agree
Q: What is depreciation
A: Introduction: The assets kept by the corporation for operations and maintenance are known as fixed a...
Q: What is a tax consequence for a noncorporate shareholder who receives a liquidating distribution fro...
A: Liquidating distribution is the distribution of the money to the shareholders of the company which h...
Q: Analysis Component: Which method will result in the greatest: a. Total assets being reported on the ...
A: Cost of Computer Equipment $ 1,45,000 Salvage Value $ 24,000 Life 5 Year ...
Q: ne unearned rent account has a balance of $52,542. If $3,142 of the $52,542 is unearned at the end o...
A: The adjustment entries include the adjustment for deferred or unearned revenue, accrued or prepaid e...
Q: On October 1, 2021, POGI Company purchased 4,000 of the P1,000 face amount, 10% bonds of GANDA Compa...
A: Bonds- A bond is a fixed-income tool that represents a loan made by a shareholder to a borrower (cla...
Q: Please see below. I need help with this asap please and thank you.
A: In double entry system when we record credit sales we debi...
Q: The following transactions affecting the accounts receivable of FST Inc. took place during the year ...
A: Allowance Method - Under allowance method company make provision of uncollectible accounts at the en...
Q: Muskoge Company uses a process-costing system. The company manufactures a product that is processed ...
A: Equivalent units of production are an indication to show the work in process inventory at the end of...
Q: Requested: A. Calculate the Cost of Production using the full costing and variable costing methods B...
A: A) Calculation of cost using Full costing Method:- (figures in )00,00 Particulars Amou...
Q: Hook Bait Incorporated processes king salmon for various distributors. Two departments are involved ...
A: Given, Work in process inventory-June 1 = 2,700 Started processing during June = 8,900 Work in proce...
Q: Cash management involves keeping an eye on the business's cash balance to ensure that A.the busines...
A: Cash management is the process / method of managing the cash inflows and cash outflows. Cash managem...
Q: On May 1, 2020, Cheng Company, a public company, acquired 176,000 of the 550,000 outstanding common ...
A: Percentage of stake acquired = 176000/550,000 = 0.32 (OR) 32% Here the investor has significant i...
Q: is’ production data for a new deluxe product were taken from the most recent quarterly production bu...
A: Solution: Direct labor cost for the quarter represents total direct labor cost for standard units an...
Q: The following information is from Princeton Company's comparative balance sheets. Current At Decembe...
A: The T-accounts are prepared to post the journal entries to the specific accounts of the business.
Q: Tiger Golf Accessories sells golf shoes, gloves, and a laser-guided range-finder that measures dista...
A: Contribution margin is the amount which is computed after deducting the variable costs from the sale...
Q:
A: The full costing method is also known as absorption costing under this method all the manufacturing ...
Q: The following information pertains to the White Company and its divisions for the year ended Decembe...
A: Segment revenue is the amount of revenue which is attributable to segment and it includes the extern...
Q: 5. A retailer buys an article from the wholesaler at OMR 80 and the wholesaler charges a sales tax a...
A: a) Price that consumer have to pay would be- 100+8%of 100= 108. b) Input Tax: 80*8%= 6.4 Output...
Q: Label the following headings, line items, and notes with the numbers 1 through 13 according to their...
A: The cash flow statement is one of the important financial statements of the business. The cash flow ...
Q: Identify the following users as either External users or Internal users. a. Distribution managers b....
A: Internal users are the people who run, manage, and operate the day-to-day operations of a company's ...
Q: Garcia Co. owns equipment that cost $76,800, with accumulated depreciation of $40,800. Record the sa...
A: Cost of Equipment = $76800 Accumulated Depreciation = $40800 Book Value of Equipment = $76800 - $408...
Q: There was a bit of concern about one of Big Rock's newer entities – Big Rock Paving Company. Managem...
A: "Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and ...
Q: The Department and Board may remove a license limitation as soon as the next license cycle begins. i...
A: Introduction; Public Act 33 of 2022: The decision to place limitation, the petition to review, and r...
Q: Problem 3 plant-wide overhead rate is used based on direct labor hours as cost allocation base. manu...
A: By dividing the production overhead cost by the activity driver, the predetermined overhead rate is ...
Q: Explain the process for making adjustments to transfer food and beverage costs amongst
A: Food and beverage cost The cost of the raw commodities used (chicken, milk, veggies, wheat, herbs, ...
Q: What is a tax consequence for a noncorporate shareholder who receives a liquidating distribution fro...
A: Tax consequences is the consequences which occur as a result of certain transactions has taken place...
Q: Kingbird publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $22 pe...
A: Journal entries are used to keep track of monetary transactions. You create a journal entry by enter...
Q: ABC Company prepares financial statements under IFRS. At December 13, Year 4, ABC's income for finan...
A: Net income: P100,000 Depreciation for accounting purposes: P10,000 Depreciation for tax purposes: P1...
Q: 12. Why is it not possible to capitalize selling and administrative costs associated with long-te...
A:
Q: What is a tax consequence for a noncorporate shareholder who receives a liquidating distribution fro...
A: Under Sec. 331, a liquidating distribution is considered to be full payment in exchange for the shar...
Q: Batches Incorporated produces joint products L, M, and N from a joint process. Information concernin...
A: The joint costs are the total costs incurred collectively two or more products.
Q: QUESTION 2 Kaanapali Merchandising had the following transactions during November: Nov 1 Beginning i...
A: Journal is the basic book of recording transactions which incurred are recorded.
Q: Indicate whether the below statement is True or False. The physical flow schedule prepared using the...
A: First In, First Out (FIFO): First in, first-out (also known as FIFO) is an asset-management and valu...
Q: Given the following data: Dec. 31, Year 2 Dec. 31, Year 1 Total liabilities $128,250 $120,000 Total ...
A: The ratio of liabilities to stockholders' equity indicates the risk of creditors against the stockho...
Q: This year, individual Kale and individual Spinach formed Leafy Green Partnership. Kale contributed $...
A: When a partner contributes cash, their basis is increased by the amount paid When a partner renders ...
Q: Using the above information, what is the depreciable basis that Brittany should use in her business ...
A: Introduction:- Depreciable basis is the amount of asset that should be depreciated over its useful l...
Q: a. DOL b. DFL C. DCL
A: Solution:- a)Calculation of DOL as follows under:- Degree of Operating leverage =[sales -variable co...
Q: Vilma Company has estimated that total depreciation expense for the year ended December 31, 2020 wil...
A: Interim reporting means to report the data in the financial statements for a period which is shorter...
Q: From your course of study, you can see that the U.S. dollar and the Euro are the largest functional ...
A: IN this question, we will explain about another popular functional currency after U.S. dollar and t...
Q: lech Co. and Robpotics CO. are joint
A: Techa Co has its own business as well as it has joint venture ...
Q: Take me to the text Wedge Inc. is planning to purchase $363,000 worth of 6-year bonds issued by Geor...
A: The bonds are the financial instruments of the business which are used for investment purposes or to...
Q: Exercise 19-19 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares s...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: On November 30, 2019, Davis Company and the following account balances: 1. Prepare general journal e...
A: Journal entries (JE) refers to the original books of accounts which reports the daily transaction of...
Q: The records at the end of January of the current year for Young Company showed the following for a p...
A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of invent...
Q: For the entries below, identify the account to be debited and the account to be credited. Indicate w...
A: The question is based on the concept of Financial Accounting.
Q: The ingredients for your skillet brownie cost $1.89. You want your food cost percentage for this ite...
A: As per the guidelines, only one question is allowed to be answered. Please resubmit the question sep...
Q: Financial Statement data for the years ended December 31st for the Top Corporation follow: 2018 2017...
A: Earnings per share = (Net income - preferred dividend)/ number of shares
Q: Coronado Industries issued at a premium of $10900 a $190000 bond issue convertible into 3100 shares ...
A: Convertible bonds are the bonds issue with an option given to investor of bond to convert it into eq...
Q: Two types of machine tools are available for performing certain manufacturing firm. The estimated co...
A:
Q: Tanner-UNF Corporation acquired as a long-term investment $260 million of 7.0% bonds, dated July 1, ...
A: Solution 1 & 2: Journal Entries - Tanner UNF Event Date Particulars Debit (In Milli...
Step by step
Solved in 4 steps
- X, Y and Z decided to form XYZ Partnership. It was agreed that X will contribute an equipment with assessed value of P300,000 with historical cost of P800,000 and accumulated depreciation of P500,000. On the date of formation, the fair value of equipment was P 400,000. Y will contribute a land and building with carrying amount of P1,200,000 and fair value of P1,500,000. The land and building are subject to a mortgage payable amounting to P300,000 to be assumed by the partnership. The partners agreed that Y will have 40% capital interest in the partnership. The partners also agreed that Z will contribute sufficient cash to the partnership. Net income for the year is P400,000. How much profit should be allocated to X? a) 1,250,000 b) 1,175,000 c) 1,050,000 d) 1,800,000A, B and C decided to form ABC Partnership. It was agreed that A will contribute an equipment with assessed value of P200,000 with historical cost of P1,600,000 and accumulated depreciation of P1,200,000. B will contribute a land and building with book value of P2,400,000 and fair market value of P3,000,000. The land and building is subject to a mortgage payable amounting to P600,000 to be assumed by the partnership. The partners agreed that B will have 60% capital interest in the partnership. They agreed that C will contribute sufficient cash to the partnership. A day after the partnership formation, the equipment was sold for P 600,000. What is the amount of cash contributed by C?A, B and C decided to form ABC Partnership. It was agreed that A will contribute an equipment with assessed value of P200,000 with historical cost of P1,600,000 and accumulated depreciation of P1,200,000. B will contribute a land and building with book value of P2,400,000 and fair market value of P3,000,000. The land and building is subject to a mortgage payable amounting to P600,000 to be assumed by the partnership. The partners agreed that B will have 60% capital interest in the partnership. They agreed that C will contribute sufficient cash to the partnership. A day after the partnership formation, the equipment was sold for P 600,000. (Show your solution) What is the total agreed capitalization of the ABC Partnership?a. P3,000,000b. P4,000,000c. P5,000,000d. P6,000,000 What is the capital credit of A in the ABC Partnership after the formation?a. P200,000b. P400,000c. P600,000d. P800,000 What is the capital credit of B in the ABC Partnership after the formation?a. P1,800,000b.…
- On July 1, 20X2, Cua, Wicas, and Suico organized a partnership. Wicas contributed cash amounting to P600,000 and Suico contributed cash of P300,000 and machinery with a carrying amount of P250,000, the historical cost of P600,000, and market value of P475,000. Cua, on the other hand, was admitted to the partnership for the services that she will provide. It was stipulated in the Articles of the Partnership that Cua, Wicas, and Suico will share the profit and loss in the ratio of 3:5:2. Moreover, it was also stipulated that when Cua and Wicas become personally insolvent upon winding up, Suico will also absorb the loss of the partnership. Are the stipulations valid? Justify your answer in no more than five (5) sentences.In the January 1, 2020 Kalaw and Borromeo formed partnership with each contributing the following: Kalaw Borromeo Cash 50,000 70,000 Equipments 50,000 75,000 Building 225,000 Furniture 10,000 Accounts payable 20,000 Loans Payable 100,000 All liabilities are to be assumed by the partnership. The partners agreed the equipments should be provided a 20% depreciation and the building has a market value of 200,000. The value of the furniture should be decreased by P2,000 There is an unrecorded liability in the books of Kalaw amounting to P2,000 and accrued interest on loans to Borromeo amounting to 5% of the loans. How much is the total capital of the partners before the agreed adjustmentsCoco and Martin agreed to form a partnership which shall be engaged in the buy and sell of RTW apparels. The following items are being invested to form CM Partnership: AGREED VALUATION COCO MARTIN Cash P100,000 P100,000 Merchandise Inventory 100,000 Land 200,000 Building 400,000 Equipment 200,000 Subtotals P400,000 P700,000 Mortgage on building assumed by the partnership (200,000) Totals P400,000 P500,000 Instruction: Prepare journal entries to record the formation of CM Partnership: A. Assuming that Coco and Martin agree that each partner is to receive a capital credit equal to the agreed valuation of the net assets each partner invested. B. Assuming that Coco and Martin agree that each partner is to receive an equal capital interest - goodwill approach. C. Assuming that Coco and Martin agree that each partner is to receive an equal capital interest - bonus approach.
- On January 1, 2030, A, B and C formed ABC Partnership with original capital contribution of P600,000, P1,100,000 and P400,000. A is appointed as managing partner. During 2030, A, B and C made additional investments of P1,000,000, P400,000 and P600,000, respectively. At the end of 2030, A, B and C made drawings of P400,000, P200,000 and P800,000, respectively. At the end of 2030, the capital balance of C is reported at P640,000. The profit or loss agreement of the partners is provided below: • 10% interest on original capital contribution of the partners. • Quarterly salary of P80,000 and P20,000 for A and B, respectively. • Bonus to A equivalent to 20% of Net Income after interest and salary to all partners • Remainder is to be distributed equally among the partners. 11. What is the partnership profit for the year ended December 31, 2030?On January 1, 2030, A, B and C formed ABC Partnership with original capital contribution of P600,000, P1,100,000 and P400,000. A is appointed as managing partner. During 2030, A, B and C made additional investments of P1,000,000, P400,000 and P600,000, respectively. At the end of 2030, A, B and C made drawings of P400,000, P200,000 and P800,000, respectively. At the end of 2030, the capital balance of C is reported at P640,000.The profit or loss agreement of the partners is provided below:• 10% interest on original capital contribution of the partners.• Quarterly salary of P80,000 and P20,000 for A and B, respectively.• Bonus to A equivalent to 20% of Net Income after interest and salary to all partners• Remainder is to be distributed equally among the partners. 10. What is C’s share in the partnership profit for the year ended December 31, 2030?a. P240,000b. P640,000c. P360,000d. P440,00011. What is the partnership profit for the year ended December 31, 2030?a. P1,800,000b.…On January 1, 2030, A, B and C formed ABC Partnership with original capital contribution of P600,000, P1,100,000 and P400,000. A is appointed as managing partner. During 2030, A, B and C made additional investments of P1,000,000, P400,000 and P600,000, respectively. At the end of 2030, A, B and C made drawings of P400,000, P200,000 and P800,000, respectively. 11. What is the partnership profit for the year ended December 31, 2030?a. P1,800,000b. P2,040,000c. P2,100,000d. P1,920,000 14. What is the capital balance of B on December 31, 2030?a. P1,70,000b. P1,680,000c. P1,780,000d. P1,880,000
- On March 1, 2020, JM and KK formed a partnership with each contributing the following assets (see attached image) 1. The building is subject to mortgage loan of P800,000, which is to be assumed by the partnership agreement provides that JM and KK share profits and losses 30% and 70%, respectively. On March 1, 2020 the balance in KK's capital account should be: A. 3,700,000 C. 2,900,000B. 3,045,000 D. 2,485,000 2. Assume that the mortgage loan is not assumed by the partnership and the partners agree to withdraw or contribute additional cash to make their capital balances agree with their profit and loss ratio. On March 1, how much cash should be invested/(withdrawn) by KK? A. (1,215,000) C. (655,000)B. (415,000) D. 655,000On January 1, 2031, A, B and C formed ABC Partnership with total agreed capitalization of P2,000,000. The capital interest ratio of the ABC Partnership is 5:1:4 while the profit or loss ratio is 3:2:5, respectively for A, B and C. During 2031, A and B made additional investments of P400,000 and P1,000,000, respectively. At the end of 2031, B and C made drawings of P600,000 and P200,000, respectively. On December 31, 2031, the capital balance of B is reported at P400,000. 7. What is the net income or net loss of ABC Partnership for the year ended December 31,2031?a. (P1,000,000)b. (P2,000,000)c. P1,600,000d. P2,400,0008. What is the capital balance of A on December 31, 2031?a. P900,000b. P700,000c. P1,100,000d. P800,0009. What is the capital balance of C on December 31, 2031?a. P300,000b. P100,000c. P400,000d. P500,000A and B entered into a partnership agreement in which A is to have a 60% interest in capital and profits and B is to have a 40% interest in capital and profits. A will contribute cash and the following non-cash assets: Land -Cost-P25,000 FMV-P40,000; Building-Cost-P200,000 FMV P120,000; Equipment-Cost-P40,000 FMV-P30,000. There is a P60,000 mortgage on the Building that the partnership agrees to assume. B contributes P 100,000 cash to the partnership. How much is the additional cash investment of A to have a 60% share in the new partnership?
