Choices are: 2.) A. 900B. 880C. 860D. 9203. )A. 460B. 380C. 220D. 240 Use the following information for the next two questions:Easy, Average and Difficult formed a joint operation. Thefollowing were their contributions: Easy, P100; Average, P120; andDifficult, P80. On completion of the joint operation, the jointoperators' books show the following balances:Difficult580 Dr.EasyAveragePersonal accounts (before closing)100 Cr.120 Cr.Expenses (paid from JO cash)Unsold inventory taken24060The contractual arrangement stipulates that Difficult, theappointed manager, is entitled to a salary of P6 and a bonus of15% of profit after salary and bonus. Any balance of profit or lossis shared equally.2. How much were the sales of the joint operation?3. In the settlement of the joint operation, how much total cashdid Difficult, the holder of JO-cash, pay to Easy and Average?

Joint operation: It is a joint venture in which the parties to the joint venture have property…

Answered: Fasy, Average and Difficult formed a…

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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Keith Urban Bookstores is considering a major expansion of its business. The details of the proposed expansion project are summarized below: The company will have to purchase $600,000 in equipment at t = 0. This is the depreciable cost. The project has an economic life of four years. The cost can be depreciated on a MACRS 3-year basis, which implies the following depreciation schedule: MACRS Depreciation Rates Year 1 0.33 0.45 0.15 0.07 2 3 4 At t = 0, the project requires that inventories increase by $40,000 and accounts payable increase by $5,000. The change in net operating working capital is expected to be fully recovered at t = 4. (Hint: NWC = CA-CL) The project's salvage value at the end of four years is expected to be $0. The company forecasts that the project will generate $700,000 in sales the first two years (t = 1 and 2) and $400,000 in sales during the last two years (t = 3 and 4). Each year the project's operating costs excluding depreciation are expected to be 55% of…
An individual is a head of household. What is her standard deduction? a.$18,350 b.$24,800 c.$12,400 d.$18,650 e.None of these choices are correct.
Problem 10-56 Part a (Algo) a. What is the maximum amount of $179 expense AMP may deduct for 2023 ? Maximum §179 expense deductible
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D Question 9 The following assets can be defined as 'qualifying assets' except for: inventories purchased ready for sale. O manufacturing plants. O power generation facilities O investment properties.
why did you subtract the 3100 from the 15000? Should that have been 15000 + 3100? Why is it 3/7 and 2/7? Where did the 7 come from?
QUESTION 25 How long must a capital asset be held to qualify for long term treatment? O A. Six months O B. One year and one day OC. One year O D. Same trade date one year from purchase QUESTION 20 The following taxes are deductible as itemized deductions with the exception of: O A. Local personal property taxes O B. Foreign real property taxes OC. Social security taxes O D. State income taxes
Given the information in the table below, what is country A's real aggregate product in B$ at constant purchasing power of year 2 for years 1, 2, and 3 respectively? Remember: step 1, make sure that the general price index has the correct base year; step 2, transform the nominal aggregate product in A$ into the real aggregate product in A$ using the correct general price index; and step 3, transform the real aggregate product in A$ into the real aggregate product in B$ using the correct exchange rate (and pay attention that exchanges rates are BS/A$, so you may need to use division or multiplication). Year 1 Year 2 Year 3 Country A's nominal aggregate product in the local currency A$. A$1000 A$1500 A$1800 1.000 1.250 1.200 Country A's general price index. Country B's nominal aggregate product in the local currency BS. B$2160 B$2592 "B$3888 0.500 0.625 1.000 Country B's general price index. Market exchange rate (BS/AS). 1.00 1.20 1.35 PPP exchange rate (BS/AS). 1.50 1.80 2.00
A direct quote of €0.1256/Dkr is equivalent to an indirect quote of a . Dkr 7.962/€ b . Dkr 7.8654/€ c . Dkr 0.8654/€ d . Dkr 1.1345/€
2) Calculate the change in Working Capital given the following: 2021 2020 A/R 240 A/P 185 A/R 255 A/P 165 INV 210 Int/P 145 INV 225 Int/P 155 W/C 2021 W/C 2020 Change in Working Capital =
Required information [The following information applies to the questions displayed below.] Arndt, Inc. reported the following for 2021 and 2022 ($ in millions): 2021 2022 $ 940 $1,032 852 Revenues Expenses Pretax accounting income (income statement) Taxable income (tax return) 796 $ 144 $ 104 180 %24 214 Tax rate: 25% a. Expenses each year include $58 million from a two-year casualty insurance policy purchased in 2021 for $116 million. The cost is tax deductible in 2021. b. Expenses include $2 million insurance premiums each year for life insurance on key executives. c. Arndt sells one-year subscriptions to a weekly journal. Subscription sales collected and taxable in 2021 and 2022 were $59 million and $75 million, respectively. Subscriptions included in 2021 and 2022 financial reporting revenues were $53 million ($38 million collected in 2020 but not recognized as revenue until 2021) and $59 million, respectively. Hint. View this as two temporary differences-one reversing in 2021; one…

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