's capital DEF'S and they share income in a 6:4 ratio, respectively. They decide to admit GHI to the partnership. ABC and DEF agree that some of the inventory is obsolete. The nventory account is decreased before GHI is admitted. GHI invests P80,000 for a 25% interest. Compute for the capital balance of DEF after the admittance of GHI.

Q: Below is a partial list of account titles and balances for the TNT Corporation as of December 31,…

A: Since you have specifically asked for 4 to 6, so we are solving the same for you.   Shares are units…

Q: nron Company decided on August 1, 2011 to dispose of a component of its business. The component was…

A: The income from the discontinued operation can be adjusted against the loss from the discontinued…

Q: 9. On January 1, 2005, Paragon Company paid P6,000,000 to acquire a new barge. In the belief that it…

A: Residual value is defined as the amount at which a resource can be sold by the owner when it…

Q: On January 15 of the current year, Thomas Company purchased 2,800 shares of Dillon Company at a…

A: The income ( loss ) is the difference between the total sales price and the total cost of the…

Q: Z decided to withdraw from the partnership, his share in the partnership is 20%. Upon withdrawal, he…

A: Computation of total revaluation gain: Total partnership capital before withdrawal P252,000…

Q: Service Cost Allocation larley Corp. has two service departments, (Admin Support Dept. & It Support…

A: The production department or service department costs can be allocated to operating departments…

Q: GOODS AND SERVICE TAX For the following consider whether it is a Taxable Supply, Input Taxed or GST…

A:

Q: Under absorption costing, a company had the following unit costs when 13,500 units were produced.…

A: Production Cost - Production cost is the cost required to manufacture product. It includes Direct…

Q: 1.A manager has determined that a potential new product can be sold at a price of 10.00 each. The…

A: Formulas: Break even point: =Fixed costs / Contribution per unit Variable cost: =Selling price -…

Q: Diksh and Nadia are 78 years old and are married. Nadia has $7000 in AS income, $50,000 in…

A: As per the prevailing law , a person with age 65 years or more can split up to 50% of pension income…

Q: Babino Inc. had net sales of $55,400,000 for the year ended May 21, 2024 Its beginning and ending…

A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…

Q: Exercise 2 A metal recycling equipment was purchased on Mar 01, 2016 at 150,000 with an estimated…

A: Fixed asset: It implies to a tangible asset that is purchased with the view to utilize it over it's…

Q: Which of the following journal entries correctly reflect settlement date accounting? Select one: a.…

A: In case of settlement accounting, transactions have to be recorded in the books of accounts of the…

Q: Applegate Enterprises produces premier raspberry jam. Output is measured in pints. Applegate uses…

A: Working-         1)         Calculation of equivalent units                    Particulars…

Q: A company was started on January 1 of Year 1.During the first year of business, the following…

A: Paid in capital common stock contains preferred & common stock in total. It is also termed as…

Q: What should be reported as the carrying amount of the disposal group in the entity's accounts after…

A: Option (C) P1,700,000 is correct.

Q: E7-4 Presented below are three independent situations: 1. On March 15, 44 customers used debit cards…

A: Journal entry is the primary step to record transaction in books of account. The amount of debit and…

Q: Which of the following audit procedures is a test of control?

A: The audit is the process of the official inspection of the books of accounts of a company. There are…

Q: Prepare journal entry to record the expected sales return and cost of goods sold? Pinpong curtains…

A: Journal entries was the first initial step in recording transactions in the books where every…

Q: q27 The classification and therefore subsequent measurement of financial assets depends on…?…

A: Financial assets are one of the form of liquid assets. It includes cash, stocks, shares, mutual…

Q: A cash budget, by quarters, is given below for a retail company (000 omitted). The company requires…

A: Cash Budget:- A Cash budget is a detailed estimate of the cash receipt from all sources and cash…

Q: On January 1, 2011, Folk Company changed from the average cost method to the FIFO method to account…

A: To calculate the net income to be reported in 2011 after change of inventory valuation method from…

Q: Krishna is 56 years old; he has contributed to the CPP without interruption for over 30 years. While…

A: Introduction: CPP: The current purchasing power (CPP) approach converts the importance of the…

Q: Dan Watson started a small merchandising business in Year 1. The business experienced the following…

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

Q: Blue Corporation is authorized to issue an unlimited number of $5 cumulative preferred shares and an…

A: Working-     Preferred shares   on feb 1: 10,000 shares $ 500,000   +issued further 5,000…

Q: explain why the author's assessment of the appropriateness of the going concern assumptions is so…

A: Going Concern Assumption- As per the going concern assumption business will continue its…

Q: At the start of 2020 , XYZ Company Developed the following budgeted total cost function i.e $12.50X…

A: A flexible budget variance is any distinction between the results generated by a flexible budget…

Q: Need detail explanation Q. Find the breakeven point and provide the income statement at break even.…

A: Breakeven point (sales dollars)=Total Fixed ExpensesContribution Margin Ratio

Q: Identify three (3) limitations of Generally Accepted Accounting Principles (GAAP), for security…

A: Generally Accepted Accounting Principles (GAAP): GAAP, which stands for generally accepted…

Q: McDermott Company's bank statement for September 30 showed an ending cash balance of $1,364. The…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: 6. The management of Sprague Inc. was discussing whether certain equipment should be written off as…

A: Impairment of assets means when market value of the asset is less than the net carrying value or…

Q: Below is a partial list of account titles and balances for the TNT Corporation as of December 31,…

A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…

Q: Swift Corporation operates a number of branches in Metro Manila. On June 30, 2011, its San Lorenzo…

A: Reconciliation is an accounting process to check that the figures or amounts of two sets of records…

Q: Prepare the journal entries on the books of Archibald Corp assuming that the exchange would have…

A:

Q: The following is the six-column worksheet of the Drilon's Delivery Services prepared with errors.…

A: Drilon's Delivery Services…

Q: An entity has 20% investment in ordinary shares and 25% investment in preference shares over the…

A: Dividend Income: Returns, in the form of dividends, are delivered to shareholders from the earnings…

Q: Which of the following statements is false? Oa. Even small companies use computerized accounting…

A: Accounting cycle includes: Identifying transactions Journalizing Posting Unadjusted trial balance…

Q: determine the amount of itemized deduction for medical expenses Taxpayer may deduct after all…

A: The health insurance premium means the amount paid to the insurance companies for the insurance. The…

Q: 2) After completion of problem 1 above, change the account balances to their adjusted totals and…

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…

Q: Maya Company leased equipment from Waya Company on July 1, 2020 for an eight -year period expiring…

A: Present value of lease payments: Present value of all lease payments = P3,520,000 (which is equal…

Q: The Australian Securities Exchange (ASX) Corporate Governance Council’s Corporate governance…

A: In August 2002, ASX convened the ASX Corporate Governance Council.Elizabeth Johnstone is the…

Q: A jeans maker is designing a new line of jeans called Slims. The jeans will sell for $295 per pair…

A: Variable costing or marginal costing classifies costs as variable costs and fixed costs Variable…

Q: udmilla Construction Company is composed of two divisions: (1) Home Construction and (2) Commercial…

A: Requirement of above question are answered below

Q: A hospital just purchased upgraded software for the Electronic Medical Record surgical dashboard.…

A: Present value factor calculation = 1/(1+r) n  r is interest rate  n is time Or year

Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory…

A: LIFO means last in first out. As per this method, the inventory bought at last should be sold first.

Q: A partnership begins its first year of operations with the following capital balances: P 110,000…

A: Capital Balance at the end of the first year = Opening capital + Annual Salary + Interest on capital…

Q: Why would a company hire internal auditors if they already have an external auditor?

A: Internal audit is basically the internal department of the organisation which performs checks to…

Q: Which of the following is considered the principal when figuring interest for a bond? Group of…

A: Principal of bond is the amount on which internet is calculated with effective rate of interest for…

Q: Susan Wang is the audit partner for the financial report audit of Macro Ltd for the year ended 30…

A: Here to provide the details of the audit procedures which are implied for the different situation…

Q: Lina purchased a new car for use in her business during 2021. The auto was the only business asset…

A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…

Computerized Accounting System

The Computerized Accounting System is generally a system of maintaining accounts using computers. In this method of accounting system, the accounting transactions are processed through the use of hardware and software to generate the reports such as journals, ledgers, trial balance, trading account, P/L accounts, balance and other reports.