Laly contributed land, inventory and P350,000 cash to a partnership, The land has a book value of P750,000 and a market value of P1,400,000. The inventory has a book value of P700,000 and a market value of P600,000. The partnership assumed a P400,000 note payable owed by Laly that was used to purchase land. Lorie agreed to put up cash equivalent to Laly's net investment

Q: Where and how are financial records and reports kept? Who is responsible for their storage? Is there...

A: Financial reporting alludes to established processes for providing shareholders with an authentic re...

Q: Home Office P 256,000 210,000 Branch Sales P 78,500 Purchases from outsiders 20,000 Shipments to bra...

A:

Q: Fill in the blanks with these terms: tangible asset, income statement, cash, statement of cash flow,...

A: A = L + NA is known as the Accounting Equation.   Financial Accounting consist largely of keeping th...

Q: True or false. Debit Increases in assets and expenses, decreases in liabilities and revenue?

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A: Overhead refers to the continuing expenditures of running a firm, although it does not include the d...

Q: Required information [The following information applies to the questions displayed below.) During th...

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Q: On October 1, 2005, Steve admits Martin for an interest in his business. On this date, Steve's capit...

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A: Contribution of the product can be found out by subtracting selling price from its variable cost. Br...

Q: ker Rs. 2,600, Laxman Rs. 500); Creditors Rs. 7,100 (Reddy & Co. Rs. 3,020, Kishore Rs. 4,080); Capi...

A: The ledgers are the accounting books of the organization which record all of the financial data incu...

Q: Express the gross profit (GP) in money and as a percentage in the table below. (15 points) Selling ...

A: Solution: Gross profit is calculated as  = Sales - Cost of goods sold Gross profit ratio = Gross pro...

Q: 49. X, Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000; P300.00...

A: Partnership is one of the agreement or association between two or more than two persons, in which th...

Q: On June 1, Parker-Mae Corporation (a U.S.-based company) received an order to sell goods to a foreig...

A: GIVEN   On June 1, Parker-Mae Corporation (a U.S.-based company) received an order to sell goods to ...

Q: e home office inadvertently faxed a note to the branch informing the branch of a collec fice's custo...

A: The unadjusted balance in the books of home office of branch account is P 567980. Based on the data ...

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A: Inventory management is an integral part of working capital management. Inventory is a crucial curre...

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A: A partnership is an agreement between two or more partners where partners are agreed to work togethe...

Q: ABC Company operates a branch. At the end of the year, the Branch account in the books of the home o...

A: S.no Description Debit (P) Credit (P) a. Goods sent to branch      Branch  (Goods are still in tr...

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A: When some input is in limited capacity , then we need to find out contribution per input. For exampl...

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Q: On January 2, 2021, X Co. acquired all the ordinary share of Y Co. for P2,060,000. On that date, Y C...

A: Answer Goodwill is an intangible asset that is associated with the purchase of one company by anothe...

Q: You are an accountant working for a company that has recently decided to incorporate. The company ha...

A: Solution A journal is a company's official book in which all business transaction are recorded in ch...

Q: Llewelyn Company purchased 3,600 shares of its own $8 par value common stock when the market price o...

A: To create a journal entry, you enter transaction details into ones company's books. Your journal ent...

Q: a. The home office has billed the branch the amount of P37,500 for the merchandise, which was in tra...

A: Calculation:     Amount (P)   Branch account balance in the books of home office        1,50,00...

Q: Determine the adjusted balance of the Home office account on the books of the branch as of December ...

A: ABC Company has a branch the balance of which in the home office books show a balance of P1,50,000. ...

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A: Formula used for Calculating Total Product cost: Total Product cost = Direct materials cost + Direct...

Q: This process refers to the reporting of the information processed in the accounting system to intere...

A: Accounting system is the system used to record all the business transactions occurring during the pe...

Q: Note that this was everything given for this particular item.   Use the information below to figure...

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods fo...

Q: Problem 5 The Lychee Company is on a calendar year basis. The following data are available ➢Goods in...

A: Solution Inventory is the raw material used to produce goods as well the goods that are available fo...

Q: CVP: Before- and After-Tax Targeted Income Head-Gear Company produces helmets for bicycle racing. C...

A: Contribution margin per unit = Selling price per unit - Variable cost per unit               = 230 -...

Q: ABC Company reports the following cost information for December:Cost of goods manufactured P135,800;...

A: Cost of goods manufactured = Total manufacturing costs + Beginning Work-in-process inventory - Endin...

Q: ABC Co. owns a branch. At the end of the month, the balance of the Allowance on overvaluation is P95...

A: Profit: Profit is the money that a firm makes after all of its expenditures have been deducted. From...

Q: a. The home office inadvertently faxed a note to the branch informing the branch of a collection of ...

A:

Q: ABC Company operates a branch. At the end of the year, the Branch account in the books of the home o...

A: Solution Branch account is a bookkeeping system in which separates account are kept for each branch ...

Q: Hernandez Company has 560,000 shares of $10 par value common stock outstanding. During the year, Her...

A: Shares outstanding = 560,000 shares Stock dividend = 15% = 560,000 * 15% = 84,000 shares Stock divid...

Q: Sheridan Publishing identified the following overhead activities, their respective costs, and their ...

A: Overhead costs are all indirect costs related with the production and manufacturing of goods. These ...

Q: 6. ABC Co. owns a branch. At the end of the month, the balance of the Allowance on overvaluation is ...

A: The profit percentage is calculated as profit divided by total cost.

Q: Royal Lawncare Company produces and sells two packaged products-Weedban and Greengrow. Revenue and c...

A: Under marginal costing, total costs are divided into fixed and variable costs. Fixed costs are costs...

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A: Right issue Right issue which has made the opportunity to the existing shareholders to purchase addi...

Q: Multiple choice: 1. The accounting standards that are currently used in the Philippines are referred...

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

Q: -The following data as of June 1, 2020 were taken from the records of X: Cash 21,000 Accounts Receiv...

A: Partnership is one of the agreement or arrangement between two or more persons, in which they agree ...

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A: Since the No. of units in the order placed are not given, let's assume the order placed is for 150 u...

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

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A: Income statement is the financial statement which is usually prepared by the entities' for the purpo...

Q: Multiple choice: 1. It is a present obligation that has resulted from past events and has the potent...

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

Q: MULTIPLE

A:

Q: The reported net incomes for the first 2 years of Pina Products, Inc., were as follows: 2021, $133,0...

A: GIVEN     1.   Depreciation of equipment for 2021 was overstated $18,000. 2.   Depreciation of ...

Q: Compiled financial statements may omit note disclosures.  True or False?

A: Answer A compiled financial statement has prepared by an accountant but it is not required to be cer...

Q: True or false This year’s beginning inventory is always last years’ ending inventory?

A: The ending inventory is valued as difference between total cost of inventory available for use and i...

Q: Required information Skip to question   [The following information applies to the questions display...

A: comment     Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the qu...