Carlo runs a butcher shop, Carlo Angus MNL, in Manila. Jamie, a close friend who lives in Makati, wanted to put up another Angus store in Makati on May 1, 2022. They agreed to form CABLES Partnership where Jamie will invest cash so that she can have a 40% interest in the partnership. On April 30, 2022, Carlo Angus MNL had the following account balances: DEBIT CREDIT Cash 200,000 Accounts 150,000 Receivable Inventory 100,000 Accounts 85,000 Payable Carlo, Capital 365,000 Carlo and Jamie agreed on the following conditions: 1. An allowance for doubtful accounts worth $30,000 is to be established; and 2. Inventories must be valued at their current replacement cost of P95,000. How much is Jamie's investment in the partnership?
Carlo runs a butcher shop, Carlo Angus MNL, in Manila. Jamie, a close friend who lives in Makati, wanted to put up another Angus store in Makati on May 1, 2022. They agreed to form CABLES Partnership where Jamie will invest cash so that she can have a 40% interest in the partnership. On April 30, 2022, Carlo Angus MNL had the following account balances: DEBIT CREDIT Cash 200,000 Accounts 150,000 Receivable Inventory 100,000 Accounts 85,000 Payable Carlo, Capital 365,000 Carlo and Jamie agreed on the following conditions: 1. An allowance for doubtful accounts worth $30,000 is to be established; and 2. Inventories must be valued at their current replacement cost of P95,000. How much is Jamie's investment in the partnership?
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 34P
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