A, B, and C formed a joint operation. On the joint operation’s completion date, the books of A, the appointed manager, show the following account balances: Debit Credit JO – Cash 80 Account with B 60 Accounting with C 88 The cost of unsold inventory is ₱72. The joint operation’s profit is ₱44. How much is the balance of the joint operation account before distribution of profit? __________________________

A, B, and C formed a joint operation. On the joint operation’s completion date, the books of A, the appointed manager, show the following account balances: Debit Credit JO – Cash 80 Account with B 60 Accounting with C 88 The cost of unsold inventory is ₱72. The joint operation’s profit is ₱44. How much is the balance of the joint operation account before distribution of profit? __________________________

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Kindly read and follow the instructions before you answer. 1. Solutions must be in GOOD ACCOUNTING FORM. 2. Round off Answers to WHOLE NUMBERS, unless specific instruction was provided. A, B, and C formed a joint operation. The following were taken from the joint operation's books: Debit Credit JO- Cash 80 B, Capital 60 C, Capital 88 The cost of unsold inventory is P72. The joint operation's profit is P44. How much is the balance of the joint operation account before distribution of profit?
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Sales = $1,000; Cost of Goods Sold = $500; Depreciation Expense = $100; Administrative Expenses = $100; Interest Expense = $20; Marketing Expenses = $80; and Taxes = $100. The Co's operating income (EBIT) is equal to A) $500. B) $400. C) $310. D) $220.
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Why are the following items listed as a DR? Aren't they CR accounts? Exp;enses are CR accounts aren't they since they reduce assets? Income Statement Sales and Labor Revenue $1,592,430Cost of Goods $762,200Gross Profit $ 830,230 Operating Expenses:Salary Expense $337,425Depreciation Expense $44,500 Tax Expense $30,200Insurance Expense $22,000Office Expense $3,050Miscellaneous Expense $9,730Total Expenses $446,905 $383,325
May I ask for a solution and explanation to the problem for a better understanding. Thank you! 7. Using Carrot corp., what is the number of times interest earned for year 2? a. 21x b. 22x c. 23x d. 24x
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Given the following, how much is total distribution costs? Freight-in: ₱5,000 Freight-out: ₱6,000 Depreciation Expense – Store Equipment: ₱27,723 Depreciation Expense – Office Furniture and Fixtures: ₱19,554 Store Salaries and Wages Expense: ₱122,297 Store Utilities Expense: ₱38,173 Miscellaneous Administrative Expenses: ₱12,412