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Question - Bel, Cel and Del, partners of the BCD Partnership, shared profits and 5 points losses in the ratio of 5:3:2, respectively. On December 31, 2020, the end of an unprofitable year, they decided to liquidate the partnership. The partners' capital account balances on the date were as follows: Bel, Capital - P22,000; Cel, Capital- P24,900; Del, Capital- P15,000. The liabilities in the balance sheet amounted to P30,000 including a loan of P10,000 payable to Bel. The cash balance was P6,000. The partners planned to realize the non-cash assets on installment and distribute cash as it becomes available. If Bel received a total of P20,000 as a result of liquidation, what was the total amount realized by the partnership on the non-cash assets?
Find the Rate of Return (IRR-Ch 16.3) over 8 years on a project that cost $250,000 today and $100,000 in 3 years, but will return a net income $70,000
Describe the differences in the closing process using a computerized system and a manual system. Why do you need to know how to do both?
How much should be allocated to partner AA, assuming that the provisions of the profit and loss agreement are ranked by order of priority starting with salaries
Develop a model that can be used to determine the advertising budget allocation for the Flamingo Grill. Include a discussion of the following items in your report:
1. Realized Gain/Loss during 2017. 2. Unrealized Gain/Loss on Trading Securities for 2017
What is the present value of the set of cash flow of at a 10% discount rate? What is the future value of the set above of cash flow 4 years?
assume the following transactions occurred during the year. the annual accounting period ends on december 31.jan.
Explain the type of retirement savings plan you would recommend to a 35-year-old married female employee who has two children, ages five
Xavier and Yolonda have original investments of $47,465 and $90,407 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary allow..
On January 1, 2010 Lurline Corporation issued ten-year, 8 percent bonds with a face value of $500,000. The semiannual interest dates are June 30 and December 31. Prepare entries in a journal form without explinations to record the bond issure on Janu..
A firm sells its $1,100,000 receivables to a factor for $1,078,000. The average collection period is 1 month. What is the effective annual rate on this arrangement?
Define a scope limitation and distinguish between client-imposed and circumstance-imposed scope limitations. What reporting options are available to auditors when scope limitations are encountered during the engagement?
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