On September 30, 2019, R.Rob and J.Jon, CPAS decided to form a partnership wherein they will participate in the profits inthe ratio of 40% and 60%, respectively. Their balances are as follows:Rob CompanyStatement of Financial PositionSeptember 30,2019AssetsCashAccounts ReceivableLess:Allowance for Uncollectible accountsP 80,00P 800,00080,000P 250,00050.000720,000EquipmentLess:Accumulated DepreciationTotal Assets200,000P 1,000,000Liabilities and CapitalAccounts payableR.Rob, CapitalTotal Liabilities and CapitalP 400,000600,000P 1,000,000 Jon CompanyStatement of Financial PositionSeptember 30,2019AssetsCashAccounts ReceivableLess:Allowance for Uncollectible accountsEquipmentLess: Accumulated DepreciationTotal AssetsP 350,000P 300,00030,000P 450,00090.000270,000360,000P 980,000Liabilities and CapitalAccounts payableJon, CapitalTotal Liabilities and CapitalP 290,000690.000P 980,000Conditions agreed upon before the formation are as follows:The accounts receivable of both parties are estimated to be 15% uncollectible.The equipment of R.Rob should be valued at P 180,000.The equipment of J. Jon should be valued at P 375,000.Prepaid expenses of P 20,000 and accrued expenses of P 25,000 are to be taken up in the books of J.Jon.The new capital of the partnership is based on the adjusted capital balance of J.Jon so that R. Rob may either withdrawor contribute additional cash in order to make the partner's capital balance proportionate to their profits or loss ratio.This is not recorded in the books of R.Rob.REQUIRED:a.) Prepare journal entriesrespective books of accounts.b.) Prepare the required journal entries in the new partneship books, to record the investment of the partners.the booofand J.Jon to record the adjustments of assets andand the closing of their

Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Answered: P 800 | bartleby

Business

Accounting

P 800

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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Question 9 Comparative balance sheets of Belch Ltd for 2022 and 2021 are as follows. Assets Current assets Cash Accounts receivable Notes receivable Inventories Total current assets Noncurrent assets Land Machinery Accumulated depreciation Total noncurrent assets Total assets Liabilities and shareholders' equity Current liabilities Accounts payable Interest payable Total current liabilities Long-term debt Total liabilities Belch Ltd Comparative Statement of Financial Position Dec. 31, 2022 Dec. 31, 2021 Shareholders equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $ 200,000 160,000 70,000 399.000 829,000 525,000 483,000 (143,000) 865,000 $1,694,000 $ 145,000 17,500 162,500 350.000 512,500 650,000 531.500 1.181,500 $1,694,000 $ 188,000 133,000 61,000 326,000 708,000 500,000 238,000 (97,500) 640,500 $1,348.500 $ 153,000 15,000 168,000 200,000 368,000 550,000 430,500 980,500 $1,348,500 Additional information: 1. Net income is…
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X Company collected P12350 in interest during 2019 X showed P1,850 in interest on its December 31, 2021 statement of financial position and P5,300 on December 31, 2020 How much is the Interest Revenue to be reported on X's statement of comprehensive income in 2021?
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