Answered: ians, Capital 80,000 Ephesians,…

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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Question

On October 1, 2021, Galatians, Ephesians and Philippians who share earnings 5:3:2, respectively, decided to liquidate their partnership at which time their condensed balance sheet was as follows:

Cash
50,000

Other Assets
250,000

Liabilities
60,000

Galatians, Capital
80,000

Ephesians, Capital
90,000

Philippians, Capital
70,000

The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. Half of the liabilities was paid. At this time, Ephesians received P48,000. How much is the restricted interest?

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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