A and B agreed to dissolve their relationship on January 1, 20x1. Their capital balances were P400, 000 and P800, 000, respectively, as of this date. Profits and losses are split 60:40 between the partners. The partnership had P80, 000 in cash and P120, 000 in liabilities prior to dissolution. The partnership suffered a P480, 000 loss on the disposal of non-cash assets. A is a solvent, while B is not. How much money did you make from the selling of non-cash assets?

Q: be undervalued by $200,000 and to an unrecorded r period and patent is amortized over an 8-year per…

A: Noncontrolling interest refers to the ownership concept when the shareholder of the company owns…

Q: Income Tax Expense Interest Expense Supplies Expense Totals 0 $ 107 $ 107 Transactions and events…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: Which of the following companies is going to have three different types of inventory reported on…

A: Inventories - Inventories are the units that are not sold and has some selling value. Company's…

Q: GMA corporation is preparing to issue common stock. The Chief Financial Officer is attempting to…

A: Introduction:- Cost of equity is the cost of raising capital from the origin of equity. The…

Q: The ledger of Mai Company includes the following accounts with normal balances as of December 31:…

A: A journal entry is a record of a business deal in the accounting system of an organization. Diary…

Q: i. ii. iii. iv. February 1. Signed a 60-day, 10% note, $5,000.00. R80. April 2. Paid cash for the…

A: General Journal It is the book where the business transactions are recorded at first, to prepare the…

Q: Identify and discuss briefly the three (3) Cost Drivers: Labour cost, fuel cost and maintenance cost…

A: Cost Driver: A cost driver is the factor that has the most significant influence on the overall…

Q: An obligation of P31,300 is due on April 16, 2013. What is the value of this obligation on December…

A: Time value of money is the concept that tells the value of money differs at different points of…

Q: A. What is stockholders' equity? B.Cary Jones corp stockholders' equity totaled 99,000 at the…

A: Lets understand the basics. Balance sheet is divided mainly in three parts which are, (1) Equity…

Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and…

A: The incremental cost is also known as marginal cost. It is an additional cost incurred due to an…

Q: Description Printer Date Bought Jan. 1, 20x1 Estimated Useful Life YEAR 20X1 20X2 20X3 20X4 20X5…

A: Depreciation(SLM)=Original cost-Salvage valueUseful life=$4,100-$5006 years=$600

Q: In the cost behavior equation, b*X denotes the variable cost per unit. Select one: O True O False

A: Cost behavior formula = a+ b*x

Q: MAKE AN INTERPRETATION AND ANALYSIS FOR THIS TABLE BELOW. I WILL UPVOTE. THANK YOU Formula 2020…

A: Lets understand the basics. Financial ratios are calcualted to compare the various years or various…

Q: Macaron Corporation is making a $96,400 investment in equipment with a 5-year life. The company uses…

A: Lets understand the basics. Depreciation is a reduction in value of asset due to wear and tear…

Q: Assets Cash Granger Inc. Comparative Balance Sheets December 31 Accounts receivable Inventory…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: i. ii. iii. December 7. Wrote off Wilderness Park Accessories, Inc.'s past-due account as…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Partners ABC, DEF, GHI and JKL initially invested P45,000; P60,000; P65,000 and P85,000 each to form…

A: Share of net income is the total of interest on capital, salaries , bonus etc. paid to the partners.…

Q: The production of the rest stop benches requires the following costs. For each cost, determine how…

A: Direct material is the cost of material purchased for the production process of the company. Direct…

Q: Maggie Corp. has a selling price of $25 per unit, variable costs of $11 per unit, and fixed costs of…

A: Contribution per unit = Selling price per unit - Variable costs per unit…

Q: Taxpayers choosing the Section 179 election to expense: a. Will have the maximum that can be…

A: The correct option with proper explanation are as follows

Q: PA9-2 (Algo) Recording and Interpreting the Disposal of Long-Lived Assets [LO 9-5] Ly Company…

A: Depreciation is charged against the value of fixed assets. It can be calculated by using the…

Q: Prepare the necessary journal entries to record the following transactions, assuming Eustace Company…

A: Eustace company uses perpetual inventory system in which inventory is to be maintained…

Q: Dudley Transport Company divides its operations into four divisions. A recent income statement for…

A: Note: While taking the decision for the elimination of a particular division, profit and loss for…

Q: Ian bought some goods in May for $600 and sold them in the following August for $950.For the…

A: The expenditures that are incurred in the process of running a firm are referred to as expenses and…

Q: Malikhain Company Adjusted Trial Balance (In 000's) December 31, 2019 Cash on hand Accounts…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: Assume you are thinking about investing in a company. In order to evaluate the company, you read the…

A: Answer:-  Annual report meaning:- The annual report is a economic evaluation of an operations of the…

Q: Market value of your work wardrobe A L CI CO The outstanding A balance on your mortgage L CI CO Your…

A: Assets are the resources owned by an entity. These are held by an entity for using them in the day…

Q: Determine if the following items can be found on a Balance Sheet, cash flow statement, or a budget.…

A: Cash Budget An projected cash input and outflow over the budgeted time are shown in a cash budget. A…

Q: inancial Projection   CALMS Ice Cream Delight The current business plan is indicated to require a…

A: Financial Statements : These are the statement which tells about the performance/ Solvency and…

Q: Which of the following is not considered a cost of manufacturing a product? Group of answer choices…

A: Total manufacturing cost, or simply the cost of producing the things that will be sold to customers,…

Q: Segment data for Felicia’s Fast Food Restaurants for the current year appears below:   Cajun…

A: In order to calculate the net effect on net profit from closure of a business segment we need to…

Q: What is the journal entry to apply overhead into production in a job order cost accounting system.…

A: Overhead: The term "overhead" refers to any continuing costs incurred by a company that is not…

Q: McPupper Steel has products that cost $10,500 to manufacture. The products can be sold as is for…

A: Calculation of profit or loss (when selling them as it is , i.e. without further processing) :…

Q: a. How far away is the terminal, or horizon, date? b. What is the firm's horizon, or terminal,…

A: The firm's horizon, or terminal, the value will be calculated by using the following formula:…

Q: Prepare an extract statement of financial position and statement of profit or loss and other…

A: In 2015, the Cost of acquisition of Fabric Design: RM2,000,000 Estimated useful life: 20years Hence,…

Q: Nature of Transaction 1. Cash payment on hydro bill that arrived today 2. Cash sale 3. Bank interest…

A: Nature of Transaction Source Document Required Accounting Entry Account Debited Account Credited…

Q: According to our authors, explain the concept of “lower-of-cost-or-market.”

A: When a company prepares its financial statement, it reports certain items in the financial statement…

Q: Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. Th…

A: Introduction: A journal entry is a record of a business deal in the accounting system of the…

Q: The following merchandise transactions occured in december. Both companies use a perpetual inventory…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Al Ramos, a dentist, opened his own dental clinic on May 1 of the current year, During the first…

A: The ledger includes the posting of journal transaction accounts in order to prepare trial balances…

Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and…

A: Variable cost per unit = Direct material + Direct labor + Variable manufacturing overhead+Sales…

Q: Morris a single taxpayer earns wages of $350,000. In tax year 2021 he also owns a sole…

A: When a tax loss or credit that cannot be claimed in the current year is carried forward into a…

Q: Bedox during the year purchased a coal mine for 2,000,000. It cost 500,000 to prepare the coal mine…

A: Depletion rate per ton for the coal mine can be computed with the purchase cost where it was…

Q: What type of cost accounting system would be most appropriate to be used by a graduation invitation…

A: Journal entries are the basic method for recording financial transactions in the books of accounts.…

Q: uctions Name Dust Devil, Inc. Gale Co. Whirlwind Co. Total Number of Shares Dust Devil, Inc. Gale…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Martinez Company’s relevant range of production is 7,500 units to 12,500 units. When it produces and…

A: The direct costs include direct materials and direct labor cost. The indirect cost includes overhead…

Q: i. 111. Draw a production possibility frontier with potatoes on the horizontal axis and fish on the…

A: As per our protocol you have asked various sub-parts more than three sub-parts and as our policy is…

Q: Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,877,000. Dogwood…

A: Introduction: Inventory turnover ratio = Cost of goods sold / Average Inventory. Division of Average…

Q: Instructions Chart of Accounts Journal Instructions Gruden Bancorp Inc. purchased a portfolio of…

A: Being purchase of investment =  $25870   ( 990 shares × $26 ) + $130 ( brokerage)

Q: The Gourmand Cooking School runs short cooking courses at its small campus. Management has…

A: Variance:   It is the difference between the budgeted and actual amount spent on materials and…