Wally withdraws from the partnership and accepts P80,000 cash. Assuming the assets have been properly revalued, the entry to withdraw Wally from the partnership includes a: a. debit to Wally, capital for P80,000 b. credit to Watson, capital for P857 C. debit to Watson, capital for P857 d. debit to Willie, capital for P643
Q: Which of the following would NOT be included in the acquisition cost?
A: The acquistion cost is the total cost incurred in the acuistion of asset/asset...
Q: (33,000,000) ах 12,000,000 (3,800,000) 8,200,000
A: Reportable segment is the reporting of the segment on the basis specified in the Indian Accounting S...
Q: According to a summary of the payroll of Guthrie Co., $587,000 was subject to the 6.0% social securi...
A: Social Security Tax = Gross earnings x social security tax rate Medicare Tax = Gross earnings x Medi...
Q: Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into t...
A: Solution: Under FIFO method of process costing, beginning WIP inventory cost is not included in comp...
Q: Parent and Child corporations have filed on a consolidated basis since the mid-1990s. The group repo...
A: Solution:- Calculation of the Parent group's net operating loss for the year that is available for c...
Q: Required: 1. Complete the following: a. Compute the unit product cost under absorption costing. p. W...
A: Solution 1a: Computation of Unit Product Cost - Absorption Costing Particulars Q1 Q2 Unit ...
Q: Bulldogs Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per ...
A: Sales price variance = ( Actual price - standard Price ) x Units Sold Sales Price - Cost = Gross Pro...
Q: etters Cabinets, Inc., needs to choose a production method for its new office shelf, the Maxistand. ...
A: Annual profit is the total amount of profit earned by selling the product. It includes all the costs...
Q: following is not a requisite of ‘object’?
A: This is a multiple choice question in which we have been given some options and we have to choose th...
Q: The Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The following sales...
A: The budget is prepared to estimate the requirements for the future period.
Q: Philadelphia Company has the following information for March: Sales $484,918 Variable cost of goods ...
A: Manufacturing margin is referred to as the margin after considering all fixed and variable manufactu...
Q: Haas Company manufactures and sells one product. The following information pertains to each of the c...
A: Break-even point is the situation where the firm neither earns any profit nor suffers any losses.
Q: (The following information applies to the questions displayed below.] Lone Star Company is a calenda...
A: Dividend Income: Dividend income is the amount of money paid to stockholders from a corporation's pr...
Q: a. Calculate return on investment, based on net income and average total assets, for 2020 and 2019. ...
A: "Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and ...
Q: cess of preparing Consolidated Financial Statements involves the elimination of intercompany transac...
A: In subsidiary account and parent company account there are common transaction which are to be dealt ...
Q: At the end of 2020, Crown Point Corp. has accounts receivable of $479,200 and an allowance for doubt...
A: Uncollectible receivables are the amount which is not paid by the customer or which is not recovered...
Q: Stockholders' equity of Ernst Company consists of 82,000 shares of $5 par value, 10% cumulative pref...
A: Formulas used for calculations:
Q: TROPA Inc. was incorporated on January 1, 2020, Information about its authorized shares is shown bel...
A: Total shareholders equity will consists of Equity share capital and securities premium and reserves ...
Q: Presented below is the condensed balance sheet of the partnership of Aballa, Baligod, and Cabasag wh...
A: ANSWER The Sacrifice is the ratio When existing partners give their Shares to new partner in a sp...
Q: 2. Callie is admitted to the Adams & Beal Partnership unde method. Callie contributes cash of P20,00...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: CAR-93482 company purchases battery powered bikes from a manufacturer for $1,497 per unit and then s...
A: Total Variable cost per unit: Cost of goods sold = $1,497 Sales commissions ($2,300 x 5%) = $115 Del...
Q: a. What was the purchase price of the bond? b. What was the selling price of the bond? c. Wh...
A: The purchase price of bond is calculated as present value of cash flows received from bond. The cash...
Q: Identify the following if it is an example of COMMERCIAL BANK, THRIFT BANK, GOVERNMENT BANK, PRIVATE...
A: Following is the correct answer.
Q: Pinky Company has 80% holdings over Silk Company. During 2018, Pinky Company sold merchandise to Sil...
A: Upstream and downstream: Upstream and downstream transactions are generally treated as intercompany ...
Q: Bulldogs Inc. has sales of P3,000,000. Its credit period and average collection period are both 30 d...
A: The calculation is given below
Q: On January 1, 20x1, ABC Co. sold transportation equipment with a historical cost of ₱12,000,000 and ...
A: Firstly, carrying value of note shall be calculated at the current date i.e. January 1, 20X1 Based o...
Q: Exercise Partnership is insolvent but partners are personally solvent. Wayne, Wendell and Wesley are...
A: Terms of liquidation, order of priority, and liabilities at the time of liquidation are generally pr...
Q: What
A: Introduction:- The following one of the conditions is required to satisfied for segment reporting as...
Q: enwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. The...
A: In this question, we have to find out the percentage of the Machining costs.
Q: A Liquor warehouse expects to sell 10,000 bottles of scotch whiskey in a year. Each bottles costs $1...
A: Step2 in the solution-
Q: Colorway Inc. had total assets of P65,000,000 at year end and provided the following condensed incom...
A: Reportable segment is the reporting of the segment on the basis specified in the Indian Accounting S...
Q: Helen buys a universal life policy with $250,000 of coverage. Nineteen years after purchasing the po...
A: Life insurance policies are the one which insures the life of an individual and their family if the ...
Q: A Company belonging to the process industry carries out three consecutive processes. The output of t...
A: The company's transformation is focused on outsourcing services in relation to a single step in a se...
Q: t the end of November 2016, Caribbean Productions Ltd had 700 units of product BMR400 in store. For ...
A: The total cost of production of a good comprises of the total fixed cost of production and the total...
Q: Golf Corporation estimates that its production for the coming year will be 25,000 units, which is 90...
A: GIVEN Golf Corporation estimates that its production for the coming year will be 25,000 units, which...
Q: In a queueing system, customers arrive once every 5 hours (standard deviation = 5) and services take...
A: Solution:- Given, Customers arrive once every 5 hours Standard deviation = 5 Services take 3 hours S...
Q: late their pr er an insura
A: The probability of getting sick is 0.05-0.03x The private cost of effort is ce=10e∧2
Q: The following transactions were completed by the company.
A: It is the equation that states that the total assets of an entity is equal to the sum of total liabi...
Q: On January 1, 20xx, A, B, C and D formed 5G Trading Co., a partnership with capital contributions a...
A: To compute the earnings of the partnership, we should consider the given data. So that we compute by...
Q: Prepare the necessary disclosures for Colorway Inc. in relation to operating segments. 2. Prepare th...
A: Segment reporting is one of the important concept used in financial reporting, under which informati...
Q: oe, June, and Jim—coworkers—decide that they want to start their own business. Joe has $200,000 to c...
A: Stock- Common stock is a type of investment that represents ownership in a company. A board of direc...
Q: Below are several of the ASB management assertions. A. Occurrence B. Completeness C. Rights and obli...
A: The question is of Auditing and is related to the match management assertion that best appliesby pla...
Q: Clay Company has three lines of business, each of which was determined to be reportable segment. Sal...
A: Operating profit is the amount of profit earned from its main operations or business. It is calculat...
Q: Widgets & Gadgets in a merchandiser that sells gadgets and widgets. They had the following transacti...
A: While performing the purchase and sale of products, there will be discounts allowed or received. The...
Q: NSWER IS LETTER B. 9,000. PLEASE PROV
A: Net income means deducting all the expenses (Costs) allowances and taxes of an individual are known ...
Q: On January 1, 2021, Concretti Inc. had a division that met the criteria for discontinuance of a busi...
A: In financial accounting, discontinued operations are elements of a company's principal business or p...
Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. ...
A: Activity rate per machining cost pool =Total Estimated machining setup cost/Expected Activity = $15...
Q: Traci's collision coverage is 35% of her total premium. If she currently pays $441 every six months ...
A: The calculation of total premium per year is shown hereunder : Traci currently pays $ 441 every six ...
Q: Sunny introduces a new compact music player that carries a two-year warranty against manufacturer's ...
A: Solution: Total sales = $30,900,000 Actual warranty expenditure = $290,000
Q: After the issuance of the 2021 financial statements, Pine Company discovered a computational error o...
A: Due to error, there is overstatement of COGS, this has resulted in less profit reporting. In order t...
Step by step
Solved in 2 steps
- Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $6,000 and $4,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $8,000. Question Content Area a. What is the amount of a gain or loss on realization? $fill in the blank a082cef9b012fe9_2 Question Content Area b. How should the gain or loss be divided between Hewitt and Patel? Hewitt $fill in the blank fe57f5f50043050_2 Patel $fill in the blank fe57f5f50043050_4 Question Content Area c. How should the cash be divided between Hewitt and Patel? If an amount is zero, enter "0". blankHewitt and PatelDistribution of Cash Hewitt Patel Capital balances before realization $fill in the blank 2e3dfe08df82014_1 $fill in the blank 2e3dfe08df82014_2 Division of gain or loss on realization fill in the blank…Wally withdraws from the partnership and accepts P60,000 cash. Assuming the assets have been properly revalued, the entry to withdraw Wally from the partnership would include a debit to: a. Wally, capital for P60,000 b. Willie, capital for P9,214 c.Wally, capital for P81,500 d. Watson, capital for P12,286Farah , Marwah, and Waseem are partners in a firm. They have capital balances of $80,000, $60,000, and $40,000, respectively. The partners share income in the ratio of 3: 2: 1, respectively. Marwah withdraws from the partnership. Marwah get $86,000 cash from partnership assets Journalize the withdrawal of Marwah under each of the following assumptions. 1) Bonus Method 2) Goodwill Method (a. Full value of Goodwill b. Partially Goodwill Value)
- Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $18,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $3,600. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $4,800. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation v Debit CreditThe ABC Partnership is to be liquidated and you have been hired to prepare a Schedule of Cash Payments for the partnership as well as all required journal entries. Partners Alexa, Bitsy, and Coco share income and losses in the ratio of 4:3:3, respectively. Assume the following: 1. The noncash assets were sold for $70,000. 2. Liabilities were paid in full. 3. The remaining cash was distributed to the partners. (If any partner has a capital deficiency, assume that the partner is unable to make up for the capital deficiency.) Instructions Use the above information. a. Prepare a complete Schedule of Cash Payments. b. Prepare all necessary journal entries on the journal page below. ABC PARTNERSHIP Schedule of Cash Payments Balances Before Liquidation: Item Cash $25,000 + Noncash Assets $150,000 = Liabilities $50,000 + Alexa Capital $25,000 + Bitsy Capital $35,000 + Coco Capital $65,000Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $28,000 and $18,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $35,000. a. What is the amount of a gain or loss on realization? b. How should the gain or loss be divided between Hewitt and Patel? Hewitt Patel
- Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $28,000 and $18,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $35,000.a. What is the amount of a gain or loss on realization?b. How should the gain or loss be divided between Hewitt and Patel?c. How should the cash be divided between Hewitt and Patel?Maria, Leonora and Teresa are partners with adjusted capital balances of P165,000, P150,000 and P180,000 respectively and divide profit and loss equally. At the end of the year, Maria decides to withdraw from the partnership. Maria will receive cash settlement of P150,000 Instruction: Give the entry to record the withdrawal of Maria assuming- a. Bonus Method is used b. Revaluation of Asset method is useaDavid Oliver and Umar Ansari, with capital balances of $47,000 and $63,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $138,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed? If an amount is zero, enter in "0". blankOliver and AnsariDistribution of Cash Oliver Ansari Total Capital balances before realization $fill in the blank 1 $fill in the blank 2 $fill in the blank 3 Division of gain on realization fill in the blank 4 fill in the blank 5 Capital balances after realization $fill in the blank 6 $fill in the blank 7 Cash distributed to partners fill in the blank 8 fill in the blank 9 Final balances $fill in the blank 10 $fill in the blank 11
- Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $24,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $5,120. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $6.400. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit CreditFill in the blnnks: Tim and Michelle have decided to form a partnership with a 60/40 partnership interest ratio. Tim contributes P7500 cash and merchandise invetory with a market value of P1500. a. Tim, Capital will be credited in the amount of b. Michelle's investment should be c. After accounting for the total investments of Tim and Michelle, the total assets of the partnership amounts toJacob, Susan, and Cody each have a $330,000 capital balance. They share profits and losses as follows: 2:6:2 to Jacob, Susan, and Cody, respectively. Suppose Cody is withdrawing from the business. Requirements 1. Journalize the withdrawal of Cody if the partnership agrees to pay Cody $330,000 cash. 2. Journalize the withdrawal of Cody if the partnership agrees to pay Cody $210,000 cash. ..... Requirement 1. Journalize the withdrawal of Cody if the partnership agrees to pay Cody $330,000 cash. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit