Rosemarie Robles, a partner in the R&D partnership, is entitled to 40% of the profit and losses. During 2020,  Rosemarie contributed land to the partnership that cost her P50,000, but had a fair market value of P60,000 on  the date of contribution.  Also, during 2020, Rosemarie had a cash drawings amounting to P80,000. The balance of Rosemarie’s capital account was P120,000 at the beginning of the year and P160,000 at the end of the year. What was the partnership’s profit (loss) for 2020?

Q: Problem 4 Elegant Co. was organized on Jan. 1, 2022. On that date, it issued 1,000,000 shares of P1....

A: Working Note 1. Number of Shares to be remaining to be sold Total Authorised Capital- Number of s...

Q: mployees December 31,2025 60 employees Actual and estimates of employees who left and are expected ...

A: Compensation Expense:

Q: Friar Co. signed a government construction contract providing for a formula price of actual cost plu...

A: Answer) Calculation of amount receivable by Friar from the contract Amount receivable by Friar = (Ac...

Q: he period, Sanchez Company sold some excess equipment at a loss. The following information wa y's ac...

A: Equipment is a fixed asset as considered as an investment for a Company . When it is purchased or so...

Q: Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. Determine their ...

A: Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. ...

Q: Sarasota Corporation had the following 2020 income statement. Sales revenue   $183,000 Cost of go...

A: The Statement of cash flow can be prepared under two methods. It is Direct Method and Indirect Metho...

Q: ictory Manufacturing Company produces a variety of products. The firm operates 24 hours per day with...

A: Solution Given Total hours worked 16000 hours Regular hours worked (spread equally) 1500...

Q: ABC Company has only one job in process on January 1, 2022, Job No. 97 for 75 units, carried at a co...

A: Job order costing is the system of costing where the work is performed as per the specific job.  The...

Q: Gueess Aparel completed 3,600 expensive bags during the 1st quarter of the current year.  The follow...

A: Gross profit refers to the profits of any business which is result of deduction of all costs which a...

Q: Victorious Company manufactures two types of Electronic Toy, the Regular and SuperPro. The following...

A: Overhead cost per activity = Total overhead cost for the activity / No. of activity

Q: Class Assignment: From the following information prepare the Income Statement of a sole proprietor f...

A: For Income statement of sole proprietor first of all we need to prepare cost of goods sold statement...

Q: The income statement of Headland Company is shown below. HEADLAND COMPANY INCOME STATEMENT FOR THE...

A: The statement of cash flows can be prepared using two methods, i.e. Direct Method and Indirect Metho...

Q: What is the AFTER-TAX MONTHLY INCOME for the SALES position?

A: Gross income is the income which an employee earns during the year or month and on which there has n...

Q: The controller of D-Day Chemical Supply has established the following activity centers with overhead...

A: Overhead Cost: Overhead expenditures are the costs associated with running a company, such as rent, ...

Q: At January 1, 2020, Teal Inc. had accounts receivable of $73,000. At December 31, 2020, accounts rec...

A: January 1, 2020 accounts receivable = $73,000 December 31, 2020 accounts receivable = $54,000 Sales ...

Q: Webb Company uses a job-order costing system and the following information is available from its rec...

A: Balance in work in process inventory at the end of the period will be the total cost of job #13 as i...

Q: Feal-Goode Inc. purchased a patent on a new drug. The patent cost $12,000. The patent has a life of ...

A: Amortization expense = Cost/ useful life Amortization expense = $12,000/20 Amortization expense = $6...

Q: Sheffield Company’s income statement for the year ended December 31, 2020, contained the following c...

A: Cash flows from operating activities: It is a section of Statement of cash flow that explains the so...

Q: Which of the following is the best definition of product costs? a. Product costs are those costs tha...

A: Cost refers to amount or value which has to be incurred in order to purchase or produce a product ir...

Q: The normal capacity of the Cutting Department is 12,000 machine hours per month. At normal capacity...

A: The question is based on the concept of Cost Accounting. The difference between the actual amount of...

Q: Birk applies overhead to jobs at a predetermined rate of 80% of direct labour cost. The total manufa...

A: Overhead cost = 80% of direct labour cost = £2,000 x 80% = £1,600    

Q: eBook Brandtly Industries invests a large sum of money in R&D; as a result, it retains and reinvests...

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...

Q: calssify the following expenses between selling expenses and general and administrative expenses. re...

A: Indirect expenses can be classified into three part:  (1) Factory expenses (2) Office and administra...

Q: Given the following information regarding to a recent period's operations: Sales - P? Beginning fini...

A: Gross margin is the difference between  sales  and cost of goods sold. Gross margin can be calculate...

Q: QS 7-7 Percent of accounts receivable method LO P3 Warner Company's year-end unadjusted trial balanc...

A: Lets understand the basics. Bad debt allowance account is created to follow the matching principal o...

Q: 1. Which of the following statements is correct? A. Assets on the balance sheet include retained ear...

A: Cash flow statement only considers cash transactions and will thus exclude Depreciation and Amortiza...

Q: the design and specification of its customers, and accordingly uses the job order costing system.  I...

A: in managerial accounting , the job costing is very popular. job costing methods it is used when a co...

Q: yan Roque Steel Company manufactures steel products. During the current period, an order or 30,000 u...

A: The question is related to Process Costing. The cost of good units to be calculated with the help of...

Q: Required: Prepare a statement of cost of goods manufactured.

A: Solution In cost of goods manufactured ,freight out is not included as it is selling cost COGS is af...

Q: . A debit to Sales Discount for P500 b. A credit to Sales Returns and Allowances for P500 c. A credi...

A: This is a loss to the vendor ( me) . So, it will be debited. Deduction in the invoice price will be ...

Q: ABC yards invites your audit firm to verify scrap materials sale proceeds in its ship breaking unit....

A: Verification is the process used during the proceedings of an audit to verify records, bills, invoic...

Q: specifications, it is anticipated that defective and spoiled work will exceed the normal rate. The m...

A: Treatment of Defective Goods:- Defectives consist of goods damaged but capable of being rectified. L...

Q: Inventories: • Beginning - raw material_P50,000 - work in process_P40,000 - finished goods_P60,000 E...

A: Cost of goods manufactured is the total amount of cost incurred on manufacturing of goods. We are gi...

Q: What is the balance of the unrealized profit in branch inventory on december 31, 2016?

A: A method of bookkeeping in which separate accounts are prepared for each branch and reported to head...

Q: Victorious Company manufactures two types of Electronic Toy, the Regular and SuperPro. The following...

A: Under ABC costing, the overhead costs are assigned to the products in the proportion of activity (co...

Q: Sales and Purchase-Related Transactions for Seller and Buyer Using Perpetual Inventory System The fo...

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

Q: Honesty Manufacturing Company manufactures a standard recliner. During December, the firm’s Assembl...

A:

Q: record and complete  these journal entry: A)Purchases of supplies for cash during December were $2,...

A: Journal is prepared for recording the day-to-day business transactions. Business transactions are re...

Q: Brighton Services repairs locomotive engines. It employs 100 full-time workers at $20 per hour. Desp...

A:

Q: 1. Revenue calculation. 2. Calculation of The activity rate for each activity cost pool. 3. Computat...

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

Q: Which of the following froms of new partner admission will nt result in a change in the partnership ...

A: Admission of New Partner If new partner are admitted into the business which can be opted for bring ...

Q: Jan 2 Additional money was introduced by Dada in a form cash GH¢50,000.00 and cash at bank GHe70,00c...

A: Journal entry is the entry which the business has to record at the time when ever the business trans...

Q: b. Crilically cfiscuss the conporation's kverage pusiticn ancd profitatility perfonance for i: finan...

A: Leverage position refers to the ability of the company to pay off its debt I,e. the ability of the c...

Q: A company's 2019 income statement reported total sales revenue of $1,200,000; accounts receivable in...

A: Cash collected during the year is dependent upon the unearned revenue as well as increase or decreas...

Q: 1. What is the total capital balance of the partnership after the admission by Marshall? 2. What is ...

A: Admission of a new partner in a partnership firm is treated as a reconstitution of the partnership f...

Q: QS 6-3 Cash and equivalents LO C2 Choose from the following list of terms and phrases to best comple...

A: Financial Accounting is the one branch of accounting where financial transactions including regular ...

Q: Alain company prepared draft financial statements that showe income before tax for the year ended De...

A: Profit before tax is the term of accounts that measure the profits of business before business has t...

Q: Corp produces 200 units of A and 100 units of B products. Final sales amount of A is 9,000. Joint co...

A: solution given Number of units of A 200 units Number of units of B 100 units Final s...

Q: The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next...

A: Cash Increase ( Decrease ) = Total Cash receipts - Total Cash payments Cash balance at the end = Cas...

Q: Required information Problem 7-5A (Algo) Determine depreciation under three methods (L07-4) (The fol...

A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage , ...

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.