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Problem - On December 30, 20X1, the statement of financial position of DG Co. has the following balances: Total assets P2,250,000; VL loan P125,000; VL capital P518,750; MD capital P481,250; and LV capital P1, 125,000. The partners share profits and losses in the ratio of 25% to VL, 25% to MD, and 50% to LV. It was agreed among the partners that VL retires from the partnership and the partnership assets be adjusted to their fair value of P2,550,000 as of December 31,20X2. The partnership also suffered net loss of P750,000. The partnership would pay VL the amount of P542,500 cash for his total interest in the partnership. What is the total capital of MD after retirement of VL?
The purchase discount is 2/10, n/30. Freight is $500, FOB Shipping point collect. How much is the net purchases under the net method?
Beginning inventory, January 1, Compute the amount of goods available for sale, ending inventory, and cost of goods sold at December 31
on december 8. 2000 general mills announced to acquire the worldwide business of pillsbury from diageo plc. general
Rong Company expects cash sales for July of $15,000, and a 20% monthly increase during August and September. Credit sales of $6,000 in July should be followed by 10% decreases during August and September. What are budgeted cash sales and budgeted cre..
Assume a company writes off the Account Receivable balance of $1,500 from Goofy Inc. How should this $500 payment be recorded
Assume that Smith includes the Equity in Subsidiary income in their reported net income. If Smith uses the partial equity method for net income.
Discuss the reasons a company would use a predetermined overhead rate rather than actual overhead to determine cost of products or services.
Assume the same facts as in Problem 47, and assume that Suz-Anna prepares the capital account rollforward on the partners’ Schedules K–1 on a tax basis. What is Suzy’s capital account balance at the beginning of the tax year? What is Suzy’s capital a..
What is the present value of the following uneven cash flow stream? The appropriate interest rate is 7.5%, compounded annually.
All of the treasury shares were sold for 42,000. What was the total retained earnings balance at December 31, 2021
Harder Company manufactures a product that sells for $50 per unit. Harder incurs a variable cost per unit of $30 and $3,400,000 in total fixed costs to produce this product. It is currently selling 200,000 units. Should Harder give a commission to it..
What will be the expense reported for premises insurance in Claire's income Statement for her financial year ended 31 March 2019
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