sole general partne
Q: S corporations.
A: C corporation for tax purposes means Double taxation in which shareholders are taxed seperately from…
Q: On January 1, ABC Acquired 60 percent of the outstanding voting stock of XYZ for P301,500 cash…
A: To determine the net income/(net loss) attributable to the controlling interest, we have to…
Q: Revilla Corporation's manufacturing costs were as follows: Prime Costs P400,000 Straight-line…
A: Computation of costs should be inventoried for external reporting purposes: Amount Prime…
Q: Attached is an image of the data for the month to assist with the question) The company produces the…
A: Under absorption costing, the actual cost spent on the unit produces or sold is allocated to that…
Q: From the accounting records of the REPEAT COMPANY, you gathered the following information related to…
A: Process costing is used in the industry producing a mass quantity of goods. All the goods produced…
Q: 17. Complete the following balance sheet. Cash S30,000 Accounts Receivable $2,000 Inventory $5,000…
A: Introduction: Balance sheet: All Assets and liabilities and liabilities are shown in Balance sheet.…
Q: Even though most corporate bonds in Canada and the United States make coupon payments semiannually,…
A: The bond price is calculated as present value of cash flows from the bond
Q: On January 1, ABC Acquired 60 percent of the outstanding voting stock of XYZ for P301,500 cash…
A: For determining the net income/(net loss) attributable to the controlling interest (NCI), we have to…
Q: Captain Jack Sparrow exchanges qualified property, basis of $25,000 and fair market value of…
A: Investment Gain or loss: Subtract the selling price from the original purchase price to arrive at…
Q: During the current year, Royal Industries sold treasury stock for $32.000 cash. The treasury stock…
A: Introduction: Statement of cash flows: All cash in and out flows are shown in statement of cash…
Q: r the doors. The installation process does not involve changes in the doors, so this service can be…
A: The journal entries have been mentioned below.
Q: Gloria’s a food manufacturer is trying to make an assessment of its operations for the past year.…
A: Given: Selling price $24.00 Direct material A 2.5 kg at $3.40 per kg Direct material B 1.5 kg at…
Q: An individual makes five annual deposits of P 2,000 in a savings account that pays interest at a…
A: Annual deposit = 2,000 Interest Rate = 4% Period = 5 Years After 5 year the interest rate is…
Q: 92. BreakEven Corporation Selected Financial Data Current Assets 180,000 50,000 880,000 120,000…
A: 92. Average Days of Inventory = 365 x Average Inventory / Cost of Goods Sold Average Inventory =…
Q: Feather Friends, Incorporated, distributes a high-quality wooden birdhouse that sells for $20 per…
A: Formula: Contribution margin ratio = ( Total contribution margin / Total sales ) x 100
Q: A company purchased a Wheel Loader 5 years ago with an initial value of $39,500, a salvage value of…
A: Depreciation is a process of reducing the carrying value of asset due to its normal usage. There are…
Q: Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is…
A: Introduction Adjustment entries are recorded at the end of accounting period to properly ascertain…
Q: ABC Company acquired all of XYZ Corporation’s assets and liabilities on June 30, 20X1. XYZ reported…
A: Solution Machine and Equipment is a non current assets which are not easily converted in to cash .
Q: On January 1, 2021, the National Furniture Company adopted the dollar-value LIFO method of computing…
A: The dollar value LIFO method of inventory valuation refers to a method which follow last in first…
Q: Dough, Re, Mi Inc. sells many different types of cookie dough. The company is deciding whether to…
A: Introduction Relevant costs for decision are the incremental costs necessary to produce or deliver…
Q: On December 31, 2020, Rebel Corporation's balance sheet reported the following. Common stock, $1 par…
A: ln a double accounting system journal entries are fast that affect the two account one having Debit…
Q: On January 1, 2022, Shamrock SA issued 10-year, €1,870,000 face value, 6% bonds, at par. Each €1,000…
A: Earnings Per Share- Earnings per common share of the company refer to the portion of the company's…
Q: 1. Define the following: Assets Liabilities Owner's Equity Revenue…
A: Balance sheet: It implies to a financial statement that shows the total liabilities, assets, and…
Q: SkyChefs, Incorporated, prepares in-flight meals for a number of major airlines. One of the…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Darling Petrol Corp. granted stock options to executives in early 20X1. The stock options vest over…
A: Employee stock options: Employee stock options are those which permits an investor to either acquire…
Q: 5. A company has estimated its economic order quantity for Part A at 2,400 units for the coming…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: arch 20x0 Us Ltd…
A: WCM stands for working capital management refers to the strategy of the business that is made in…
Q: (Statement Presentation of Transactions—Equity Accounts) The following selected account balances are…
A: Net income (NI), also known as net income, is calculated as cost of goods sold minus cost of goods…
Q: What is accounting? What type of information is provided by the accountants? How does an…
A: Meaning of Accounting: Accounting is the process of recording financial transactions pertaining to…
Q: Feather Friends, Incorporated, distributes a high-quality wooden birdhouse that sells for $20 per…
A: Contribution margin ratio = (Contribution margin / Sales) x 100 where, Contribution margin = Sales…
Q: Norfarina Company reported P5,000,000 of inventory on December 31, 2021, based on physical count.…
A: Introduction a. The goods here should be included since it is not yet picked up by the delivery…
Q: The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, S10.000: Accounts…
A: The balance sheet represents the financial position of the company including the assets,…
Q: 4.20 P33.00 1,250,000 2.100,000 P16.500.000 Fixed Total cost Fixed manufacturing overhead is…
A: Here question related with the calculation of total relevant cost which are incurred in the special…
Q: Required information [The following information applies to the questions displayed below.] Victory…
A: In this question we compute Assign costs to the department's output-specifically, to the units…
Q: Q3. Suggest Seventh Vision which project is feasible to choose?(7 marks) Q4. Mentions any three…
A: Solution:- Given, Seventh vision investment = $1,00,000 useful life of the project = 10 years Cutoff…
Q: what-type-of-analysis-is-indicated-by-the-following
A: Horizontal analysis is a type of financial statements that examines historical data throughout many…
Q: 2. A company wants to know how much annual profit should they make and save for a major expansion in…
A: Annual Profits to be saved = Future Value x r / [{(1 + r)^n} - 1] Here, Future Value = Php…
Q: Service revenue (from camping fees) $171,600 Dividends $11,700 Sales revenue (from general store)…
A: Introduction: The money a corporation receives through the selling of goods or the supply of…
Q: Listed below are the fundamental and enhancing qualitative characteristics that make…
A: Accounting is the process of recording and summarising accounting information in order to provide…
Q: ABC Juice Limited manufactures and sells juice locally in Trinidad and in the Caribbean. The…
A: The above mentioned question answer is given in the following steps for your reference.
Q: Hoi Chong Transport, Ltd., operates a fleet of delivery trucks in Singapore. The company has…
A: The question is related to High-low method of segregation of Cost into Variable cost and Fixed cost…
Q: Feal-Goode Inc. purchased a patent on a new drug. The patent cost $12,000. The patent has a life of…
A: Introduction: Journal entry: Recording of a business transactions in a chronological order. First…
Q: What is meant by diffusion? Why it is important in the context of a technological innovation
A: Diffusion is considered when important part in understanding markets and characteristic of isigment…
Q: 20. If the debit side of the trial balance is undervalued by P2,000 with the correct debit balance,…
A: The errors in the bank reconciliation statement can be of two types: One-sided errors and two-sided…
Q: Zain Industries has recently patented a new product called Maxi Drive, automobile oil for maximum…
A: Calculation of projected unit cost CALCULATION PARTICULAR AMOUNT A Variable production…
Q: SJS Software needs to accumulate P650,000 in 2 years to meet future needs. What regular payment…
A: The monthly payment required can be calculated with the help of future value of annuity concept
Q: What is the present value of $30,700 due 12 periods from now, discounted at 12%? (Round answer to 2…
A: This is used in the case of a future annuity – suppose an equal sum of money is invested in the bank…
Q: If someone gives you $5,000 to do a job what is the journal entry to recognize this $5,000…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Net Income Interest (Loss) $ 185, 000 179, 600 157, 250 188, 100 Expense $ 59,200 80, 820 44, 030…
A: The question requires the calculation of times interest earned ratio. Times interest earned ratio is…
Q: Selling price (per unit) R116 Units in opening inventory 600 Units manufactured 2 550 Units sold 3…
A: Absorption Costing - In this costing method cost associated with the manufacturing of a product is…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Martin Manera is one of three partners who own and operate TaftWorld, a global import and export business. Martin is the partner in charge of recording partnership transactions in the accounts. One day while driving to work, Martin’s car broke down. Upon inspection, the mechanic discovered the engine had to be replaced at a cost of $5,000. Martin does not have enough money in his bank account and his credit cards are at their limits. He has to have this car to come to work, and he only uses his car for this purpose. He decides to take $5,000 from the partnership for the repair and record it as an expense of the partnership. What are three ethical issues in this scenario?Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase $10,000 of merchandise for the store. Amy says she did not authorize the order and that she could have purchased the same merchandise for $7,000. Amy refuses to pay for the order. The vendor sues the partners. a. Must the partnership pay for the merchandise? If yes, how much? b. Assuming the partnership is a general partnership, can Amy’s personal assets be taken to pay for the merchandise?Marco Brolo is one of three partners who own and operate Silkroad Partners, a global import– export business. Marco is the partner in charge of recording partnership transactions in the accounts. On his way to work one day, Marco’s car broke down. At the repair shop, Marco learned that his car’s engine had significant damage, and it will cost over $2,000 to repair the damage. He does not have enough money in his bank accountto cover the cost of the repair, and his credit cards are at their limit. This car is the only form of transportation that Marco has to get to and from work every day. He does not use his car for any business travel. After considering his options, Marco decides to take $2,000 from the partnership for the repair and record it as an expense of the partnership. He believes that this is appropriate since he needs his car to get to work every day.1. Is Marco behaving ethically? Why or why not?2. Who is affected by Marco’s decision?3. What other alternatives might Marco…
- Marco Brolo is one of three partners who own and operate Silkroad Partners, a global import–export business. Marco is the partner in charge of recording partnership transactions in the accounts. On his way to work one day, Marco's car broke down. At the repair shop, Marco learned that his car's engine had significant damage, and it will cost over $2,000 to repair the damage. He does not have enough money in his bank account to cover the cost of the repair, and his credit cards are at their limit. This car is the only form of transportation that Marco has to get to and from work every day. He does not use his car for any business travel. After considering his options, Marco decides to take $2,000 from the partnership for the repair, and record it as an expense of the partnership. He believes that this is appropriate since he needs his car to get to work every day. Is Marco behaving ethically? Why? Who is affected by Marco's decision? What other alternatives might Marco…Marco decides to take $2,000 from the partnership for the repair and record it as an expense of the partnership. He believes that this is appropriate since he needs his car to get to work every day. Is Marco behaving ethically? Why or why not? Who is affected by Marco’s decision? What other alternatives might Marco consider?Phillips and Harris are partners in a used car business. Under their oral partnership, each has an equal voice in the conduct and management of the business. Because of their irregular business hours, the two further agreed that they could use any partnership vehicle as desired. This use includes transportation to and from work, even though the vehicles are for sale at all times. Harris conducted partnership business both at the used car lot and from his home. He was on call by Phillips or customers at his home, and he went back to the lot two or three times after going home. While driving a partnership vehicle home from the used car lot, Harris negligently hit a car driven by Cook, who brought this action against Harris and Phillips individually and as copartners for his injuries. Who is liable?
- In January, Dr. Vidricksen contributed $250,000 to become a limited partner in a Chevrolet car agency business with Thom, the general partner. Articles of limited partnership were drawn up, but no effort was made to comply with the State’s statutory requirement of recording the certificate of limited partnership. In March, Vidricksen learned that because of the failure to file, he might not have formed a limited partnership. At this time, the business developed financial difficulties and went into bankruptcy on September 1. Eight days later, Vidricksen filed a renunciation of the business’s profits. Is Dr. Vidricksen a general partner? Why or why not?Martin, Mark, and Marvin formed a retail clothing partnership named M Clothiers and conducted a business for many years, buying most of their clothing from Hill, a wholesaler. On January 15, Marvin retired from the business, but Martin and Mark decided to continue it. As part of the retirement agreement, Martin and Mark agreed in writing with Marvin that Marvin would not be responsible for any of the partnership debts, either past or future. On January 15, the partnership published a notice of Marvin’s retirement in a newspaper of general circulation where the partnership carried on its business. BeforeJanuary15,HillwasacreditorofMClothiersto theextentof$10,000,andonJanuary30,heextendedadditionalcreditof$5,000.Hillwasnotadvisedanddidnotin factknowofMarvin’sretirementandthechangeofthepartnership.OnJanuary30,Ray,acompetitorofHill,extended creditforthefirsttimetoMClothiersintheamountof $3,000.Rayalsowasnotadvisedanddidnotinfactknowof Marvin’sretirementandthechangeofthepartnership. On…Gabby is single, she has salary from a company and also is self-employed with 2 separate businesses that she materially participates in. Gabby is also a passive partner in ABC Partnership where she has a basis in in the partnership of $ 100,000. Gabby has the following information in 2020:• Salary from her job $ 140,000• Interest income 500,000• Business (# 1) Income 80,000• Business (# 2) Loss (600,000)• Partnership allocated loss (65,000) How much of the losses from business #2 and the Partnership will Gabby carry over to 20X2? [IGNORE THE CURRENT LIMIT SUSPENSION OF THE CARES ACT].a. $ 65,000 passive loss carryover and $ 121,000 net operating loss carryover. b.$ 0 loss carryovers. c. $ 0 passive loss carryover and $ 121,000 net operating loss carryover. d. $ 65,000 passive loss carryover and $ $ 56,000 net operating loss carryover. e. $ 65,000 passive loss carryover and $ 0 net operating loss carryover.
- Neil and Dylan are partners in a lawn mower repair business in Ohio. While Neil is on vacation visiting his sister in Georgia, his sister's neighbor has trouble with her mower and Neil fixes it for her. She insists on paying him . Neil : O a. may keep the money as this partnership is NOT a professional business pursuant to the non - professional exception rule. O b. may not accept the money because it would create a conflict of interest. O c. may keep the payment since he did the work while he was on vacation. O d. may not accept the money because it would mean he was taking a business opportunity away from the partnership. O e. must turn the money over to the partnership because he earned it doing the kind of work that the partnership does.Ray and Carin are partners in an accounting firm. The partners have entered into an arm's length agreement requiring Ray to purchase Carin's partnership interest from Carin's estate if she dies before Ray. The price is set at 120% of the book value of Carin's partnership interest at the time of her death. Ray purchased an insurance policy on Carin's life to fund this agreement. After Ray had paid $45,000 in premiums, Carin was killed in an automobile accident and Ray collected $800,000 of life insurance proceeds. Ray used the life insurance proceeds to purchase Carin's partnership interest. Question Content Area a. What amount should Ray include in his gross income from receiving the life insurance proceeds? Question Content Area b. The insurance company paid Ray $16,000 interest on the life insurance proceeds during the period Carin's estate was in administration. During this period, Ray had left the insurance proceeds with the insurance company. Is this…KATY, a sole proprietor wanted to expand her profitable business but she does not have enough resources. So, she thought of inviting PERRY to join her and formed a partnership on April 1, 2020. Just before admission, KATY had the following assets and liability accounts: Cash - ₱420,000; Accounts receivable -₱380,000; Inventories -₱250,000;Notes payable -₱100,000. PERRY agreed to contribute cash equal to 30% of KATY’s capital after considering the following adjustments: (a) 2% allowance for bad debts should be recognized, (b) the inventories have fair market value equal to 120% of the balance. How much should Perry contribute to the partnership?
