New Partner A and New Partner B formed a partnership on July 1, 2019. New Partner A invested Cash of Php600,000 and Inventory with cost of Php200,000 while New Partner B contributed an Equipment of Php400,000 and Inventory of Php500,000. Under the full investment approach, how much is the capital of New Partner A?
Q: Part 2: Music, Inc. Music, Inc. had the following beginning and ending values in its three inventory...
A: Gross margin equals net sales minus cost of goods sold (COGS). In other words, it is the amount of m...
Q: Adams, a consulting engineer, entered into a partnership with three others for the practice of their...
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...
Q: Review the following independent auditors’ report: To the Board of Directors and Shareholders Comp...
A: Introduction:- An audit is defined as a "independent study of financial information of any company, ...
Q: (b) Breakthrough Ltd provided the following standard cost card. Its budgeted production and sales fo...
A: As the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the answer...
Q: Kiss Co. donated inventory with an adjusted basis of $50,000 and a $78,000 fair market value to a qu...
A: Solution:- Given, Kiss Co. donated inventory adjusted basis of $50,000 and a $78,000 fair market val...
Q: ABC Co. owns a branch. At the end of the month, the balance of the Allowance on overvaluation is P95...
A: Branch and Head office concept comes in to existence where company is running from more than one en...
Q: aker's Financial Planners purchased nine new computers for $910 each. It received a 20% discount bec...
A: Solution: When purchases are made there can be trade discounts and cash discounts. Firstly trade dis...
Q: What are the deductibility of real property taxes
A: Property taxes and real property taxes are interchangeable terms. They are levied on the majority of...
Q: nland Company has the following labor costs: Factory—Gross wages $540000 Factory—Net wages 440000 Em...
A: Cost variance- A cost variance is a difference between the actual amount spent and the amount estima...
Q: 174. Helix Co. entered into the following transactions involving short-term notes payable. On May 14...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: partnership. Their statements of financial position on Mar. 1, before adjustments, On Mar. 1, 2016, ...
A: ANSWER Computation of Net(debit) credit adjustment for Sarabia and Abad:
Q: On February 10, 2012, after issuance of its financial statements for 2011, House Company entered int...
A: Financial obligations that are projected to be paid off within a year are referred to as short-term ...
Q: Consider the following production and cost data for two products, Big and Little: ...
A: Lets understand the basics. This question deals with the theory of constrain. Theory of constrain a...
Q: Direct materials: $2,200 Factory overhead: $490 Direct labor: $900 Beginning work in process: none (...
A: Solution:- Cost of goods manufactured can be computed by cost sheet. Cost sheet is enumerated as bel...
Q: JT Company purchased land as a factory site. An old building on the property was demolished, and con...
A: 1. $5000 should be capitalised in Land account 2.D. As a reduction of cost of building.
Q: NOTE 1: DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PROPERTY AND EQUIPMEN...
A: Straight-line depreciation=Cost of Asset-Residual ValueUseful Life
Q: May Made cash sales of $7,100; the cost of the inventory was $3,600. 1 Purchased $2,400 of inventory...
A: Introduction: Journal entries: Recording of a business transactions in a chronological order. First ...
Q: Complete the following table: (Do not round intermediate calculations. Round your final answers to t...
A: Net Price = List price x (1 - Trade Discount rate) x (1 - Trade Discount rate) x (1 - Trade Discou...
Q: Wild Cat Corporation has a $1,000,000 debt issue that is convertible into 10,000 prdinary shares. In...
A: a) Basic EPS = Net income/Weighted average number of outstanding shares b) Diluted EPS = {Net inco...
Q: Zoe has an investment account that earns 6% annual interest, compounded daily. Holly has an investme...
A: For Zoe: Annual percentage yields (APY) = 1+rnn-1 Where, r = annual interest = 6% n = number of peri...
Q: no handwriting please ,show working . The Hilton's manufacturing company uses job order costing sys...
A: Gross profit earned=Sales Revenue-Adjusted Cost of Goods Sold
Q: Problem 1A physical count of inventory on December 31, 2019 revealed that Grapes Company had invento...
A: The goods shipped as FOB shipping point, becomes the part of inventory of buyer as the goods are rea...
Q: Review the following independent auditors’ report: To the Board of Directors and Shareholders Comp...
A: An audit report refers to the document which reflects upon the end results of the audit process cond...
Q: Required information [The following information applies to the questions displayed below.) Alden Com...
A: The high-low method is used to differentiate the mixed cost. The mixed cost is the combination of fi...
Q: cant amount of inventory shrinkage was discovered. The amount is so large that it will result in a s...
A: The term "code of conduct and ethics" refers to the broad principles or set of norms established by ...
Q: What are some characteristics of healthy v. unhealthy organisational cultures
A: An organisation culture is the way in which common value sharing and define way to behave within the...
Q: QUESTION 13 A dish sponge would be classified as: O a) Tangible property O b) Intangible property Oc...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: Stephanie's Bridal Shoppe sells wedding dresses. The average selling price of each dress is $1,000, ...
A: Contribution = Sales - Variable costs Sales = Number of units * Selling price per unit Variable cost...
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to ...
A: Predetermined Manufacturing Overhead Rate=Estimated Overhead CostEstimated Machine Hours
Q: ut the correct word next to the answer that best describes the following : scheduling, cash, codin...
A: As there is questions and answers for the given question we can't explain the individual answer. The...
Q: 2) A proper manual payment certification includes whose signature? [List the types of certification....
A: A manual payment seems to be a monetary payment made to a recipient at a specific location.
Q: Q8: What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income St...
A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale ...
Q: a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for ...
A: Bank reconciliation seems to be a critical accounting procedure wherein firms compare their bank sta...
Q: ontribution Margin Ratio, Break-Even Sales Revenue, Sales Revenue for Target Profit Schylar Pharmac...
A: Solution:- 1)Calculation of the contribution margin per unit and contribution margin ratio as follow...
Q: al withholding of 15% and state withholding of 5%. Using this information, what is the correct journ...
A: Every Employer would pay the wages to its employees after deduction of Federal withholding, State wi...
Q: Bad Brad's would report net cash inflows (outflows) from investing activities in the amount of: Mult...
A: The cash flow statement of a business includes cash flow from investing. Cash flows from investing a...
Q: ventory on credit. ,300; the cost of th
A: The journal entry is given as,
Q: Required: a) Prepare an Income Statement for the period ended 31st October 2021 The closing invento...
A: An income statement is one of the financial statements which shows the financial position of the bus...
Q: Multiple choice: 1. The term ‘present obligation’ connotes A. Liability B. Asset C. Income D. Equity...
A: Obligation is a term used for denoting that a person is in a condition of being legally bounded.Owne...
Q: beginning of the period to calculate predetermined overhead rates: Forming 7, 000 $ 25,900 $ 2.50 Cu...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: Tax accountants are expected to Group of answer choices refuse to go along with clients who claim do...
A: Tax accountants are entrusted with the task of assisting the business entities with regards to taxat...
Q: Distribution of Profits or Losses Based on Partners' Agreement Abad, Aglugub, and Onate agreed to sh...
A: A partnership is an agreement between two or more partners where partners are agreed to work togethe...
Q: On January 1, 2015, Ernie and Bert both sole proprietors decided to form a partnership to expand bot...
A:
Q: The 0.9 percent Medicare tax applies to: a.Earned income b.Tax exempt income c.Gain on the sale of a...
A: Medicare tax is an additional tax. It has been introduced since 2013 as part of the Affordable Care ...
Q: The Harriott manufacturing company uses job order costing system. The company uses machine hours to ...
A: The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of direc...
Q: [The following information applies to the questions displayed below.] Data for Hermann Corporation a...
A: In order to determine the contribution margin , the variable cost per unit are required to be subtra...
Q: Stephanie's Bridal Shoppe sells wedding dresses. The average selling price of each dress is $1,000, ...
A: Operating income can be calculated by deducting the total variable cost and fixed cost from the tota...
Q: On February 1, 2020, Pat Weaver Inc. (PWI) issued 11%, $1,800,000 bonds for $2,100,000. PWI retired ...
A: Bond retirement refers to the repurchase of initially issued bonds from investors. When the bonds re...
Q: . A journal designed for entering only sales on account is called the A. General journal B. Cash rec...
A: “Since you have asked multiple question, we will solve the first question for you. If you want any s...
Q: Compare and contrast the pronouncements for equity investments: SFAS No. 115 and International accou...
A: Equity Investment The initial and subsequent measurement of the Equity investment which can be made ...
New Partner A and New Partner B formed a partnership on July 1, 2019. New Partner A invested Cash of Php600,000 and Inventory with cost of Php200,000 while New Partner B contributed an Equipment of Php400,000 and Inventory of Php500,000. Under the full investment approach, how much is the capital of New Partner A?
Step by step
Solved in 2 steps
- Arun and Margot want to admit Tammy as a third partner for their partnership. Their capital balances prior to Tammys admission are $50,000 each. Prepare a schedule showing how the bonus should be divided among the three, assuming the profit or loss agreement will be 1:3 once Tammy has been admitted and her contribution is: A. $20,000 B. $80,000 C. $50,000. In addition, show the resulting journal entries to each of the three partners capital accounts.Andoy and Bandol agreed to form a partnership on January 2, 2019 for the purpose of manufacturing and selling stainless kitchen wares. Both are master crafters and have their own tools and equipment, which they will invest in the business. Andoy and Bandol determine their tools and equipment to have fair values of Php180,000 and Php240,000 respectively. They further resolve to invest sufficient cash such that each partner will have a beginning capital balance of Php500,000. Required: Prepare journal entries to record the partners’ investment..On December 31, 2019, A and B have capital balances of P400,000 and P320,000, respectively. On April 1, 2020, A invested an additional P400,000 while she withdrew P100,000 at the beginning of the 4th quarter. B also made an additional investment of P300,000 and withdrew P20,000 on May 1. A is the managing partner and will receive a bonus equal to 10% of reported net income. Both partners shall receive 10% interest on their beginning capital, after which, any remainder shall be divided in the ratio of capital at the end of the period. The net income of the partnership for 2020 after tax is P600,000. How much is the share of A in the 2020 net income of the partnership?
- On January 1, 2022, A and B formed a partnership by contributing P200,000 and P180,000 respectively. On April 1, Partner A invested additional P30,000 but withdrew P48,000 on October 31. B, on the other hand, withdrew P45,000 on June 1 but invested P25,000 on September 30. The partnership's operation for the year 2022 resulted in a profit of P98,000 to be divided using the average capital balances of the partners. Determine the capital balance to be used in profit allocation for Partner B..On December 31, 2018, Amy and Kaye have capital balances of P400,000 and P320,000, respectively. On April 1, 2019, Amy invested an additional P400,000 while she withdrew P100,000 at the beginning of the 4th quarter. Kaye also made an additional investment of P300,000 and withdrew P20,000 on May 1. Amy is the managing partner and will receive a bonus equal to 10% of reported net income. Both partners shall receive 10% interest on their beginning capital, after which, any remainder shall be divided in the ratio of capital at the end of the period. The net income of the partnership for 2019 after tax is P600,000. How much is the share of Amy in the 2019 net income of the partnership? _____________________On December 31, 2018, Amy and Kaye have capital balances of P400,000 and P320,000, respectively. On April 1, 2019, Amy invested an additional P400,000 while she withdrew P100,000 at the beginning of the 4th quarter. Kaye also made an additional investment of P300,000 and withdrew P20,000 on May 1. Amy is the managing partner and will receive a bonus equal to 10% of reported net income. Both partners shall receive 10% interest on their beginning capital, after which, any remainder shall be divided in the ratio of capital at the end of the period. The net income of the partnership for 2019 after tax is P600,000.
- On July 01, 2020, A, B, and C formed a business partnership to be operated as an advertising agency. A contributed PHP100,000 cash while B shall have capital credit of PHP60,000 upon receipt of bonus of PHP10,000 from A based on the provision in Articles of Co-Partnership. The terms of the agreement provide that A and B shall have a combined 40% capital interest in the newly formed partnership. What is the capital contribution made by C to the partnership?On January 1, 2018, A, B and C formed ABC Partnership with original capital contribution of P300,000, P500,000 and P200,000. A is appointed as managing partner. During 2018, A, B and C made additional investments of P500,000, P200,000 and P300,000, respectively. At the end of 2018, A, B and C made drawings of P200,000, P100,000 and P400,000, respectively. At the end of 2018, the capital balance of C is reported at P320,000. The profit or loss agreement of the partners is as follows: • 10% interest on original capital contribution of the partners. • Quarterly salary of P40,000 and P10,000 for A and B, respectively. • Bonus to A equivalent to 20% of Net Income after interest and salary to all partners • Remainder is to be distributed equally among the partners. What is C’s share in the partnership profit for the year ended December 31, 2018? P120,000 P320,000 P180,000 P220,000On January 1, 2018, A, B and C formed ABC Partnership with original capital contribution of P300,000, P500,000 and P200,000. A is appointed as managing partner. During 2018, A, B and C made additional investments of P500,000, P200,000 and P300,000, respectively. At the end of 2018, A, B and C made drawings of P200,000, P100,000 and P400,000, respectively. At the end of 2018, the capital balance of C is reported at P320,000. The profit or loss agreement of the partners is as follows: • 10% interest on original capital contribution of the partners. • Quarterly salary of P40,000 and P10,000 for A and B, respectively. • Bonus to A equivalent to 20% of Net Income after interest and salary to all partners • Remainder is to be distributed equally among the partners. What is the partnership profit for the year ended December 31, 2018? P900,000 P1,020,000 P1,050,000 P960,000
- On January 1, 2018, A, B and C formed ABC Partnership with original capital contribution of P300,000, P500,000 and P200,000. A is appointed as managing partner. During 2018, A, B and C made additional investments of P500,000, P200,000 and P300,000, respectively. At the end of 2018, A, B and C made drawings of P200,000, P100,000 and P400,000, respectively. At the end of 2018, the capital balance of C is reported at P320,000. The profit or loss agreement of the partners is as follows: • 10% interest on original capital contribution of the partners. • Quarterly salary of P40,000 and P10,000 for A and B, respectively. • Bonus to A equivalent to 20% of Net Income after interest and salary to all partners • Remainder is to be distributed equally among the partners. What is the bonus given to A as managing partner for the year ended December 31, 2018? P120,000 P150,000 P60,000 P100,000On January 1, 2022, Ana and Bea formed AnBea partnership with a total agreed capital of 5,000,000 and a capital interest ratio of 70:30. The following were ascertained during the year as to distribution of profits and losses: a) A will receive quarterly salaries of P100,000. b) 5% interest on their initial capital c) Any remainder will be shared by their capital interest ratio. At the end of the year, the partnership had a P500,000 credit balance in its income summary account. What is the share in the net income or (loss) of Partner Ana? a. 380,000 b. 440,000 c. 470,000 d. 491,000What is the capital balance of Partner B on December 31, 2020? a. 1,509,000 b. 1,620,000 c. 1,560,000 d. 1,530,000On 1 October 2020, Duane and Kevin, two Cryptocurrency advisory professionals, commenced a partnership. As Duane had contributed most of the working capital, the partnership agreement provided that Duane would receive 60% of the net partnership income. For the year ended 30 June 2021 the partnership returned net income of $120,000. This was after a payment of $10,000 in interest to Duane on $120,000 capital which he had contributed to the partnership. $40,000 of the net partnership income was derived from overseas. 1. Calculate the net income of each partner for the year ended 30 June 2021. 2. If Kevin had only been a resident of Australia since 1 January 2020, how would this affect the calculation of the net income of each partner? Please answer both subparts. I will really upvote. Thanks