R Ith security updates, fixes, and Improvements, choose Check for A part from running Min Armin Wasteage Minnie has also been involved in a partnership with her cousin Max. While the business has been running quite well both Max and Minnie have decided it is time to move on. The latest balance sheet for the business is outlined below. Assets Liabilities Accounts Payable Accrued Expenses Cash Accounts Receivable Inventory Office Equipment Motor Vehicles Warehouse Land Goodwill 9,300 900'0 000 30,600 30,440 59,560 79,200 192,000 19,738 Equity 319,444 Minnie 531,444 543,544 543,544 Max and Minnie have been offered $450,000 for all the non-cash assets of the business and they have decided to accept the offer. As Max has spent more time with the business profit and losses are shared 60% to Max and 40% to Minnie. Required 1. Show the journal entries required to dissolve the partnership. English (Australia) Focus 三 MacBook Air 000 000 F4 F5 F6 F7 F8 LL 24 4. & %23 V 5 ) 3. 8 7. 6 } F H. K.

LEARNING TASK NO. 1 GENERAL INSTRUCTION: Write your solution and answer on a separate paper and put initials/signature on every final answer. Problem #1 Pedro and Jose form a partnership for the first time. Their investments are; Pedro is to invest cash amounting to P 70, 000 and Jose is to contribute Merchandise inventory at a P 10,000 cost with fair value of P 20, 000 and Computer equipment at a cost of P 50, 000 with a fair value of P 30, 000. Required: Prepare the necessary journal entries to record the investment of each partner. Problem #2 Jose has been operating a retail store for a number of years. A statement of financial position on July 1, 2021 is prepared for Jose Company as follows: Assets Cash Accounts receivable P 60, 000 50, 000 Inventory Equipment Less: Accumulated Depreciation 70, 000 P 40, 000 4. 000 36, 000 P 216, 000 Total Assets Liabilities and Equity P 86, 000 Accounts payable Jose Capital Total Liabilities and Equity 130, 000 P 216, 000 Jose needs additional…

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Question 40 Grace is a self employeed sales consultant who spends significant time entertainment potential customers. She keeps all the appropriate records to substantiate her entertainment. She has the following expenses in the current year:  meals where business was conducted $5000 Greens fees (all fees) 500 tickets to baseball games (all business) 500 country cup dues (all business use) 6000 what are the tax-deductible meals and entertainment expenses Grace May claim in the current year?  $ on which tax form should she claim the deduction?