CO and VID are partners in COVID Enterprises. Partnership profits and losses are allocated as follows: Salaries - P160,000 and P200,000 to CO and VID, respectively 10% interest on the beginning capital balances Any remaining profit is divided equally At the beginning of the year, their capital balances are: P360,000 for CO and P600,000 for VID. What portion of the partnership income of P600,000 will be allocated to CO?

Q: A company selts two types of products: standard and deluxe. It prepares the following analysis showi...

A: Activity rate = budgeted cost/ cost driver

Q: Oslo Company prepared the following contribution format income statement based on a sales volume of ...

A: The net income is calculated as difference between sales and total expenses incurred. The total expe...

Q: Ayres Services acquired an asset for $128 million in 2021. The asset is depreciated for financial re...

A: Deferred tax liability or Deferred tax assets are created due to temporary differences arrived betwe...

Q: Direct Labor 180 Factory overhead, included P10 allowance for spoilage 180 Final inspection reveale...

A: Cost of production(COP) refers to material, labours and overheads incurred during production.

Q: the implementation of a new system would have a payback period of 5 years while gaining Php 175,000 ...

A: 1)Payback period is a period which shows how much time a project takes to recover the initial invest...

Q: Joint products A, B and C are produced by JNT Corp. For the month just ended, these data are availab...

A: Joint cost is the cost allocation process where the joint costs of the organization are allocated ov...

Q: The stockholders' equity section of Heatherly Corporation's balance sheet as of December 31, 2021 is...

A: Shareholder's Equity Shareholders equity which is consist of both common stock and preference stock ...

Q: Johnson Company has a breakeven point of 4,800 units. At breakeven, variable costs are P480,000 and ...

A: Break even point = Fixed costs /Contribution margin per unit  where, Contribution margin per unit = ...

Q: You are 20 years old. You want to retire at age 65 (45 years) with $1,000,000. You can invest your m...

A: Future value required (FV) = $1,000,000 Interest rate = 6% Monthly interest rate (r) = 6%/12 = 0.50%...

Q: aughn Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers...

A: The question is based on the concept of Financial Accounting. Bank Reconciliation Statement: It refe...

Q: Following is relevant information for Snowdon Sandwich Shop, a small business that serves sandwiches...

A: Contribution margin = Sales - Variable costs Net Operating Income = Contribution margin - Fixed cost...

Q: Under Pick Co.’s job order costing system-manufacturing overhead is applied to work in process using...

A: Manufacturing overhead incurred shall be considered.

Q: detoxification facility for P9,000,000. On January 1, 2021, Camille Company purchased a gas The cost...

A:

Q: A and B entered into a partnership on April 1, 2020 by investing the following assets: A – Cash P30...

A:

Q: At the end of 2020, Payne Industries had a deferred tax asset account with a balance of $50 million ...

A: Solution 1: Payne Industries Journal Entries Event Particulars Debit (In Million) Credit (In ...

Q: A business owned by A1 was short of cash and she decided to form a partnership with A2, who was able...

A: Answer) The amount of cash contributed by A2 in the partnership firm will be equal to 1.50 times of ...

Q: AJ Manufacturing Company incurred $50,500 of fixed product cost and $40,400 of variable product cost...

A: Cost of goods sold = Variable product costs + Fixed product costs Selling and administrative costs =...

Q: Shaw sold 1500 units of XOM for $20 per unit plus 8% sales taxes to Polo Company in cash. Sales tax ...

A: Formula: Sales revenue = Sales units x Sales price per unit

Q: Financial audit Q&A What is the inspection activities to ensure the shipping or Destination Point in...

A:

Q: The direct materials are added at the start of the production process while conversion costs are add...

A: Solution: Computation of Equivalent unit of Production Particulars Physical Units Material Conv...

Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...

A: A partnership is a written contract between two or more people to manage and operate a business whil...

Q: Problem 5: Yasuo Company provided the following information for the current year. Cash Sales Gross 2...

A: Using cash basis accounting, the sales are recorded during the period when cash is received from cus...

Q: Total fixed costs P1.8M Unit selling price Unit variable cost P80.00 P56.00 dicate the effect on the...

A: Answer 1) Break-even units = Total Fixed Cost/ Contribution margin per unit Break-even units = Total...

Q: Mercury Company's unadjusted book balance at September 30 is $500. If the company's accountant mista...

A: Amount wrongly recorded = $163 - $136 = $27

Q: The term arm's length can apply to transactions involving trusts, corporations, and individuals.

A: The concept of arm's length states that the parties are independent and they are not under any press...

Q: XYZ Enterprises produces high quality blankets sold to hotels and resorts. Blankets must be well mad...

A: The special order should be considered of it provides additional income to the business. 

Q: GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year ...

A: Formula Used for calculation: Cost of goods sold % = ( Cost of goods sold value / Sales value ) x 10...

Q: Accounting Equation g. - On October 1, 2009, the business paid $3,000 in advance for 6 months of ren...

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.  The a...

Q: A Units produced Processing costs after split off Units sold 8,500 P10,200 8,400 P6 9,700 P19,400 9,...

A: Joint cost is the cost which is jointly incurred for product till split off point. And after split o...

Q: Fruit Computer Corporation makes custom fruit shaped computers. It is currently producing 60 compute...

A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...

Q: PROBLEM 9. Basic Foods expected to sell 30,000 of its fishcharon at P300 each. It actually sold 29,0...

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

Q: Which of the following is not an advantage of the corporate form of business organization? a) unlim...

A: Introduction:- Corporation is a Legal entity. Shareholders are the owners of the organisation.

Q: ontract is a derivative instrument hedging an identifiable foreign currency purchase commitment for ...

A: 1. Journal entry to record forward contract to purchase Euros on October 2, 2016: Date Accounts,...

Q: At December 31,2020, a firm is evaluating a contingent liability as part of their annual financial r...

A: Contingent liabilities are the amount of obligation which depends on the uncertain future event that...

Q: The TOYO Manufacturing Company has the following financial information: ·         Manufacturing ove...

A: Material Consumed=Direct materials purchased-Increase in direct materials  

Q: The total cost assigned to job 777C is P24,000 which includes direct materials cost of P6,000. The f...

A: Total cost = P24000 Material cost = P6000 Labor and overhead cost = 24000-6000 = P18000 Labor cost =...

Q: Debit Credit Cash $33,590 Journalize the adjusting entries. (Credit account titles are automatically...

A: The question is based on the concept of Financial Accounting.

Q: Mango LLC sells its product for $60 and has variable cost of $30 per unit. The total fixed costs are...

A: answers Current break even point = Fixed cost / Contribution margin per unit

Q: The A Company whose ending capital is P89,000 will be joined by Mr. B to form a partnership. Mr. B i...

A: The revaluation account is prepared to find the effect of changes on assets and liabilities on the p...

Q: On December 31, 2011, Lin Co. purchased an equipment with an estimated useful life of 10 years. The ...

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...

Q: On January 1, 2022, A and B formed a partnership by contributing P200,000 and P180,000 respectively....

A: The question is related to Partnership Accounting. The details are given regarding capital introduce...

Q: How fill IRS Form 1120 Corporations with this info: (it's a fake company) For learning purposes only...

A: The calculation answer for the above mentioned solution is given in the following steps for your ref...

Q: X Corp has $500 of book income. Included in the book income is $10 of dividends from a 10%-owned cor...

A: The taxable income is the amount used in determination of tax which is different from actual income ...

Q: What is the audit assertion underlying the tracing procedure?

A: Tracing is the opposite of vouching. In vouching, process started with accounting records and flow t...

Q: what are some of the key strategic functions of the CFO in the current world of business? How does t...

A: 1) Following are the key strategic functions of the CFO in the current world of business: Analysis ...

Q: A. Income Statement B. Retained Earnings Statement E. Batance Sheet(simpte unelassified) Adjusted Tr...

A: Formula: Net Income = Revenues - Expenses.

Q: Sydney Company is a retailer that sells clothing. The entity has launched a promotional campaign whe...

A: Accounting- Accounting is the method that an organization uses to keep track of its finances and int...

Q: You note the following yield curve in The Wall Street Journal. According to the unbiased expectation...

A: In this question, we have to solve this question on the basis unbiased expectations theory.

Q: P21.11 (LO 2, 3) Groupwork (Lessee-Lessor Accounting for Residual Values) Goring Dairy leases its mi...

A: Lease- A lease is a agreement outlining the conditions under which one party agrees to rent an asset...

Q: Under the partnership agreement, X is to receive bonus of 20% of net income after bonus and the rema...

A: Lets understand the basics. Partnership is an agreement between two or more person who works togethe...