FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Q: Please help thanks
A: Equivalent units: This is one of the processes costing methods, under this method the uncompleted…
Q: Asset turnover A company reports the following: Sales $1,729,350 823,500 Average total assets…
A: Assets Turnover Ratio :— It is the ratio of net sales and average total assets.   Average total…
Q: Can I get help with requirement 4-7 as well?
A: Calculation of Return on Equity (ROE) for the previous year and current year. Return on Equity (ROE)…
Q: I need help with required 4 and 5.
A: Materials and conversion costs are the costs which are incurred during the process of production.…
Q: Hi - could you please send the CAPM model and explain what it is and when to use it please?  Thank…
A: Capital Asset Pricing Model (CAPM):It defines the relationship of an asset’s expected return with…
Q: Student ID Day 63638034 Monday 23957096 Thursday 28080825 Monday Exam Score 61 70 1. How many…
A: =COUNTIF is used to count the cells satisfying the given criteria in the given range.
Q: Can solve question 4 to 7?
A: Salary of the Darnell Johnson = 63500Contribution by his employer toward the retirement plan = 6% of…
Q: Kate is very pleased with the results of the first year of operations for Kate's Cards. She ended…
A: Financial Statement:   A financial statement is the complete record of financial transactions that…
Q: Can you please show how to solve question 4, 5, 6a, 6b.
A: Capital budgeting is a financial management process used by organizations to evaluate and make…
Q: question 33
A: Traditional IRA is one of the plans which are used by the taxpayers so that the tax amount which is…
Q: Can you answer problem 2 as well? Thank you.
A: Break even sales is the point of sale where is no profit no loss situation. It means at break even…
Q: I need all blanks filled please and thank you with the blue arrow
A: Income statement is prepared by the business organizations so as to know how much amount of Gross…
Q: can you provide me more clear info
A: There are five special journals namely, cash receipt journal, cash disbursement journal, sales…
Q: Can you answer the last three please
A: 1. Income Statement - Income Statement include income earned and expenses incurred during the…
Q: Please also help on part 4 and 5.
A: I have answered only part 4 and part 5, i took some required information from previously answered…
Q: How to create the t account
A: T account is a representation of the legder that records business transactions. It is in the form of…
Q: you!
A: The original question deals with preparation of amortisation schedule.
Q: Answer the following four questions asap please
A: 1) Inventory cost per unit using variable costing Inventory cost includes such cost which incurred…
Q: 1. Calculate the amounts to be reported on each employee's Wage and Tax Statement (Form W-2) for…
A:
Q: Please tell answer as soon as possible
A: The closing entries refer to the journal entries passed at the end of the reporting period to…
Q: please help me with part E.
A: A question with multiple sub parts were asked by you earlier. One of the sub parts were not…
Q: Could you show me to solve this problem step by step. Please
A: The equation we have to solve is as shown on the white board. We will take the following approach.As…
Question
100%

please answer number 5. thank you

The conditions agreed by the partners for purposes of determining their interests in the partnership are presented below: 10% of accounts receivable is to be set up as uncollectible in each book. b. Merchandise inventory of Henry is to be increased by P 1, 000. The furniture and fixtures of Gerry and Henry are to be depreciated by P 600 and P 900 respectively. a. c. Required: Prepare the necessary journal entries to record the formation of the partnership. Problem #4 Froilan Labausa contributed land, inventory and P 280,000 cash to a partnership. The land has a book value of P 650, 000 and a market value of P 1,350,000. The inventory has a book value of P 600,000 and a market value of P 510,000. The partnership also assumed a P 350,000 note payable owed by Labausa that was used to purchase the land. Rosalie Balhag agreed to put up cash equivalent to Labausa's net investment. REQUIRED: prepare the journal entry to record Labausa's and Balahag's investment in the partnership. Problem #5 Sabio, as her original investment in the firm of Sabio and Mariano, contributed equipment that had been recorded in the books of her own business as costing P 900, 000, with accumulated depreciation of P 620, 000. The partners agreed on a valuation of P 400, 000. they also agreed to accept Sabio's accounts receivable of P 360, 000, realizable to the extent of 85%. REQUIRED: Prepare the journal entry to record Sabio's investment in the partnership. Problem #6 Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of P 1,260,000 and computer equipment that cost P 540,000. The fair value of the computer is P 360,000. Gogola has notes payable on the computer of P 120,000 to be assumed by the partnership. Gogola is to have a 60% capital interest in the partnership. Paglinawan contributed only P 900,000. The partners agreed to share profits and loss equally. Gogola should make an additional investment or (withdrawal) of?
expand button
Transcribed Image Text:The conditions agreed by the partners for purposes of determining their interests in the partnership are presented below: 10% of accounts receivable is to be set up as uncollectible in each book. b. Merchandise inventory of Henry is to be increased by P 1, 000. The furniture and fixtures of Gerry and Henry are to be depreciated by P 600 and P 900 respectively. a. c. Required: Prepare the necessary journal entries to record the formation of the partnership. Problem #4 Froilan Labausa contributed land, inventory and P 280,000 cash to a partnership. The land has a book value of P 650, 000 and a market value of P 1,350,000. The inventory has a book value of P 600,000 and a market value of P 510,000. The partnership also assumed a P 350,000 note payable owed by Labausa that was used to purchase the land. Rosalie Balhag agreed to put up cash equivalent to Labausa's net investment. REQUIRED: prepare the journal entry to record Labausa's and Balahag's investment in the partnership. Problem #5 Sabio, as her original investment in the firm of Sabio and Mariano, contributed equipment that had been recorded in the books of her own business as costing P 900, 000, with accumulated depreciation of P 620, 000. The partners agreed on a valuation of P 400, 000. they also agreed to accept Sabio's accounts receivable of P 360, 000, realizable to the extent of 85%. REQUIRED: Prepare the journal entry to record Sabio's investment in the partnership. Problem #6 Gogola and Paglinawan have just formed a partnership. Gogola contributed cash of P 1,260,000 and computer equipment that cost P 540,000. The fair value of the computer is P 360,000. Gogola has notes payable on the computer of P 120,000 to be assumed by the partnership. Gogola is to have a 60% capital interest in the partnership. Paglinawan contributed only P 900,000. The partners agreed to share profits and loss equally. Gogola should make an additional investment or (withdrawal) of?
Expert Solution
Check Mark
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
See solutionCheck out a sample Q&A here
Step 1
VIEW
Step 2
VIEW
bartleby

Step by stepSolved in 2 steps with 2 images

See solution
Check out a sample Q&A here
Blurred answer
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
SEE MORE TEXTBOOKS