Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question - Geran and Lika are lawyer's who have been operating their own separate practices as sole proprietors. They decided to combine the two firms as a partnership on January 3, 2010. The following assets were contributed by each:
Geran
Lika
Cash
P350,000
Trade receivables
787,500
665,000
Equipment
122,500
133,000
Fixtures
161,000
The partners agreed to split profits on the basis of gross cash collections from billing generated from the clients. During 2010, Geran's clients paid the firm a total of P5,250,000 and Lika's clients paid P5,687,500. Expenses for the year were P3,780,000 of which P1,680,000 were attributable to Geran and the balance to Lika. During 2010 Lika withdrew P2,625,000 each for personal needs and contributed an additional computer valued at P77,000.
Required - What is the capital balance of Lika at December 31, 2010?
a. P2,937,900
b. P2,482,900
c. P3,112,900
d. P2,016,000
the following transactions occurred during the month of june 2011 for the stridewell corporation. the company owns and
This amount represented funds borrowed on a six-month, 10 percent note from the firm's bank on December 1. Record the journal entry for interest expense on this note that should be recorded on the firm's worksheet for the year ended December 31, 2..
The market price for a product has been $60 per unit, but competitive pressures have reduced the market price to $56. What is the firm price
choose a well-known publicly traded company that none of your other classmates have chosen and describe the operating
a firm is considering renewing its equipment to meet increaseddemand for its product. the cost of equipment
jonathan owns 100 of lemon company. in the current year lemon recognizes a long-term capital gain of 70000 and no other
Outline the meaning of motivation as it applies in the workplace. Describe the difference between a content theory and a process theory of motivation
Prepare income statements using absorption costing, assuming that Gibson Glass makes 1,000, 1,250, and 1,500 lamps during the year
How would the adjustments be calculated if the only entry posted was for the R20 000 payment and that was treated as an operation expense
Assume that U.S. GAAP is the applicable financial reporting framework. Which of the following situations would result in an unmodified audit opinion?
Jim spent four years earning his undergraduate degree at a local university. What education tax credit is Jim eligible for in the current year
Discuss the ethics and governance in changing depreciation methods for the case below (1000 words)
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!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd