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Question - Salvador and Cureg are partners with capital balances of P60,000 and P20,000, respectively. Profits and losses are divided in the ratio of 60:40. Salvador and Cureg decided to form a new partnership with Lusterio, who invested land valued at P15,000 for a 20% capital interest in the new partnership. Lusterio's cost of the land was P12,000. The partnership used the bonus method to record the admission of Lusterio into the partnership. Lusterio's capital account should be credited for
a. P12,000.
b. P15,000.
c. P16,000.
d. P19,000.
Crane Ltd. purchased a delivery truck on January 1, 2018, at a cost of $79,220. Calculate the depreciation using the straight-line method for each year
Heath paid dividends to the common shareholders in December. What are the basic earnings per share
Mercer Corp. has 10 million shares outstanding and $56 million worth of debt outstanding. Estimate Mercer's share price just after recapitalization is announced
List the activities in the doctor's office that are candidates for non value-added activities. Explain why you classify them as non value-added activities.
Dove Corporation had purchased the land as an investment three years ago for $375,000, and the land was distributed subject to a $270,000 liability. Alexandra took the land subject to the $270,000 liability. What is Alexandra's basis in the land?
On average, 90 patrons arrive per hour at a hotel lobby (interarrival times are exponential) waiting to check in. At present there are five clerks, and patrons wait in a single line for the first available clerk.
Write the policy that the policy statement is the governing principle, plan, or understanding that guides the action - Plan of what to do in a particular
(Comprehensive 2-Year Worksheet) Hobbs Co. has the following defined benefit pension plan balances on January 1, 2014.
In November and December 2010, Lane Co., a newly organized magazine publisher, received $90,000 for 1,000 three-year subscriptions at $30 per year, starting with the January 2011 issue. Lane included the entire $90,000 in its 2010 income tax retur..
the change would have no impact on revenues in future fiscal years as long as collections are also pushed forward
diana company a sole proprietorship sells only one product. the regular price is 160. variable costs are 55 of this
Prepare a production budget by quarters for the first 6 months of 2014. BE 9-2 Palermo Company estimates that unit sales will be 10,000 in quarter 1; 12,000 in quarter 2; 15,000 quarter 3 and 18,000 in quarter 4. Using a price of $70 per unit prep..
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