Cen, Deng, and Lala are partners with capital balances on 31 December 2021 of P300, 000, P300, 000 and P200, 000, respectively. Profit are shared equally. Lala wishes to withdraw and it is agreed that she is to take certain furniture and fixtires with a second hand value ooof P50, 000 and note for the balance of her interest. The furniture and fixtures are carried in the books at P65, 000. Brand new, the furniture and fixtures may cost P80, 000. Lala’s acquisition of the second furniture will result to:

Q: On December 1, 2021, Carlos entered into a lease on a building for use in his business for $1,000…

A: As per relevant tax laws, in case lease payments in advance for 12 months, then such advance can be…

Q: Ronin, Inc. had pre-tax accounting income of $2.700,000 and a tax rate of 40% in 2018, its first…

A: Deferred tax can be termed as tax liability or asset of the future for entity where the differences…

Q: Check my eEgg is considering the purchase of a new distributed network computer system to help…

A: Net Present Value=(Present Value of Cash Inflows-Present Value of Cash Outflows) IRR is a rate at…

Q: Prepare the journal entries to record any impairment loss for each department at 30 June 2022. Show…

A: Cash  =14000 + Account receivable   =44000 + Inventory    =68000 + Equipment     =110000…

Q: Beg. Retained Earnings= $34 for nov. 30, 2022. . Then, The following transactions occurred during…

A: Retained Earning will be directly affected by Income or gain and expenses or loss.  Any increase in…

Q: On December 31, 2020, the cash account of Minerva Company has a debit balance of P906,000. An…

A:

Q: Farrell and Jimmy enter into a partnership agreement on May 1, 2018. Farrell contributes $30,000 and…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: Asian Boss Corp. has the following data relating to accounts receivable for the year ended December…

A: Allowance for doubtful accounts means where account receivables are not going to recover in full and…

Q: 9 Ramer and Knox began a partnership by investing $72,000 and $102,000, respectively. The partners…

A: A partnership is a business form in which two or more people agree to engage in business. The…

Q: 14. Why does the need for an accounting period cause problems?

A: Answer:-  Meaning of accounting period:- An accounting period, for example a calendar year or fiscal…

Q: Certain adjusting entries made at the end of an accounting period are reversed at the beginning of…

A: Adjustment entries are the same as the journal entries with the only difference being that it is…

Q: The solution is showing as not correct. not sure where you got some of those number either.

A: Here discuss about the details of  calculation of taxable income which can be differentiated from…

Q: Use the 2016 marginal tax rates to compute the income tax owed by the following person. Single male,…

A: Income tax owed is the value which is computed after applying the tax rate on the taxable income.…

Q: Kong   operate  a  distribution  firm  with a  margin  of   1 / 3.    At  the end  of   May    he…

A: The following information given in the question: 1. Firm  with a  margin  of   1 / 3 2. Sales  of…

Q: y 1 Paid rent for May, $5,000. 3 Purchased merchandise on account from Martin Co., terms 2/10, n/30,…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: stores. If Bright Light incorporated is an S corporation how much income wil be allocated to Roberto…

A: The S corporation is a special type of corporation that is formed under IRS rule. the S corporation…

Q: contents in the building are valued at $ premium is: A. $550 B. $2,584 C. $1,722 D. $1,248 E. None…

A: Insurance Premium: When the property insured by the individual or company then the amount of premium…

Q: Q1. Murray furniture store sells couches as a retailer. The wholesale cost to them of their most…

A: Gross Profit is the difference between the Selling price of the good or service and all the expenses…

Q: Stock of Finished Goods January 1st 12,660 December 31st 17,845 Stock of Raw Materials: January…

A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…

Q: 4/3 Paid the Gazette $200 to place an employment advertisement for an accounting clerk. how to solve…

A: • Basic Accounting Equation is given as under: Assets  = Equity  + Liabilities    Meaning, Total…

Q: Sandhill Choice sells natural supplements to customers with an unconditional sales return if they…

A: Revenue recognition is an basic accounting concept where revenue needs to be properly recorded for…

Q: Income Stateme Service revenue 110,500 Salary expense 44,850 tatements

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: 5. Journalize and post the adjusting entries using the following information: a. Insurance expired…

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

Q: Following is a table for the present value of $1 at compound interest: Year 6% 10% 12% 1 0.943 0.909…

A: IRR measures the rate at which the investment (cash outflow) has generated the cash inflow. More the…

Q: 14. Why does the need for an accounting period cause problems?

A: Although the accounting period is arbitrary, businesses must adopt it since the IRS requires them to…

Q: Ginocera Inc. is a designer, manufacturer, and distributor of custom gourment kitchen knives. A new…

A: Income Statement: Company's income and expenditures   along with  profit or loss  during the…

Q: XYZ Company reported net income of P9,000,000 for the current year. Changes occurred in certain…

A: A cash flow statement indicates cash inflow and cash outflow information of a particular time…

Q: Good Toys Company produces a toy product. Data concerning the company’s operations last year appear…

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

Q: solvency ratio

A: The solvency ratio is the ratio that tells about the company's ability to pay its liabilities or…

Q: Relay Company is permitted to issue 500,000 ordinary shares of P10 par value. During the first year…

A: Contributed Capital is the total amount contributed by the owners and also includes  shares premium.…

Q: Palisades Inc purchased several trucks with an installment note payable on 1/1/2019. Palisades Inc…

A: Loan : It is a type of debt under which a party allows another party the use of money in exchange…

Q: 10. Purcell Export received an invoice dated August 21 from Dutch Specialties of Amsterdam with…

A: Hi student Since there are multiple questions, we will answer only first question.  There are two…

Q: n October 1, Dennis Company purchase P200,000 face value 12% bonds for 98% plus accrued interest and…

A: Bond: It is the certificate of income investment as a bond or debentures at a fixed rate of interest…

Q: Instructions: 1. Balance the ledger by means of a Trial Balance and enter the figures into an…

A: The trial balance worksheet of 8 columns includes debit and credit columns for unadjusted trial…

Q: On June 1, 2022, Pitt Corp. sold merchandise with a list price of Php 5,000 to Burr on account. Pitt…

A: Cost net of trade discount = List price - trade discount Net purchase = Purchase - discount…

Q: raphic designers create visual concepts using computer software or by hand to communicate ideas that…

A: Federal Insurance Contributions Act [FICA] is the tax deduction in US's federal payroll system from…

Q: Accounting Abacus Ltd undertook the following transactions during May 2022. May. 1…

A: Perpetual Inventory System – Under the Perpetual inventory system on every sales transaction cost of…

Q: You must evaluate a proposal to buy a new milling machine. The purchase price of the milling…

A: Last year's feasibility cost treated as a sunk cost which means already incurred in past by the…

Q: Required: 1. Compute the predetermined overhead rate using direct labour-hours as the basis for…

A: 1     Total direct labor hours (15000*2.8+63616*1.5) 137424       Total manufacturing overhead…

Q: Journal entry 7 Bought motor vehicle by cheque for RM4,300

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: AB Division had the following information: Asset base in AB Division Net income in AB Division…

A: Economic Value Added  is net operating profit after taxes (or NOPAT) less a capital charge, the…

Q: ompute the contribution margin per pair. Contribution margin Compute the contribution margin ratio.…

A: Contribution margin is how much income is added after deductions of variable cost of the product.

Q: you are an employee of a Malaysian firm that produces laptops in Peru and then exports them to…

A: A Malaysian firm produces laptops in Peru and then exports them to Malaysia and other countries for…

Q: Crane Department Store estimates inventory by using the retail inventory method. The following…

A: Cost to retail ratio is a measure that helps in knowing, how much percentage of retail price is made…

Q: Purchases Ledger  Control  Acc

A: The purchase ledger control account shows the amount which is to be owed to the suppliers. This…

Q: Marcellus Purse conduct cleaning business on the cradit baie de collects the sccount receivable in…

A: Allowance for doubtful accounts means where account receivables are not going to recover in full and…

Q: A-Design Inc., a federally incorporated company in Canada, specialized in the design and…

A: Income statement refers to the income generated from the sales revenue after meeting all the…

Q: Charlene is evaluating a capital budgeting project that should last for 4 years. The project…

A: 100% Bonus depreciation allows full depreciation in the year of purchase.  Net present value Present…

Q: compute the good unit alone The following data, in physical units, describe a grinding process for…

A: Equivalent units means where the some goods remain incomplete at the end of process and we need to…

Q: Whispering Winds Company manufactures automobile components for the worldwide market. The company…

A: