What is the basis of capital sharing if the partners do not have an agreement as to the amount of their individual capital contribution?

Q: Research "Auditor's Discussion and Analysis (AD&A)”. Do you think AD&A is a good idea? Explain your...

A: AD&A is an abbreviation for Auditor's Discussion and Analysis. This extra narrative report to th...

Q: Information concerning a product produced by Ender Company appears here: 2$ %24 165 Sales price per ...

A: Contribution margin per unit = Selling price per unit - Variable cost per unit   Break-even units = ...

Q: its books until at least ten days after month end. In this way, it can sort out ownership of goods i...

A: 1 Accountants are concerned with timing because they want to ensure that sales are documented in the...

Q: Pro Accountants Inc. (PAI) had the following transactions in 2021: A total of $1,450,000 was billed ...

A: *As per Bartleby Policy, if the question are not related then answer first only. As per accrual basi...

Q: Jack just discovered that he holds the winning ticket for the $87 million "mega" lottery.  Now he mu...

A: Solution: Present value is the current value of future amount discounted at defined interest rate an...

Q: Please see the pictures below. I am completely stumped on this problem and really need help with it....

A: Inventory refers to the stock that the company held for the resale purpose or is not sold by the com...

Q: MARIKINA SHOE Company had a production run of 5, 000 pairs of quality shoes during the month of June...

A: Total cost of good units = Material costs + Labor costs + Overhead costs - Sales value of spoilage u...

Q: Prepare the journal entries for all the transactions(May and June) (including accruals)   May 1 – ...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: Wet Dry Unit after split-off 1,600 800 Sales price per unit P200 P400 Further process costs P100,000...

A: Answer) Calculation of Joint Costs Allocated to Product Wet using Net Realizable Value Method Joint ...

Q: K Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000; P300,000, re...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: Income from financial leasing (remaining maturity of the instrument is more than 5 years), P3,000,00...

A: A gross receipts tax is a tax levied on a company's gross sales after deducting business expenditure...

Q: Oslo Company prepared the following contribution format income statement based on a sales volume of ...

A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...

Q: Integrity Reconstructive is a private, not-for-profit hospital.  The following information is availa...

A: Gross patient revenue is the total amount of all hospital bills issued each year. Net revenue is a c...

Q: During the year, the ABC partnership’s operations generated a loss. The partnership agreement provid...

A: Partner A's net share = -P8,000   -P8,000 = P2,000 + P15,000 + Remaining balance -P8,000 = P17,000 +...

Q: The Assembly Department started the month with 59,000 units in its beginning work in process invento...

A: Units transferred to the next processing department = Beginning work in process inventory + Addition...

Q: Dog Food Corp. normally take 5 days to pay for average daily credit purchases of P10,000. Its averag...

A: Net Credit Position = Accounts Receivable - Accounts Payable   Accounts Receivable = Average daily c...

Q: ontract is a derivative instrument hedging an identifiable foreign currency purchase commitment for ...

A: 1. Journal entry to record forward contract to purchase Euros on October 2, 2016: Date Accounts,...

Q: J'S vehicle struck a low hanging tree limb causing $470 damage to the windshield. If J's Personal Au...

A: Insurance refers to a contract in the form of a policy between the insurance holders and insurance c...

Q: Owners enjoy limited liability in a a) partnership b) corporation c) sole proprietorship d) prop...

A: Solution: Corporations are separate legal entity from owners / shareholders. In corporations, owners...

Q: PROBLEM 7. Mcoy Company has, for the coming year, budgeted sales of P3,200,000 with contribution mar...

A: Break even point means where there is no profit no loss. Variable cost means the cost which vary wit...

Q: AJ Manufacturing Company incurred $50,500 of fixed product cost and $40,400 of variable product cost...

A: Cost of goods sold = Variable product costs + Fixed product costs Selling and administrative costs =...

Q: 46. The Assembly Department started the month with 59,000 units in its beginning work in process inv...

A: Introduction:- The following basic information needs to be understood as follows under:- Assembly D...

Q: Debit Credit Cash $33,590 Journalize the adjusting entries. (Credit account titles are automatically...

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

Q: X Company pays time and a half for hours in excess of 40 hours per week. If an individual is paid P6...

A: Direct labor includes regular payment of labor and also overtime payment.The over time rate are base...

Q: Financial audit Q&A Auditors also need to consider the subjective needs of users of financial statem...

A: Auditing involves an independent examination of financial records of an entity with a view to provid...

Q: On December 31, 2011, Lin Co. purchased an equipment with an estimated useful life of 10 years. The ...

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...

Q: GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year ...

A: Lets understand the basics. Common size income statement is a statement which shows the comparison o...

Q: The DJ Partnership has two partners, Dawn and Jack. Each partner's basis in his or her partnership i...

A: Whenever a partner transfers either cash or property to another partner partnership distribution tak...

Q: Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Incom...

A: What is the Current Ratio? A liquidity asset ratio that can estimate an entity's ability to pay shor...

Q: JOutnals? January 8 Sold merchandise on account to C. Cline, $1,000, plus sales tax of $50. Sale No....

A: Theory concept: Journalizing: In a business all the financial transactions are to be recorded. Anoth...

Q: On December 31, 2021, A&B Partnership has net income amounting to P350,450. Adjustments and correcti...

A: Adjustment to Net Income:      Amount (P)    Insurance expense account has a debit balance of P...

Q: A and B entered into a partnership on April 1, 2020 by investing the following assets: A - Cash P30,...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: On December 31, 2021, A&B Partnership has net income amounting to P350,450. Adjustments and correcti...

A: The adjustment entries are prepared ar year end to adjust the revenue and expenses of the current pe...

Q: On January 1, 2022, A and B formed a partnership by contributing P200,000 and P180,000 respectively....

A: The question is related to Partnership Accounting. The details are given regarding capital introduce...

Q: slo Company prepared the following contribution format income statement based on a sales volume of 1...

A: The break even sales units are calculated as fixed cost divided by Contribution margin per unit. Bre...

Q: A business owned by A1 was short of cash and she decided to form a partnership with A2, who was able...

A: Answer) The amount of cash contributed by A2 in the partnership firm will be equal to 1.50 times of ...

Q: At December 1, 2021, Concord Company's accounts receivable balance was $1740. During December, Conco...

A: Ending accounts receivable balance = Beginning accounts receivable balance + Credit sales during the...

Q: Using the financial information is presented below:             Operating Expenses  $ 55,000      ...

A: Solution: Net sales = Sales - Sales returns and allowances - Sales discount = $160,000 - $13,000 - $...

Q: Trial Balance to be correced Account Titles Debit Credit Cash in Bank 25,000 Accounts Receivable 20,...

A: In trial balance Assets, Expenses and Drawings are debit balance account while Capital, Liabilities ...

Q: Particulars Opening stock at 30,000 the branch Goods sent to Branch Sales made in Particulars Expens...

A: Branch accounting was an system of book keeping where an entity maintain its books separately in eac...

Q: Prada Company maintains a mark up of 60% based on sales. The company's selling and administrative ex...

A: Solution: Sales = P1,440,000 Markup on sales = 60% Cost of sales = 40%  

Q: Which of the following would be considered a long-term liability? a. interest payable b. mortg...

A: Analysis of options a. interest payable Since interest will be paid within 12 months or normal cycle...

Q: Why are tax havens controversial?

A: Tax haven are part of a country where foreign investors have to pay a very low tax rate for certain ...

Q: On May 10, Bramble Corp. issues 1,200 shares of $7 par value common stock for cash at $12 per share....

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: Fundador Inc. makes two products, Wet and Dry, from a joint operating process. For the month of May ...

A: Net realizable value = Total sales - Further process costs where, Total sales = Sales price per unit...

Q: Samar Company’s Job 888 manufactured 13,750 units that were completed in February at unit costs pres...

A: A unit cost refers to the total expense which is incurred by the company to manufacture, store and s...

Q: SPS. Kate has put a lot of time and effort into streamlining the process to design and produce a gre...

A: answers 1. Advantage of offering credit:- a) It is a better tool for increase in sale volume. It may...

Q: Bert Baker and Ernestine Moffet were never formally married but have lived together as husband and w...

A: Introduction:- Bert Baker and Ernestine Moffet have been living together as husband and wife for the...

Q: es Corporation manufactures two products: Product O95C and Product M31N. The company uses a plantwid...

A: Solution: Under Activity based costing system, difference activities overhead cost are applied to co...

Q: Work in Process, January 1: Materials Conversion Cost Added this month: Materials 25,000 30,000 240,...

A: Units in Completed and Transferred The cost of the Completed and Transferred consist of: 1. Transfer...