greed by the mers for purposes of dete nen nterests in tne parthe of accounts receivable is to be set up as uncollectible in each book. handise inventory of Henry is to be increased by P 1, 000. urniture and fixtures of Gerry and Henry are to be depreciated by P 600 and P 900n
Q: nko Inc. reported the following balances at the end of each year: ...
A: >Accounts Payable are the balances of suppliers that have not yet been paid in cash for the purch...
Q: Record adjusting journal entries for each separate case below for year ended December 31. Assume no ...
A: journal entry help in keeping record of transaction. Transactions may have Debit balance or credit b...
Q: In 2014 Janice Martin fulfilled a life-long dream and moved her home-based cottage baking business t...
A: The contribution margin is excess of selling price over variable cost. While analyzing the decision ...
Q: For the year ended Dec. 31, 2019, Nando Company paid interest totaling P100,000. The prepaid intere...
A: Interest expense is an expense that is due on the amount borrowed from the lender. It is reported in...
Q: Statement 1: Under cash basis, if cash has been collected, revenue is recorded regardless of earning...
A: The accounting is based on different basis such as cash basis and accrual basis.
Q: a. Calculate the unit cost for each product using the appropriate cost drivers for each product. Not...
A: Solution Note : As per the Q&A guideline we are required to answer the first three subparts only...
Q: In 2O2O Coca Cola reported net operating revenues of P18.2 billion and cost of goods sold for P0.8 b...
A: The gross profit rate indicates the percentage of the profit earned by the business after deducting ...
Q: * Subscribe You are a merchandising company. Please make a random list of accounts with their balanc...
A: Introduction:- Merchandising is that the show and promotion of things purchasable at each wholesale ...
Q: Merville is a dealer in real properties. Merville requires 20% downpayment, and the balance is payab...
A: Answer: We have Gross profit = 40% of Selling price Selling price of lot 1 in 2019= P 1,350,000 Sel...
Q: What was Evander’s principal at the beginning of July
A: Solution:- Given, Evander Holyfield during his boxing career = $300 million made but, declared bankr...
Q: Choy, after receiving her degree in Hotel and Restaurant Management began her own business called Ch...
A: Accounting equation is one of the important concept in accounting which says that total assets must ...
Q: CCC Corp. has annual turnovers of inventory, receivables, and payables of 12, 18, 8 respectively. In...
A: Difference in cash conversion cycle = cash conversion cycle of CCC Corporation - Cash conversion cyc...
Q: 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 tot...
A: Net Sales = 20,00,000 Purchases = 12,00,000 Opening Inventory = 2,00,000 Closing Inventory = 3,00,00...
Q: How do Dividends Paid impact Declan's Designs' Statement of Cash Flows? Question 30 options: D...
A: >Statement of Cash flows is one of the financial statements, and is prepared for a particular per...
Q: Hi-Tek Manufacturing, Incorporated, makes two types of industrial component parts-the B300 and the T...
A: >There are various methods to allocate the overhead support costs that are not directly related t...
Q: Coca-Cola and PepsiCo are two of the largest and most successful beverage companies in the world in ...
A: Receivable means debtors and turnover mean how many times in a year credit sales is realized. In thi...
Q: Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $187,000, expenses of $104,700...
A: >Owner’s capital balance is the part of Equity.>It contains the amount of amount invested by t...
Q: Determinethestatusofthematerialandlabourfortheconcreteworkof the first floor.
A: Material and labour are two important resources that are used for production and manufacturing of go...
Q: Sheffield Corporation agrees on January 1, 2020, to lease equipment from Packers, Inc. for 3 years. ...
A: The question is based on the concept of Operating Lease in Lease Accounting. Operating lease does n...
Q: Assume that IBM leased equipment that was carried at a cost of $62,000 to Carla Vista Company. The t...
A: Answer - Lease Liability Recording - In recording lease Liability, the amount of lease Liability i...
Q: Required information [The following information applies to the questions displayed below.] a. Wages ...
A: A general journal is a daybook or subsidiary journal in which transactions relating to adjustment en...
Q: Undertaking to change name must be submitted. a. Corporation Code of the Philippines b. Revised Cor...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Record adjusting journal entries for each separate case below for year ended December 31. Assume no ...
A: >Adjusting entries are recorded, as part of completion of accounting cycle. >These are mad...
Q: TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year,...
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...
Q: Please see below. Use the accounts listed to create a multistep income statement.
A: Multi step income statement is a statement which categories operating and non operating incomes and ...
Q: Salaries Payable. At year-end, salaries expense of $25,500 has been incurred by the company, but is ...
A: Solution: Adjusting entries are those entries which are made to match the revenue or expense to the ...
Q: What is Declan's Designs' 2022 total "Common Stock Issuance" to be reported on its Statement of Cash...
A: The cash flow statement is prepared to record the cash flow from various activities during the perio...
Q: Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for fou...
A: Cost of Goods sold Under LIFO method using periodic inventory system, cost of goods sold is calculat...
Q: An analysis of the cash book and other records of Byle Corporation shows the following data: Account...
A: Purchase on credit = Ending accounts payable + Payment on the accounts payable - Ending accounts pay...
Q: y created a standard cost system to help control costs and has established the following standards f...
A: Material price variance = (Standard price - Actual price)*Actual quantity purchased Material quantit...
Q: Thermal Rising, Incorporated, makes paragliders for sale through specialty sporting goods stores. Th...
A: Activity based costing means where the product is valued on the basis of actual direct material , di...
Q: Required information Problem 6-9B Record transactions and prepare a partial income statement using a...
A: The multi-step Income Statement is a detailed vertical format income statement in which we can have ...
Q: When a company pays dividends a) the dividends account will be decreased with a debit. b) it doesn't...
A: >Dividends are the payments made to the stockholders for the amount invested by them in form of c...
Q: asked this question this afternoon but I got a wrong answer back. The wrong answer that someone g...
A:
Q: Knowledge Check 01 Select the correct term for the following types of users: Users Terms Customers P...
A: People who are outside the business entity and uses the business information to evaluate the perform...
Q: Statement 1: The cash basis is appropriate for some smaller entities
A: Cash basis is one of the methods of accounting. Under this method revenue is recognized when cash is...
Q: Shamrock Corporation manufactures drones. On December 31, 2019, it leased to Althaus Company a drone...
A: The question is based on the concept of Lease accounting. Financial Lease: A financial lease is a ty...
Q: LeBron James (LBJ) Corporation agrees on January 1, 2020, to lease equipment from Cullumber, Inc. fo...
A: Lease is an agreement or arrangement between two parties, in which one party provides its asset for ...
Q: 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average ...
A: The FIFO stands for First in First out and LIFO stands for Last in first out. Using average method, ...
Q: On January 1, 2021, Cameron Inc. bought 10% of the outstanding common stock of Lake Construction Com...
A: SOLUTION WORKING NOTE- PARTICULARS INVESTEE NET ASSETS OWNERSHIP INTEREST NET ASSET PURCHASED D...
Q: OSLO COMPANY–First Department Production Cost Report – Weighted Average Method For Month Ended May 3...
A: Equivalent units concept is used when opening or ending work in progress is not 100% complete but pa...
Q: Grouper Corporation leases equipment from Falls Company on January 1, 2020. The lease agreement does...
A: given Prepare Grouper’s journal entries on January 1, 2020, and December 31, 2020. Assume the annu...
Q: Bulgasal Company provided the following data: 2020 2021 Share capital (P100 par value) 5,000,000 5...
A: Solution Given 2020 2021 Share capital (P100 par value) 5,000,000 5,850,000 Sh...
Q: For the months of January and February, Crane Ltd. recorded cash deposits in its books of $5,100 and...
A: Given that there are no deposits in transit at the beginning of January. Cash deposit in January and...
Q: Arrangement of the Statement of Earnings Kim Renovation Inc. renovates historical buildings for com...
A: Under single-step statement of earnings all revenues are grouped together and all expenses are toget...
Q: 1. How much is the total expense? 2. How much is the net income? 3. What is the balance of the endin...
A: Here to give the details of analysis of the transaction which are incurred into the business entity ...
Q: Perpetual inventory using FIFO The following units of a particular item were available for sale d...
A: FIFO is first in first out method of inventory valuation or costing, under which inventory which is ...
Q: 2-a. Refer to the original data. How much will net operating income increase (decrease) per month if...
A: Operating income refers to the income or gross profit generated by the company from its operations o...
Q: 10. What is the net income under cash basis?
A: Cash basis of accounting is that accounting system under which only cash received are treated as inc...
Q: 6. The president does not want to change the selling price. Instead, he wants to increase the sales ...
A: Computation of New variable cost $40 + $1.5 $41.5 Increase in sale units $2160000 / $80 + 25% 33750 ...
please answer number 5. thank you
Step by step
Solved in 2 steps with 2 images
- Coburn (beginning capital, $60,000) and Webb (beginning capital $86,000) are partners. During 2022, the partnership earned net income of $74,000, and Coburn made drawings of $20,000 while Webb made drawings of $22,000.The following are the partnership agreement between partners Baby Love & Honey Sweet for their partnership’s profit distribution:A. Each partners shall be entitled for an annual salary of P50,000 each.B. 15% Bonus of partnership profits after salaries to Honey Sweet being a managing partner.C. 20% interest is given to both partners based on average capital ratio.D. Residual profit and loss shall be distributed on the ratio 2:2The ledgers of their capital balances are shown below: Baby Love Debit: July 1. P20,000 Credit: Jan 1. P80,000 Oct 1. P40,000 Honey Sweet Debit: Oct 1. P10,000 Credit: Jan 1. P120,000 May 1. 30,000 The partnership profit for the year is P150,000 before distribution to partners Required: 1. Prepare a Schedule for Profit Distribution.2. Journal entry to record the distribution of profit to partners.The conditions agreed by the partners for purposes of determining their interests in the partnership are presented below: 10% of accounts receivable is to be set up as uncollectible in each book. b. Merchandise inventory of Henry is to be increased by P 1, 000. The furniture and fixtures of Gerry and Henry are to be depreciated by P 600 and P 900 respectively. a. c. Required: Prepare the necessary journal entries to record the formation of the partnership. Problem #4 Froilan Labausa contributed land, inventory and P 280,000 cash to a partnership. The land has a book value of P 650, 000 and a market value of P 1,350,000. The inventory has a book value of P 600,000 and a market value of P 510,000. The partnership also assumed a P 350,000 note payable owed by Labausa that was used to purchase the land. Rosalie Balhag agreed to put up cash equivalent to Labausa's net investment. REQUIRED: prepare the journal entry to record Labausa's and Balahag's investment in the partnership. Problem #5…
- A partnership began its first year of operations with the following capital balances: Young, Capital $ 143,000 Eaton, Capital $ 104,000 Thurman, Capital $ 143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: Young was to be awarded an annual salary of $26,000 and $13,000 salary was to be awarded to Thurman. Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. Each partner withdrew $13,000 per year. Assume that the net loss for the first year of operations was $ 26,000 with net income of $52,000 in the second year. What was Thurman's total share of net income for the second year? Multiple Choice $17,160 income. $4, 160 income. $19,760 income. $ 17,290 income. $28,080 income.A partnership began its first year of operations with the following capital balances: Young, Capital $ 143,000 Eaton, Capital $ 104,000 Thurman, Capital $ 143,000 The Articles of Partnership stipulated that profits and losses be assigned in the following manner: Young was to be awarded an annual salary of $26,000 and $13,000 salary was to be awarded to Thurman. Each partner was to be attributed with interest equal to 10% of the capital balance as of the first day of the year. • The remainder was to be assigned on a 5:2:3 basis to Young, Eaton, and Thurman, respectively. • Each partner withdrew $13,000 per year. Assume that the net loss for the first year of operations was $26,000 with net income of $52,000 in the second year. What was the balance in Young's Capital account at the end of the first year? ● ● Multiple Choice O $120,900 $118,300CC admits DD as a partner in business. Accounts in the ledger for CC on November 30, 20x4, just before the admission of DD, show the following balances: Cash.... P 6,800 Accounts Receivable... 14,200 Merchandise Inventory... 20,000 Accounts Payable.. . 8,000 CC, Capital... 33,000 It is agreed that for the purposes of establishing CC's interest the following adjustments shall be made: 1. An allowance for doubtful accounts of 3% of account receivable is to be established. 2. The merchandise inventory is to be valued at P23,000. 3. Prepaid salary expenses of P600 and accrued rent expense of P800 are to be recognized. 1 DD ic to invest sufficient cash to obtain a 1/3 interest in the
- The following transactions are shown in the records of A partner's capital and drawing accounts: A, capital 1. Beginning balance, 100,000 2. Correction of understement of prior year's income, 10,000 3. Additional invetsment, 240,000 A, drawing 1. Temporary withdrawals, 60,000 2. Partnership debts paid by A, 90,000 3. Partnership claims collected and retained by A, 20,000 The partnership has a debit income summary balance amounting to 150,000 of which 1/3 is the hsare of A. Required: 1. Prepare the T-accountrs for A's capital and -account for A's drawing. Determine their respective ending balances. 2. Make the journal entries to close the income summary account and to close the drawing account. Problem II - Loans to and from Partners The loans to and…The following transactions are shown in the records of A partner's capital and drawing accounts: A, capital 1. Beginning balance, 100,000 2. Correction of understement of prior year's income, 10,000 3. Additional invetsment, 240,000 A, drawing 1. Temporary withdrawals, 60,000 2. Partnership debts paid by A, 90,000 3. Partnership claims collected and retained by A, 20,000 The partnership has a debit income summary balance amounting to 150,000 of which 1/3 is the hsare of A. Required: 1.Make the journal entries to close the income summary account and to close the drawing account.After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $64,900 and $86,500, respectively. Lewan Gorman is to be admitted to the partnership, contributing $43,300 cash to the partnership, for which he is to receive an ownership equity of $50,500. All partners share equally in income. Required: a. On December 31, journalize the entry to record the admission of Gorman, who is to receive a bonus of $7,200. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. What are the capital balances of each partner after the admission of the new partner? c. Why are tangible assets adjusted to current market prices, prior to admitting a new partner?
- After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $44,920 and $60,890, respectively. Lewan Gorman is to be admitted to the partnership, contributing $32,080 cash to the partnership, for which he is to receive an ownership equity of $36,650. All partners share equally in income. Required: a. On December 31, journalize the entry to record the admission of Gorman, who is to receive a bonus of $4,570. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. What are the capital balances of each partner after the admission of the new partner? c. Why are tangible assets adjusted to current market prices, prior to admitting a new partner? Chart of…The following transactions are shown in the records of A partner's capital and drawing accounts: A, capital 1. Beginning balance, 100,000 2. Correction of understement of prior year's income, 10,000 3. Additional invetsment, 240,000 A, drawing 1. Temporary withdrawals, 60,000 2. Partnership debts paid by A, 90,000 3. Partnership claims collected and retained by A, 20,000 The partnership has a debit income summary balance amounting to 150,000 of which 1/3 is the hsare of A. Required: 1. Prepare the T-accountrs for A's capital and -account for A's drawing. Determine their respective ending balances. 2. Make the journal entries to close the income summary account and to close the drawing account. Answer it which can easily understand by a studentThe following transactions are shown in the records of A partner's capital and drawing accounts: A, capital 1. Beginning balance, 100,000 2. Correction of understement of prior year's income, 10,000 3. Additional invetsment, 240,000 A, drawing 1. Temporary withdrawals, 60,000 2. Partnership debts paid by A, 90,000 3. Partnership claims collected and retained by A, 20,000 The partnership has a debit income summary balance amounting to 150,000 of which 1/3 is the hsare of A. Required: 1. Prepare the T-accountrs for A's capital and -account for A's drawing. Determine their respective ending balances.