How much is the proceeds from the sale of non-cash assets in January 2022?
Q: The following accounts are taken from a balance sheet. 1. Cash 2. Retained earnings 3. Equipment 4. ...
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net...
Q: Arabella Cunningham is 24 years old and single, lives in an apartment, and has no dependents. Last y...
A: The part of your gross income that is used to determine how much tax you owe in a given tax year is ...
Q: Instructions a. Prepare the following for Machine A. 1. The journal entry to record its purchase on ...
A: Journal Entry for record for purchase and for depreciation expenses , and calculation of depreciati...
Q: Cedar Valley is a national restoration contractor licensed in roofing, siding, gutters and windows. ...
A: 2. Allowance Method - Under allowance method company make provision of uncollectible accounts at the...
Q: Show Me How Intangibles: Balance Sheet Presentation and Income Statement Effects Han Company has pr...
A: Intangible Assets The Accounting of intangible assets which are taken consider the amortization cost...
Q: The effect of a stock dividend is to change the composition of stockholders' equity. decrease total ...
A: The stock dividend is a method of capitalizing the retained earnings. Generally, the large stock div...
Q: Section 121 Exclusion. P and Q, who are married, sold their residence of 19 years on February 12, 20...
A: GIVEN P and Q, who are married, sold their residence of 19 years on February 12, 2021. The house h...
Q: Wildnorse Company reports the following operating results for the month of August: sales $441,000 (4...
A: Calculation of net income both case are as follows
Q: Help me with question b) only: Ratio calculations are: Anne's business for October 2021 Net pro...
A: The financial ratios provide the data to compare the performance with other players or the past year...
Q: XYZ inc reported net income of $283,880 for the year and had 173,230 common shares outstanding throu...
A: Let's understand the basic EPS is the earning per share from company's net income here, Net income...
Q: 8.You are working for a small specialty catalog retailer. You sell high-end outdoor equipment, speci...
A: Customer acquisition seems to be the process of attracting new consumers or persuading individuals t...
Q: The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on Ma...
A: MOTO HOTEL Trail Balance May 31, 2017 Debit Credit Cash $ 2,263 Supplies ( $...
Q: The Davidson Corporation’s balance sheet and income statementare provided here. a. Construct the sta...
A: SOLUTION:- a. DAVIDSONS CORPORATION ...
Q: On 31 July the Pass book of BAC LLC reported balance of RO 8750. Cheques deposited in bank awaiting ...
A: Balance as per Pass Book Balance as per Pass Book RO 8,750 Add: Amount Added in the cash book b...
Q: Triple Tier Bakery is a locally-owned business offering custom cakes, cupcakes, desserts and wedding...
A: Journal entry shows the recording of the transactions during an accounting year and every transactio...
Q: Prepare a Trial Balance for January 31, 2022. As a note: As a self check, your Trial Balance (Inst...
A: Trial Balance The purpose of preparing the trial balance is to which is useful in the preparation of...
Q: 1. Prepare a contribution format income statement that shows the expected net operating income each ...
A: 1) Income Statement Sales $ 3,70,000.00 Variable Cost Ingredients Cost $ 74,0...
Q: ABC Construction Company began work on a contract in 2022 and completed the contract in 2023. The to...
A: In construction project revenue shall be recognized on the basis of precentage of work compelete.
Q: Mr. and Mrs. Reyes are married individuals, Mr Reyes receives an annual taxable income of 365,000 wh...
A: As per the provision in Philippines following ax slabs is applicable No Income tax if income is upt...
Q: Dellcom Inc. sells two products: a regular and a deluxe version. The owner would like to better unde...
A: Calculation of contribution per unit Particulars regular Deluxe Sales price 38 61 Less: varia...
Q: Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. ...
A: Partnership Account - A partnership is a mutual agreement enter into two or more entities for the pu...
Q: Problem 3-24A (Algo) Assessing simultaneous changes in CVP relationships using the equation method L...
A: Sales Volume ( in units ) = ( Fixed costs + Desired profit ) / Contribution per unit Sales volume ( ...
Q: On 31 July the Pass book of BAC LLC reported balance of RO 8750. Cheques deposited in bank awaiting ...
A: The bank reconciliation statement is prepared to equate the balance of cash book and pass book with ...
Q: On February 14, AA and BB formed a partnership and contributed the following assets at historical co...
A: Calculation of Capital Contributed by Partner BB Capital Contribution by BB = P 200,000 + P 80,000 +...
Q: Required information [The following information applies to the questions displayed below.] Clyde is ...
A: Gross income is the amount of money that represents the earnings of a person.
Q: Yates Manufacturing Company incurs the following manufacturing costs and expenses during the month o...
A: Cost item Direct materials Direct labor Manufacturing overhead Period costs 1 X 2 X ...
Q: Cost Cutting: Your company, is analyzing a potential opportunity to cut costs. It can spend $1,750,0...
A: Calculation of NPV Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Cash Inflows ...
Q: Statement I: In cases wherein the net free assets are greater than the unsecured claims, the differe...
A: Liquidation means where the company decide to close out the operations , sell all the assets and pai...
Q: How much is the net income before tax
A: Net income before tax (EBT) indicating the final amount of the profit before calculating the tax aft...
Q: The Oklahoma City Zoo has proposed adding to their Web site a major segment providing a virtual tour...
A: Benefit-Cost Ratio=Present Worth of BenefitsPresent Worth of Costs
Q: BTS, Inc. has adopted a new accounting system for measuring the value of its inventory from weighted...
A: Lets understand the basics. There are two types of changes happens in the accounting which are, (1) ...
Q: A partner's initial capital contribution on date of partnership formation is generally equal to: The...
A: Solution: A partnership is a agreement between two or more parties to manage and operate a business ...
Q: A company has $25,000 in cash and cash equivalents, $85,000 in short – term investments, $126,000 in...
A: Given, Cash and Cash Equivalents = $25,000 Short term investments = $85,000 Net Current Receivables ...
Q: A $515,000 bond issue on which there is an unamortized discount of $36,000 is redeemed for $463,000....
A: There are three golden rules in accounting for recording the transaction : Debit what comes in , C...
Q: Statement 1: Exclusions pertain to the computation of gross income, while deductions pertain to the ...
A: Exclusions pertaining not part of gross income. deductions pertain to the computation of net income.
Q: The Moto Hotel opened for business on May 1, 2017. Here is its trial balance before adjustment on Ma...
A: T-Account Purpose of preparing the T-Account is to know the actual balance which are involved at the...
Q: Explain the elements of a good document of fraud..
A: Since documentary evidence makes up a large quantity of evidence in fraud cases, auditors must compr...
Q: 2. From the summary cash account of X Ltd. prepare the Cash Flow Statement for the year ended 31st M...
A: Cash flow statement deals with the provision of information about the historical changes in cash and...
Q: Ted Phillips has monthly take-home pay of $1,685; he makes payments of $410 a month on his outstandi...
A: Credit is an integral part of daily life. Credit payment occurs when the individual or the organizat...
Q: Champion Contractors completed the following transactions involving equipment Year 1 January 1 Paid ...
A: Depreciation expense using straight line method : = ( Cost - salvage value ) / Useful Life Revised l...
Q: PLEASE ANSWER THIS QUESTION ASAP. THANK YOU SO MUCH. In connection with your audit of the financial...
A: Solution Audit is ana official examination of the present state of something , especially of a compa...
Q: What is the relationship between the master budget and responsibility accounting?
A: Definition of budget: According to CIMA Budget means " Quantitative expression of a plan for a defin...
Q: eased assets have an expected life of 5 years Depreciation is straight line Annual leasee payment ...
A: Solution Given Life (n) 5 years Annual lease payment (pmt) 1400 Nature of annuity ...
Q: Windsor Industries borrows $18800 at 8% annual interest for six months on October 1, 2022. Which is ...
A: Given, Principal amount = $18,800, Interest rate = 8% per annum, It is borrowed on Oct 1st 2022, Int...
Q: On February 20, 2022, ABC Construction Company entered into a fixed-price contract to construct a co...
A: Calculation of total Amount of Contract Costs charged to Profit and Loss in 2022::: Total Estimated ...
Q: Mine Company produced 1,000 units of a product at a selling price of P95.00 each. Direct materials P...
A: Calculation of gross profit are as follows
Q: BBAAA is a duly-registered credit cooperative. On one occasion, BBAAA rented out its facility to a c...
A: business transactions with members of credit cooperative is exempt.
Q: On February 1, 2022, AA and BB formed a partnership and agreed to share profits in the ratio of 46 ...
A: Partnership is one of the form of business organisation, under which two or more than two partners i...
Q: Magenta Company received an invoice of $20,950 for catering services at their annual company picnic....
A: The term n/30 refers to a payment period which means magneta company has a 30-day length of time to ...
Step by step
Solved in 2 steps
- The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if Ashanti joins the partnership with a $60,000 investment. The partners new agreement will share profit and loss in a 1:3 ratio.On December 31, 2020, the statement of financial position of UFC Partnership shows the following data with profit or loss sharing ratio of 2:3:5:Cash P15,000,000Other non-cash asset 40,000,000 Liabilities to others P20,000,000U, Capital 15,000,000F, Capital 12,500,000C, Capital 7,500,000On January 1, 2021, the partners decided to wind up the partnership affairs. During the winding up, liquidation expenses amounted to P2,000,000 were paid. Non-cash assets with book value of P30,000,000 were sold during January. 40% of total liabilities were also paid during January. P3,000,000 cash was withheld during January for future liquidation expenses. On January 31, 2021, partner U received P10,000,000. What is the amount received by partner F on January 31, 2021?
- On December 31, 2020, the statement of financial position of UFC Partnership shows the following data with profit or loss sharing ratio of 2:3:5:Cash P15,000,000Other non-cash asset 40,000,000 Liabilities to others P20,000,000U, Capital 15,000,000F, Capital 12,500,000C, Capital 7,500,000On January 1, 2021, the partners decided to wind up the partnership affairs. During the winding up, liquidation expenses amounted to P2,000,000 were paid. Non-cash assets with book value of P30,000,000 were sold during January. 40% of total liabilities were also paid during January. P3,000,000 cash was withheld during January for future liquidation expenses. On January 31, 2021, partner U received P10,000,000.What is the net proceeds from the sale of non-cash assets during January 2021?On December 31, 2020, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 5:1:4: 1,500,000 Noncurrent Assets 2,000,000 Total Liabilities A, Capital В, Сарital С, Сарital Current Assets 500,000 1,100,000 1,200,000 700,000 On January 1, 2021, D is admitted to the partnership by investing P500,000 to the partnership for 10% capital interest. The total agreed capitalization of the new partnership is P3,000,000. 1. What is the capital balance of D after his admission to the partnership?On December 31, 2030, the Statement of Financial Position of ABC Partnership provided thefollowing data with profit or loss ratio of 1:6:3:Current Assets P2,000,000 Total Liabilities P1,200,000Noncurrent Assets 24,000,000 A, Capital 1,800,000B, Capital 1,600,000C, Capital 1,400,000 On January 1, 2031, D is admitted to the partnership by purchasing 40% of the capital interest ofB at a price of P1,000,000. What is the capital balance of B after the admission of D on January 1, 2031? a. P1,180,000b. P960,000c. P840,000d. P600,000
- On June 30, 2030, the statement of financial position for the partnership of XYZ, togetherwith their respective profit and loss ratio, were as follows:Assets, at carrying value P 360,000XXX, loan 18,000XXX, capital (20%) 84,000YYY, capital (20%) 78,000ZZZ, capital (60%) 180,000360,000 XXX had decided to retire from the partnership. By mutual agreement, the assets are to be adjusted to their fair value of P432,000 at June 30, 2030. It was agreed that the partnership would pay XXX P122,400 cash for his interest in the partnership, including XXX’ loan which is to be repaid in full. After XXX’ retirement, what is the balance of YYY capital account? A. 78,000 B. 90,900 C. 92,400 D. 72,900On the December 31, 2020, the Statement of Financial Position of LOVE Partnership shows the following data with profit or loss sharing of 5:3:2.CashP10,000,000Noncash Asset40,000,000Total LiabilitiesP20,000,000Ona10,000,000Vina15,000,000Ena5,000,000On January 01, 2021, Lina is admitted to the new partnership named LOVE by investing P20,000,000 for 50% capital interest in the new partnership. What is the new capital balance of Ena after Lina’s admission in LOVE Partnership?On December 31, 2020, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 1:6:3: Current Assets Noncurrent Assets a. b. : 1,300,000 2,000,000 960,000 900,000 Total Liabilities A, Capital B, Capital C, Capital On January 1, 2021, D is admitted to the partnership by investing P1,000,000 to the partnership for 20% capital interest. C. 840,000 d. 1,200,000 300,000 1,400,000 If the all the assets of the existing partnership are properly valued, what is the capital balance of C after the admission of D? 700,000 900,000
- On December 31, 2030, the Statement of Financial Position of ABC Partnership provided thefollowing data with profit or loss ratio of 5:1:4:Current Assets P 3,000,000 Total Liabilities P 1,000,000 Noncurrent Assets 4,000,000 A, Capital 2,200,000B, Capital 2,400,000C, Capital 1,400,000 On January 1, 2030, D is admitted to the partnership by investing P1,000,000 to the partnership for 10% capital interest. The total agreed capitalization of the new partnership is P6,000,000. What is the share of A in the asset impairment?a. P240,000b. P160,000c. P300,000d. P500,000On June 30, 2020, the statement of financial position for the partnership of A, B, and C together with their respective profits and loss ratios, were as follows: Assets, at cost - P200,000 A, Loan - 10,000 A, Capital (20%) - 35,000 B, Capital (30%) - 75,000 C, Capital (50%) - 80,000 A decided to retire from the partnership. by mutual agreement, the assets to be adjusted to their fair value of P220,000 at June 30, 2020. It was agreed that the partnership would pay A P60,000 cash for A's partnership interest, including A 's loan which is to be repaid in full. No goodwill/ asset revaluation is to be recorded. After A's retirement, what is the balance of B's capital account?On December 31, 2030, the Statement of Financial Position of ABC Partnership provided the following data with profit or loss ratio of 5:1:4: Current Assets P 3,000,000 Total Liabilities P 1,000,000 Noncurrent Assets 4,000,000 A, Capital 2,200,000 B, Capital 2,400,000 C, Capital 1,400,000 On January 1, 2030, D is admitted to the partnership by investing P1,000,000 to the partnership for 10% capital interest. The total agreed capitalization of the new partnership is P6,000,000. What is the share of A in the asset impairment?