Byxie and Katey formed a partnership on March 1, 2022 with Byxie investing the following: Inventory - cost of P100,000; current fair value of P150,000 Marketable securities - cost of P50,000; current fair value of P120,000 Equipment - cost of P500,000; book value of P300,000; and market value of P250,000 Land - cost of P400,000; current fair value of P550,000 Notes Payable (secured by equipment) - P100,000 assumed by partnership Katey was required to invest cash half of Byxie's investment. REQUIRED: Give two entries to record the investments of the partners.

Q: The constant percentage method will be used to depreciation a machine with an initial cost of P 1.2 ...

A: Depreciation refers to the method which results in decrease in the value of the asset over the expec...

Q: Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest

A:                                    In Jamaica the individuals are taxed at a rate of 25% upto income...

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: Journal entry worksheet 1 On December 31, the company provides consulting services and bills its cus...

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

Q: Where do I find a businesses internal controls over cash receipts and cash payments?

A: Because cash is by far the most flexible of all assets, a business firm cannot survive or even thriv...

Q: Alyssa finds Brian's guitar, which Brian

A: If the benefit of the bailment is solely for the bailee then it is the duty of the bailor to provide...

Q: Flint Corp. reported the following items on its June 30, 2020 trial balance and on its comparative t...

A: Marketable Securities: Marketable securities are characterized as any unlimited monetary instrument ...

Q: Foxtrot reported $55,000 of income for the year by using absorption costing. The company had no begi...

A: As per the variable costing system, the product cost includes only variable manufacturing costs such...

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: r's stock. The land has a fair market value (FMV) of $40,000 and an adjusted basis of $23,000. The s...

A: Given: Fair market value (FMV)=$40,000 Adjusted basis =$23,000 The corporation's stock = $30,000

Q: Item Nő. 22 I5 formation: Kung and Fu are partners whose average capitals during 200B wer P 500,000 ...

A: The partnership comes into existence when two or more persons agree to do the business and share pro...

Q: Healthwise Company uses the FIFO method in its process costing system. It produces clear plastic con...

A: “Since you have asked multiple question, we will solve the first question for you. If you want any s...

Q: A recent income statement of McClennon Corporation reported the following data:           Units so...

A: Number of units to be sold to earn a desired profit of $ 1875,000 = (Fixed cost + Desired profit) /c...

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: Q3. Rex Company's record of transactions for the month of September was as follows. Purchase Sales D...

A: The periodic inventory system is a type of inventory valuation system that updates inventory at the ...

Q: E4. What is the effective annual interest rate if a credit union pays 4.125% interest (a) compounded...

A: The effective annual interest rate is computed using the following formula: - Effective Annual Inter...

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: Shown as follows are responsibility income statements for Butterfield, Inc., for the month of March,...

A: An income statement is a statement prepared under the financial statements it shows the various inco...

Q: Present the journal entries specified below. Each item should be considered independently. (Credit a...

A: I am answering the last two sub-parts (C & D) as specified by the student. Journal is the book o...

Q: re price of ABC end of the day on December 31, year 2. All 7,650 sto are. Identify ABC's year 1, 2, ...

A: Incentive stock options (ISO) refer to the form of corporate benefit which provides the right to an ...

Q: Bless Qulinto began operating the Quinto Modeling Agency with following: Invested cash of P500,000 a...

A: The accounting equation states that assets equal to sum of liabilities and equity. Assets = Liabilit...

Q: Chandler Company purchased a factory machinery on May 1, 2030 for $133,500 with an estimated 5- year...

A: Depreciation will be charged for only 8 months of usage in the Year 2030

Q: Lowland Company's investment activities from 2020 to 2021 are recorded below. Its year-end is Decemb...

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

Q: Mars Company manufactures and sells three products. Relevant per unit data concerning each product a...

A: Solution:- 1)Computation of the contribution margin per unit of limited resource (machine hours) for...

Q: Sale of short-term stock investments Cash collections from customers Purchase of used equipment Depr...

A: The cash flow from investing activities include the cash flow from sale or purchase of fixed assets,...

Q: Attempt in Progress Ivanhoe Co. both purchases and constructs various equipment it unes in its opera...

A: Capitalized cost is the cost incurred in purchasing or building fixed assets .  In purchasing fixed ...

Q: A, B and C form a general partnership. A contributes Land, a capital asset A acquired several years...

A:

Q: As a long-term investment at the beginning of the 2021 fiscal year, Florists International purchased...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: 000 was deducted. c) He sold shares held in NCB for $200,000. Making a

A: Given as, Mr. Joseph total income Gross salary 7000000

Q: MOSS COMPANY Selected Balance Sheet Information December 31, 2019 and 2018 2019 2018 Current assets ...

A: Solution: There are two method to report cash flow from operating activities: 1. Direct Method 2. In...

Q: Mills Corporation acquired as a long-term investment $300 million of 7% bonds, dated July 1, on July...

A: Since you have posted question with multiple sub-parts , we will do the first three sub-parts for yo...

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: b. Accumulated Depreciation: The company has only one plant asset (truck) that it purchased at the s...

A: Accumulated depreciation is the cumulative depreciation of an asset up to a single point in its life...

Q: Summary operating data for Custom Wire & Tubing Company during the year ended April 30, 20Y2, are as...

A: Note: Single-step income statement lists all the expenses in one column only. It does not separate c...

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: On November 10, 2020, Singh Electronics began to buy and resell scanners for $58 each. Singh uses th...

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...

Q: Marvel Parts, Incorporated, manufactures auto accessories. One of the company’s products is a set of...

A: Solution 1:                         Direct Material Cost Variance Actual Cost     Standard cost ...

Q: Perez Company acquires an ore mine at a cost of $1,400,000. It incurs additional costs of $400,000 t...

A: Req-1   Cost ($1400000 + $400000) $18,00,000 Salvage $2,00,000 Amount subjected to depletion (...

Q: a. Paid $40,000 cash to replace a motor on equipment that extends its useful life by four years. b. ...

A: Solution 1: Expenditure that increase the potential benefits from assets is considered as capital ex...

Q: An item of p- O True O False

A: Real property means any item which may be factored into the property value.

Q: Omega Medical Supplies Pte Ltd (OMS) is a small but growing manufacturer of medical equipment. Due t...

A: Answer:- ( i ) Computation of break-even sales dollars for the financial year ending 31st December 2...

Q: For each separate case below, follow the three-step process for adjusting the Accumulated Depreciati...

A: Since these are three separate cases ( independent of each other ) , we are allowed to do one of the...

Q: Sonya Jared opened a law office on July 1.2022. On July 31. the balance sheet showed Cash $5.000, Ac...

A: A balance sheet is a representation of an individual's personal or corporation's financial balances ...

Q: E3. You loan from a bank the amount of P100,000 with a rate of simple interest of 30% but the intere...

A: The actual rate of interest is calculated as simple interest amount divided by funds available

Q: DM/DL/OH/S ell/Admin Product or Cost Period а. Annual bonus paid to top executives of the company b....

A: a  - Period b - Period c - product d - Period e - Period f - product g - Period h - Period i - Perio...

Q: Identify the normal balance (debit or credit) for each of the following accounts. Nomal Ending Balan...

A: Note: generall all the asseta nd expenses have the debit balances and all the income and liabilities...

Q: The following transactions affecting the accounts receivable of FST Inc. took place during the year ...

A: Account Receivable Opening balance on January 1 950,000 Add: Credit sales made during the year ...

Q: There are no changes in the company's cost structure. Assume that the units produced were also the b...

A: Absorption costing, often known as "full costing," is a managerial accounting technique for collecti...

Q: You pay your business phone bill paying cash. How would you record this transaction? * O Debit Bank,...

A: A business phone bill is an expense account. Expense accounts have a nominal debit balance. When the...

Q: What is cash flow

A: Cash flow means movement of Cash and cash equivalents in and out of the business.    Cash flows gene...