaid) rental payments of $80,000 on each July 1 throughout the life of the lease and for the lessee to pay for all additions and improvements to the leased property.

  What three us laws for fighting fraud should be

What three (3) U.S. laws for fighting fraud should be adopted by the international community and why? Briefly explain the anti-fraud intent of the law.

  Prepare a business valuation using an earnings model

Earnings valuation models. Bayview Real Estate Development is a company that owns and operates a number of real estate ventures.

  Income before income taxes

Income before income taxes

  How much will be your annual withdrawal

Assume that when you get to 65 (retirement age) you switch your funds from stock market investment to bond market investment. Assume you can earn 7%.

  Calculate profit and the value of ending inventory

Calculate profit and the value of ending inventory for each year using full costing - explain why profit fluctuates from year to year even though the units sold and selling price remains the same.

  Determine the amount of overapplied manufacturing overhead

Osborn Manufacturing uses a predetermined overhead rate of $18.80. Determine the amount of underapplied or overapplied manufacturing overhead for the period.

  Examine the balance sheets for the two years

Acquired an additional $24,000 from the issue of common stock. Examine the balance sheets for the two years. How did assets change from 2012 to 2013

  Warehouse with an adjusted basis

Latisha owns a warehouse with an adjusted basis of $112,000. She exchanges it for a strip mall building worth $150,000. Which of the following statements is correct?

  Compute the amount of goodwill at the date of acquisition

Prepare the consolidating entry or entries required immediately following the acquisition to prepare a consolidated balance sheet. Two journal entries should be the consolidation entry and the excess value reclassification entry.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd