ians, 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
Q: a.) If Patrick was on the cash basis of accounting at the date of his death, how much ncome would be…
A: Interest income refers to the amount which is to be paid to an entity for lending its money or for…
Q: Warren’s Sporting Goods Store sells a variety of sporting goods and clothing. In a back room,…
A: In the manufacturing or service industries, direct labor is labor that is assigned to a single…
Q: Observation of the four previous months has identified the following total cost data for production…
A: Formula under High low method: Variable cost per unit = (Highest activity cost - Lowest activity…
Q: MC12 On January 1, 2019, Villanueva Company classified noncurrent assets as held for sale that had a…
A: Assets Held for Sale The measurement of assets held for sale either by the carrying amount or the…
Q: 1. What are the legal and social implications of technology in business? 2. Why should businesses…
A: As per the guidelines, the solution to the first question has been provided. For getting answers to…
Q: If a company erroneously records a $50 check received from a customer as $500 in its records, which…
A: If the company has erroneously recorded receipt of check of $ 50 as $ 500, bank balance as per its…
Q: Practice Balls Match Balls Units Selling Price Units Selling Price January 50,000 $8.25 6,000 $16.00…
A: Budget means the expected value of future. Sales budget means the number of units , price and total…
Q: Please type the answer by computer so I can see it clearly, thank you!!! Company (Newton Limited) is…
A:
Q: a. Wilson filed his individual tax return on the original due date, but failed to pay $270 in taxes…
A: A penalty is a fee levied by the IRS for failing to pay taxes by the yearly deadline or for failing…
Q: Lieu Company is a specialty print shop. Usually, printing jobs are priced at standard cost plus 50…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: 3. The selling and administrative expense budget of Ruffing Corporation is based on budgeted unit…
A: Cash disbursement for selling and administrative expenses = Variable selling and administrative…
Q: A person has $80 000 in a savings account that earns interest at 7% per year, compounded annually.…
A: We can use the concept of time value of money here. As per the concept of time value of money we…
Q: PV$1 PVA 10 6% 0.558395 7.360087 10 7% 0.508349 7.023582 20 3% 0.553676 14.87747 20 3.5% 0.502566…
A: Bonds- A bond is a fixed-income tool that represents a loan made by a shareholder to a borrower…
Q: PREPARE BRS? Bank Balance = $4,487 Book Balance = S$5,899 Interest income = $35 %3D Deposit in…
A: Introduction: Bank reconciliation statement: To Reconcile between the cash and pass book balances…
Q: or the Sleepeze, 12,340 for the Plushette, and 4,620 for the Ultima. Gene Dixon, vice president of…
A: Activity-based budget refers to the budget which collects, documents, and evaluates the business…
Q: On January 1, 2023, Jones Corporation issued $2.982.000, 9%, 5-year bonds with interest payable on…
A: Calculation of workings: Interest expense on bonds on July 1, 2023 = Sales value of the bonds x…
Q: On January 1, 2017, Naruto Company issued P4,000,000 face value bonds with a stated rate of 12% and…
A: Bonds are a form of debt or liability for the business, on which regular interest payments needs to…
Q: Cost of Goods Sold Budget Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic…
A: Direct costs of manufacturing includes cost of direct materials and direct labour which is to be…
Q: 2B) A company revalues its buildings and decides to incorporate the revaluation into the financial…
A: Given that, Cost of building = $1,500,000 Depreciation = $450,000 Depreciation rate = 2% per…
Q: Adam's Athletic Apparel has 1,600 shares of 5%, $100 par value preferred stock the company issued at…
A: Dividends are paid first to preferred stockholders and the remaining balance is paid to common…
Q: Pedro Reyes purchased a delivery vehicle on January 1, 2016 amounting to PHP250,000. It is estimated…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: William's Watches sold goods to Colin's Clocks for $1,760 including GST. Colin's Clocks paid their…
A: Introduction:- The following basic information as follows under:- Journal entry is the first step…
Q: Using the following information: a. The bank statement balance is $3,759. b. The cash account…
A: Bank reconciliation is the process of comparing the balance in an entity's account account to the…
Q: Patiomaster Products manufactures patio furniture. The estimated numbers of sets to be sold for the…
A: Units need to be produced in October = Estimated units sold in October + Desired ending inventory -…
Q: 14. Utilize the following figures to calculate: a. The closing book inventory at retail. b. The cost…
A: Cost to Retail Inventory Method Cost to retail method which is used to measure the ending inventory…
Q: Low Falls Corporation (lessor) entered into a lease agreement on January 1, 2017, to provide Amazon…
A: Present value denotes the present worth of money by discounting the future cash flows whereas future…
Q: Direct Materials Purchases Budget: Direct Labor Budget Crescent Company produces stuffed toy…
A:
Q: 1. what is katrina's basis in each of the assets? 2. what is katrina's gain or loss if she sells all…
A: Basic Concept of Accounting for Partnership firm
Q: FlashKick Company manufactures and sells soccer balls for teams of children in elementary and high…
A: Units produced = Total needed - Beginning inventory where, Total needed = Unit sales + Desired…
Q: Cost of Goods Sold Budget Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic…
A: Total budgeted manufacturing cost=Budgeted direct materials+Budgeted direct labor+Budgeted overhead
Q: Which of the following would appear only in the footnotes accompanying the financial statements? Da.…
A: As per IAS 37,Provisions, contingent liabilities and contingent assets A provision is probable…
Q: n September 30, 20x1, the warehouse of A Company for inventory in progress and all inventories…
A: Cost of goods manufactured is total costs incurred on production and manufacturing of goods. It…
Q: United Apparel has the following balances in its stockholders' equity accounts on December 31, 2024:…
A: Total Paid in Capital = Common Stock + Preferred Stock + Additional Paid in Capital Total…
Q: Nutterco, Inc., produces two types of nut butter: peanut butter and cashew butter. Of the two,peanut…
A: Segment reporting is the practice of distinguishing a company's operating segments in the disclosure…
Q: Direct Labor Budget for Service The School of Accounting (SOA) at State University is planning its…
A: preparation of direct labor budget in both situation are as follows
Q: Letecia Company leased an equipment from a lessor on January 1, 2020 under a lease with the…
A: Lease is a contract under which one party agrees to rent out the property to another party at a…
Q: On April 2, Jennifer Elston uses her Target RedCard to purchase merchandise from a Target store for…
A: Answer to (A) Books of Target Store Journal Entries Date Particulars Amount (Dr) Amount (Cr)…
Q: Projected sales for Tony Co. Ltd for next year and beginning and ending inventory data are as…
A: The kilograms of materials to be purchased is calculated as production in units multiplied by the…
Q: Ponderosa, Inc., produces wiring harness assemblies used in the production of semi-trailer trucks.…
A: Production Budget: Production budget is a plan which is drawn to determine the number of units…
Q: Compute the monthly payments on a 4-year lease for a $25,254 car if the annual rate of depreciation…
A: Given information, Lease amount(PV)=$25,254 Annual rate of depreciation =19% Annual interest rate…
Q: What are the ethical responsibilities of the tax practitioner in dealing with tax evasion?
A: Tax evasion is a criminal crime in which a person or corporation intentionally avoids paying a…
Q: On April 1, 2019, the KB Toy Company purchased equipment to be used in its manufacturing process.…
A: Depreciation is the non-cash expense which is reported in the books to record the regular usage of…
Q: On June 19, 20X0, a fire destroyed the entire uninsured merchandise inventory of the ABC…
A: Cost of goods sold means the cost incurred on the goods which has been sold including all direct…
Q: Question 1 Use the following information for Questions 1 a) and 1 b): a) At the beginning of the…
A: Firing Polishing Total i) Predetermined plant-wide overhead rate 4.5 1.1 ii) Overhead…
Q: Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in…
A:
Q: Using the folowing information, prepare a bank reconciliation. • Bank balance: $4,687 Book balance:…
A: Bank reconciliation statement means the statement in which the balance as per cash book and balance…
Q: Operating Budget, Comprehensive Analysis Ponderosa, Inc., produces wiring harness assemblies used…
A: The sales budget is prepared to estimate the number of units to be sold and revenue to earned during…
Q: Beta Limited has an operating gearing of 3. If activity increases by 10% the profit of the business…
A: Operating gearing = %change in EBIT / %change in Sales Currently, the operating gearing ratio is 3.…
Q: stomers are allowed 3% discount if payment is made r the billing date. counts receivable are booked…
A: Concept of Flexible Budget
Q: Victory Worship Partnership has the following account balances before liquidation (see attached…
A: The book value of the asset means the value at which the asset is purchased or the amount of the…
On October 1, 2021, Galatians, Ephesians and Philippians who share earnings 5:3:2, respectively, decided to liquidate their
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?
Step by step
Solved in 2 steps with 1 images
- 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 2021, the statement of financial position of ABC Partnership shows the following data with profit or loss sharing ratio of 2.3:5 Cash P15,000,000 Liabilities to others P20,000,000 Other non-cash asset 40,000,000 AA, Capital 15,000,000 BB, Capital 12,500,000 CC, Capital 7,500,000 On January 1, 2022, 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, 2022, partner AA received P10,000,000. How much is the proceeds from the sale of non-cash assets in January 2022?For the year 2021, the partnership of AMMAR and BANU realized a net profit of P240,000. The capital accounts of the partners show the following postings: Jan. 1 May 1 July 1 Aug. 1 Oct. 1 AMMAR Debit Credit Debit Credit 20,000 10,000 120,000 BANU 10,000 10,000 5,000 80,000 20,000 Question 5 If the profits are to be divided based on average capital, how much will be the share of AMMAR?
- On 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?10 As of December 31, 2020, the books of ABC partnership showed capital balances of: A, P60,000; B, P30,000 and C, P5,000. The partnership's profit or loss ratio was 5:3:2, respectively. The partners decided to liquidate and they sold all non-cash assets for P40,000. After the settlement of all liabilities amounting to P10,000, they still have cash of P20,000 left for distribution. Assuming that any capital debit balance is uncollectible, determine payment to partner B at the end of the liquidation.The condensed statement of financial position of Ricablanca, Tac-an and Dimalanta partnership as of March 31, 2019 follows: Assets Cash P 28,000 Non-cash Assets 265,000 Total P293,000 Liabilities P 48,000 Ricablanca, Capital 95,000 Tac-an, Capital 80,000 Dimalanta, Capital 70,000 Total P293,000 Profit and loss ratio is 50:25:25, respectively. The partners voted to dissolve the partnership and liquidate by selling assets in installments. P70,000 was realized on the first cash sale of other non-cash assets which has a book value of P150,000.…
- The following balance sheet accounts for the partnership of A, B and C were taken from the books on December 31, 2021. Cash P 40,000 P 74,000 A, Capital (40%) B, Capital (40%) C, Capital (20%) Other Assets 360,000 100,000 130,000 Liabilities 96,000 If the firm is dissolved and liquidates on the basis of a payment priority program and A receives a total of P3,000 in full settlement of his interest, determine the amount received by C.The partners of ABC Partnership decided to liquidate the partnership on January 1, 2021. The statement of financial position of the partnership in this day are as follows: Cash P600,000 Advances from B P20,000 Accounts Receivables 200,000 Trade payables 130,000 Loan receivable from 150,000 Other liabilities 220,000 A Furnitures and 250,000 A. Capital (20%) 300,000 fixtures Land 200,000 B. Capital (30%) 250,000 C. Capital (50%) 480,000 Total P1.400,000 Total P1,400,000 After payment of realization of the non-cash assets, payment of liabilities to creditors amounting to P350,000 and payment of liquidation expenses amounting to P20,000, partner A had a total interest of P80,000. Determine the total proceeds from the realization.On October 1, 2020, Geri, Elma and Philip 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- 250,000Liabilities- 60,000Geri, Capital- 80,000Elma, Capital- 90,000Philip, Capital- 70,000The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. At this time Elma received P48,000.What is the amount of the expected liquidation expenses?
- On October 1, 2020, Geri, Elma and Philip 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- 250,000Liabilities- 60,000Geri, Capital- 80,000Elma, Capital- 90,000Philip, Capital- 70,000The first cash sale of assets booked at P150,000 resulted in net realization of P120,000. At this time Elma received P48,000.What was the amount received by Philip?As of July 1, 2020, MM and AA decided to form a partnership. Their balance sheets on this date are: MM AA Cash P 15,000 P 38,000 Accounts Receivable 680,000 255,000 Allowance for doubtful accounts (140,000) (30,000) Merchandise Inventory - 202,000 Machinery and Equipment 150,000 270,000 Total P705,000 P735,000 Accounts Payable 135,000 240,000 MM, capital 570,000 AA, capital - 495,000 Total P705,000 P735,000 The partners agreed that the machinery and equipment of MM is under depreciated by P15,000 and that ofAA by P45,000. Allowances for doubtful accounts is to be set up amounting to P120,000 for MM andP40,000 for AA. The partnership agreement provides for the profit and loss ratio and capital interest of60% to MM and 40% to AA with AA’s capital as base. How much cash must MM invest to bring the partner's capital balances proportionate to their profit and loss ratio?The balance sheet of partnership of Johnny Tan, Eduardo Chua, and Karol Benito on December 31, 2020, when the partners decided to liquidate showed the following: Assets Liabilities & Capital Cash Liabilities P180,000 500,000 Tan, Loan Tan, Capital (30%) Chua, Capital (40%) Benito, Capital (30%) Total P150,000 80,000 185,000 45,000 220,000 P680,000 Other Assets Total P680,000 Cash is distributed as it becomes available. At the end of the liquidation process, total liquidation expenses incurred and paid amounted to P75,000. Other assets are realized as follows: Cash Proceeds Book Value P 290,000 December 2020 P225,000 215,000 February 2021 210.000 Requirements: 1) Prepare a Statement of Liquidation. 2) Show schedule in support of monthly distributions. 3) Prepare the journal entries to record the liquidation process. 4) Prepare a Cash Priority Program.
