ADVANCED FINANCIAL ACCOUNTING IA
12th Edition
ISBN: 9781260545081
Author: Christensen
Publisher: MCG
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Chapter 16, Problem 16.12AE
To determine
Concept introduction:
Personal financial statement: Each partner is required to furnish personal financial statements to determine each partner’s personal solvency. A personal financial statement consists of a statement of financial condition or a personal balance, sheet and statement of change in net worth, or personal income statement. ASC 274 gives guidelines for the preparation of personal financial statements.
The statement of change in net worth for August 31, 20X3
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Students have asked these similar questions
The following cumulative balances during the year 2018 on income and expenses were provided by Tupac Shakur, a resident citizen.
1st quarter
2nd quarter
3rd quarter
4th quarter
Gross sales
300,000.00
650,000.00
910,000.00
1,200,000.00
Cost of Sales
120,000.00
262,000.00
405,890.00
426,700.00
Creditable Withholding Tax
-
5,000.00
25,000.00
25,000.00
Dividends-domestic corporation
20,000.00
20,000.00
30,000.00
30,000.00
Interest income - domestic
BPI
4,000.00
8,000.00
12,000.00
16,000.00
UCPB
8,000.00
12,000.00
16,000.00
18,000.00
METROBANK
5,000.00
10,000.00
15,000.00
30,000.00
CAPITAL GAIN ON SALE OF LAND
150,000.00
150,000.00
150,000.00
150,000.00
>SELLING PRICE IS P600,000…
FACTS / DATA / GIVEN:
Тахраyer:
Taxable period:
• Receipts/earnings during the period:
Resident citizen
2nd quarter
Description
Collections for services rendered in 2nd
Amount
P50,000
quarter
Collections for services rendered in 1st
20,000
quarter
Collections for services to be rendered in
the 3rd quarter
Uncollected billings in 1st quarter
Uncollected billings in 2nd quarter
30,000
10,000
15,000
COMPUTE: Taxable income in the 2nd quarter using ACCRUAL basis
A. 80,000
В. 95,000
ОС. 100,000
D. 115,000
Using accrual basis, how much is the reportable gross income in 2021?
A. 8,000,000B. 9,000,000C. 11,000,000D. 12,000,000
Chapter 16 Solutions
ADVANCED FINANCIAL ACCOUNTING IA
Ch. 16 - What are the major causes of a dissolution? What...Ch. 16 - Prob. 16.2QCh. 16 - Prob. 16.3QCh. 16 - Prob. 16.4QCh. 16 - Contrast a lump-sum liquidation with an...Ch. 16 - Prob. 16.6QCh. 16 - Prob. 16.7QCh. 16 - Prob. 16.8QCh. 16 - Prob. 16.9QCh. 16 - Prob. 16.10Q
Ch. 16 - Prob. 16.11QCh. 16 - The installment liquidation process uses a...Ch. 16 - Prob. 16.13QCh. 16 - Prob. 16.14QCh. 16 - Prob. 16.15QCh. 16 - Cash Distributions to Partners Analysis The...Ch. 16 - Prob. 16.2CCh. 16 - Prob. 16.3CCh. 16 - Sharing Losses during Liquidation Research Hiller,...Ch. 16 - Prob. 16.1.1ECh. 16 - Prob. 16.1.2ECh. 16 - Prob. 16.1.3ECh. 16 - Prob. 16.1.4ECh. 16 - Prob. 16.1.5ECh. 16 - Prob. 16.1.6ECh. 16 - Prob. 16.1.7ECh. 16 - Prob. 16.2.1ECh. 16 - Prob. 16.2.2ECh. 16 - Prob. 16.2.3ECh. 16 - Prob. 16.2.4ECh. 16 - Prob. 16.2.5ECh. 16 - Prob. 16.2.6ECh. 16 - Prob. 16.3ECh. 16 - Prob. 16.4ECh. 16 - Prob. 16.5ECh. 16 - Prob. 16.6ECh. 16 - Prob. 16.7ECh. 16 - Prob. 16.8ECh. 16 - Confirmation of Cash Distribution Plan Refer to...Ch. 16 - Prob. 16.10ECh. 16 - Prob. 16.11.1AECh. 16 - Prob. 16.11.2AECh. 16 - Prob. 16.11.3AECh. 16 - Prob. 16.11.4AECh. 16 - Prob. 16.11.5AECh. 16 - Prob. 16.11.6AECh. 16 - Prob. 16.11.7AECh. 16 - Prob. 16.11.8AECh. 16 - Prob. 16.11.9AECh. 16 - Prob. 16.11.10AECh. 16 - Prob. 16.11.11AECh. 16 - Prob. 16.12AECh. 16 - Prob. 16.13PCh. 16 - Prob. 16.14PCh. 16 - Prob. 16.15PCh. 16 - Prob. 16.16PCh. 16 - Prob. 16.17PCh. 16 - Prob. 16.18PCh. 16 - Matching Terms Match the items in the left-hand...Ch. 16 - Prob. 16.20P
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