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

Related questions

Q: What is the best-case scenario?
A: When companies are uncertain about the details of a project such as costs, inflows, interest rate…
Q: What is the purpose of a Limit Test?
A: Definition:   Limit test: It checks the data by evaluating it with the predetermined upper and…
Q: What is a constraint?
A: Internal Control:   It refers to a set of rules, policies adopted by a business to ensure accuracy…
Q: What is GAAP and how does it work
A: The accounting is based on various principles that are defined by GAAP or IFRS.
Q: es RTN hold any importan
A: In online transactions are done based on codes and codes are given for the name of bank and area of…
Q: What are the assumptions and criticisms of Gordon’s model?
A: Gordon's model, also known as the Gordon Growth Model, is a widely used method for valuing stocks.…
Q: What is the DCF method?
A: DCF is a complex tool for valuation which approximates the value of any investment depending upon…
Q: What is counterbalancing?
A: Errors: The comparability and consistency of the financial statements decreases when a company…
Q: What is sensitive analysis?
A: Sensitive analysis is a method for predicting the outcome of a decision if a situation turns…
Q: What is the relevant range?
A: The concept of relevant range is used in the cost accounting. It tells under what level of…
Q: What are the assumptions of Walter’s model?
A: The Walter Model of Careers is an influential theory in the field of career development. This model…
Q: What is forward points?
A: Forward points are nothing but basis points added or subtracted from the spot rate of an underlying…
Q: what is a provable intrinsic value? can you give a example
A: Intrinsic value of a stock is its fundamental value. This is calculated by taking in to…
Q: What differential analysis and why would we use it?
A: Decision making is the process of taking the decisions based on the costs and different kind of…
Question
What is the correct answer?
40. The following condensed balance sheet is presented for the partnership of Smith and Jones, who share profits and losses in the ratio of 60:40, respectively: P450,000 20,000 Other assetS Smith, loan (receivable) Total assetS P120 000 Accounts Payable Smith, capital Jones, capital Total L& C 0000 P155,000 P470,000 The partners decided to liquidate the partnership. If the other assets are sold for P385,000, what amount the available cash should be distributed to Smith? 136,000 156,000 159,000 195,000
expand button
Transcribed Image Text:40. The following condensed balance sheet is presented for the partnership of Smith and Jones, who share profits and losses in the ratio of 60:40, respectively: P450,000 20,000 Other assetS Smith, loan (receivable) Total assetS P120 000 Accounts Payable Smith, capital Jones, capital Total L& C 0000 P155,000 P470,000 The partners decided to liquidate the partnership. If the other assets are sold for P385,000, what amount the available cash should be distributed to Smith? 136,000 156,000 159,000 195,000
Expert Solution
Check Mark
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
bartleby
This is a popular solution
See solutionCheck out a sample Q&A here
Step 1
VIEW
Step 2
VIEW
Step 3
VIEW
bartleby

Trending nowThis is a popular solution!

bartleby

Step by stepSolved in 3 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