ny had a profit of 450,00. 1. Assuming that there are three partners that agreed to share equally , how much will each partner get?

Q: Which sections of an annual report do IFRSs apply to? a) Management report b) Financial statements c...

A: management report is used as a means of communicating whatever information that is essential to be c...

Q: EB8.  LO 8.6Prepare the journal entry to reconcile the bank statement in Exercise 8.7.(Previous que...

A: Bank reconciliation is a statement prepared to check what are the items that has caused a difference...

Q: if we produce goods over the capacity, should we consider the fixed marketing cost and variable mark...

A: Fixed marketing costs is fixed costs related with the marketing of the product and this will not be ...

Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...

A: Answer: Given 1. ABC Co's share capital consists of 60,000 ordinary shares with par value of ₱40 per...

Q: nko Inc. reported the following balances at the end of each year:                                   ...

A: >Accounts Payable are the balances of suppliers that have not yet been paid in cash for the purch...

Q: Problem 6-3B Record transactions and prepare a partial income statement using a perpetual inventory ...

A: The perpetual inventory system updates the sales and purchase of inventory with every transaction ma...

Q: Explain each of the following Institutional Sectors of the SNA. i)Non-Financial Corporations Sector...

A: Disclaimer:- “Since you have posted a question with multiple sub-parts, we will solve first three su...

Q: Which of the following is not an example of the application of professional skepticism? 1. Designing...

A: Proper professional care necessitates professional skepticism on the part of the auditor. Profession...

Q: December 31, 2013, Melissa Company showed shareholders' canny of P5,000,000. The share capital of P3...

A: Retained earnings on 31st december, 2013 = P20,00,000 Less)Depreciation = (100000) Add) Gain on sale...

Q: Required: For the year ended 30 June 2023, prepare the pre-acquisition elimination entries.

A: Safe Ltd. acquired 100% shares of Mission Ltd. on 1st July 2021. Thus Mission Ltd. is a wholly owned...

Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...

A: Answer: ABC co has acquired 100% of the shares of XYZ Inc. Given Fair value of identifiable assets o...

Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC pai...

A: Fair value of net identifiable assets = Fair value of identifiable assets - Fair value of identifiab...

Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...

A: Fair value of net identifiable assets =  P133,000 + P900,000 - P10,000  = P1,023,000

Q: Mielé Appliances estima warranty payablé of Duri 2017, Miele made sales of $100000 and expects produ...

A:

Q: For each account, identify whether it is included in a post- closing trial balance. Included in post...

A: Closing Entries - Closing entries are required to close the temporary accounts after making financi...

Q: Which of the following would a successor auditor ask the predecessor auditor after accepting an audi...

A: When an engagement has been accepted, the current auditor may ask the previous auditor particular qu...

Q: Question 14 Which of the following would be an example of vouching? 1. Making sure a sale is include...

A: Audit: It implies to the detailed investigation and analysis of company's financial records to make ...

Q: * Subscribe You are a merchandising company. Please make a random list of accounts with their balanc...

A: Introduction:- Merchandising is that the show and promotion of things purchasable at each wholesale ...

Q: 1. Ian holds 100 shares in Big Bank Pty Ltd. The company paid a fully franked dividend of $4 per sh...

A: Solution note Dear student as per the Q&A guideline we are required to answer the first question...

Q: Klumper Corporation is a diversified manufacturer of industrial goods. The company's activity-based ...

A: Activity based costing means where the product is valued on the basis of actual direct material , di...

Q: If you receive your full bonus at the end of the year, what is your total (gross or before tax) pay ...

A: Taxable income refers to the amount to which tax is imposed. It is arrived at after allowing certain...

Q: S11-1 Accounting for a note payable On 30 June 2016, Cameron Clothing purchased $10000 of inventory ...

A: Note payable is a debt-instrument by which companies borrow for a short duration of time (less than ...

Q: 1. The initial cost of a paint sand mill, including its installation is P 700,000.00. The BIR approv...

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

Q: Explain and provide two examples of quick assets.

A: Quick assets are those assets which can be converted into cash easily or they are already in a cash ...

Q: Kunkun Inc. reported the following increase(decrease) in the account balances for the  current year:...

A: Net income refers to the amount that the company earned after considering all the revenue and expens...

Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...

A: Upon acquisition of an entity and while preparing consolidated financial statements, all the acquire...

Q: How does Accounts Receivable impact Declan's Designs 2022 Statement of Cash Flows?   Question 19 op...

A: >Statement of Cash flows is one of the financial statements, and is prepared for a particular per...

Q: n 30 June 2016, Cameron Clothing purchased $10000 of inventory on a one-year, 10% note yable.

A: Solution: Interest is accrued from the date of issuance of Note till the date of adjusting entries. ...

Q: August 1 8 $140 $ 1,120 August 4 August 11 August 13 August 20 August 26 August 29 inventory Sale ($...

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of invent...

Q: Required information [The following information applies to the questions displayed below.] The follo...

A: Since we answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question and specif...

Q: places and "Percentage" answers to 1 decimal place and and other answers to the nearest whole dollar...

A: The answer is stated below:

Q: XYZ Company prepares monthly interim financial statements. The company needs to estimate the month-e...

A: Solution: Sales made during June = collection made in June + ending accounts receivable - beginning ...

Q: Required: 1. Determine the high point and the low point. Month with high number of purchase orders M...

A: Hi student Since there are multiple subparts, we will answer only first three subparts. 

Q: What is an income statement? Explain the components ( or equation) of the income statement.

A: The income statement is an important financial statement of the business.

Q: On January 1, 2019, an entity purchased 15,000 shares of another entity representing a 12% interest ...

A: Profit and loss Account In the profit and loss account which includes all type of revenues and expen...

Q: What was Evander’s principal at the beginning of July

A: Solution:- Given, Evander Holyfield during his boxing career = $300 million made but, declared bankr...

Q: acquisition date, the acquirer could only determine a provisional fair value for the Plant. On March...

A:     Cash 50000 Furniture & fittings  20000 Accounts receivable  5000 Plant 131000 Less...

Q: 1.Sunland Company issues 31000 shares of $50 par value preferred stock for cash at $70 per share. In...

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

Q: Assignment Details Using the data provided, perform the steps below to complete the final project...

A: Closing Entries - Closing entries are required to close the temporary accounts after making financi...

Q: Problem 6-9B Record transactions and prepare a partial income statement using a periodic in system (...

A: The periodic inventory method does not keep record for cost of goods sold with every purchase transa...

Q: he recording of adjusting entries is supported by the   a.accuracy concept. b.matching principle. c....

A: Solution: Adjusting entries are those entries which are made to match the revenues and expenses to t...

Q: Entity A acquired an investment in associate for P1M many years ago. At the end of the current repor...

A: Solution: As pre PAS, Investment in associates accounted for using equity method under consolidated ...

Q: The following information is available from the financial statements of Hornets Corporation for the ...

A: Cash flow statement contains three parts :-  Cash flow from Operating activities i.e activities rel...

Q: What are the main differences between ARMs and FRMs loans? You need to highlight the differences in ...

A: Loan which are provides to the borrower either in Adjusted Rate of Mortgage or Fixed Rate of Mortgag...

Q: Prepare the sales section of a multiple-step income statement based on this information. Barto Compa...

A:

Q: What is Declan's Designs' 2020 Cash Flows from Investing Activities? Question 26 options: ...

A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating Acti...

Q: Pablo Management has six employees, each of whom earns $150 per day. They are paid on Fridays for wo...

A: Adjusting entries are those journal entries which are passed at the end of accounting period for acc...

Q: The journal entry to record fees earned on account of $13,500 would include a debit to   a.Cash for ...

A: Solution (a.) Since the income is earned on account of $ 13,500 and the cash has not yet been receiv...

Q: Josh purchased a new machine for his business. Josh expects to produce 80 products at P 100,000.00 p...

A: Cash flow is the flow of cash in entity. There can be inflow or outflow of cash depending upon the e...

Q: The two-column journal a.contains a debit and a credit column for recording the amounts for each tra...

A: Lets understand the basics. The two column journal is a journal which is having debit and credit sid...

Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc. 

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.