In January 2021, Lux and Jinx agreed to produce and sell chocolate candies, and form a partnership called "Wild-Rift Partneship". Lux contributed P2,400,000 in cash to the business. Jinx contributed the building and equipment, valued at P2,200,000 and P1,400,000 respectively. The partnership had profits of P840,000 during 2021 but was less successful during 2022, when profit was only P400,000. Required: 1. Prepare the journal entry to record the investment of both partners 'in the partnership. 2. Determine the share of profit for each partner in 2021 and 2022 under each of the The partners agreed to share profit equally b. Partners failed to agree on a profit-sharing arrangement c. The partners agreed to share profit according to the ratio of their original investment a.

In January 2021, Lux and Jinx agreed to produce and sell chocolate candies, and form a partnership called "Wild-Rift Partneship". Lux contributed P2,400,000 in cash to the business. Jinx contributed the building and equipment, valued at P2,200,000 and P1,400,000 respectively. The partnership had profits of P840,000 during 2021 but was less successful during 2022, when profit was only P400,000. Required: 1. Prepare the journal entry to record the investment of both partners 'in the partnership. 2. Determine the share of profit for each partner in 2021 and 2022 under each of the The partners agreed to share profit equally b. Partners failed to agree on a profit-sharing arrangement c. The partners agreed to share profit according to the ratio of their original investment a.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please help me. Thankyou.
M4
Please briefly describe an income statement, statement of cash flows, and balance sheet. Please describe a hypothetical pro forma income statement. Please describe the five types of financial ratio analyses. Please provide and briefly discuss 1 ratio from each of the five types of analysis. Apply these same ratios to the financial statements of a firm of your choice, except those that we formerly addressed in any way in the course.
e. What is the amount of accounts payable and accruals on its balance sheet? (Hint: Consider this as a single line item on the firm's balance sheet.) $ f. What is the firm's net working capital? If your answer is zero, enter "0". $ g. What is the firm's net operating working capital? $ h. What is the monetary difference between your answers to part f and g? $ What does this difference indicate? -Select-
Hi, Please answer attached question BR
Which one of the following can the accounting equation can be rewritten as? A Assets + profit – drawings – liabilities = closing capital B Assets – liabilities – drawings = opening capital + profit C Assets – liabilities – opening capital + drawings = profit D Assets – profit – drawings = closing capital – liabilities
N1. Account
H3. Company: Xylem lnc Financial Analysis of Xyl In this section discuss anything pertinent to the financial statements. For example if you had to do something special to estimate future growth, you would discuss that here. Similarly, here is where to talk about DCF and what you had to do to get cash flows, or something unique about the earnings or dividend stream. This is also where to discuss ratio analysis pertinent to each of the financial statements.
Various options are provided as possible answers to the following questions.Choose the answer and write only the letter (A–D) next to the question number Return on owners’ equity is equal to:A. 17.31B. 17.31 : 1C. 17.31%D. 17.31 times
Please answer with reason for all why the option is correct and why the other options are incorrectPlease answer correct otherwise skip it
Provide 3 unique problems with own solution on performance ratio below. Also provide textual interpretation on each results. Thanks!! 1. Gearing Gearing formula: Gearing = borrowed money / shareholder's money
The following is information for Monty Corp. for the year ended December 31, 2023: Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,130,000 38,000 5,000 678,000 56,500 44,000 23,000 Loss on inventory due to decline in net realizable value Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2022 Retained earnings at December 31, 2022 Loss from expropriation of land Dividends declared $71,000 25,000 55,000 930,000 61,000 45,000 The effective tax rate is 20% on all items. Monty prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income.