Discuss further on liabilities of partners and share your thoughts on the issues alone.

Q: What is the maximum deductible contribution into a Traditional IRA in 2021?

A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any c...

Q: A taxpayer would be required to pay Social Security and Medicare taxes for a domestic employee in al...

A: In general, payments of salaries for services done as an employee in the United States are subject t...

Q: In an adverse opinion is expressed on the audited FS, the auditor shall express a disclaimer of opin...

A: Auditor opinion is statement the statement by independent auditor on finalizing statement of entity....

Q: Which of the following types of income is not subject to the "kiddie tax"?

A: Solution:- Kiddie Tax:- The Kiddie tax is tax on child's unearned income. "If the child's unearned i...

Q: Home Office P 256,000 210,000 Branch P 78,500 Sales Purchases from outsiders 20,000 Shipments to bra...

A: Net Income/(Loss):   Home office Branch Sales (A) 256000 78500 Cost:     Purchase from outs...

Q: ABC Company reports the following cost information for December:Cost of goods manufactured P135,800;...

A: Cost of goods manufactured means total costs incurred on manufacturing and production of goods. 

Q: True or false. Debit Increases in assets and expenses, decreases in liabilities and revenue?

A: The different accounts in the business have debit and credit balance.  The assets and expenses have ...

Q: PROBLEM 4. Cindy, Inc., sells a single product. The company's most recent income statement is given ...

A:

Q: Gail is a single elementary school teacher. She buys the following items for use in her classroom in...

A: Construction paper and tissues $45 Materials for decorating the classroom bulletin boards $200 A...

Q: Atlanta Systems produces two different products, Product A, which sells for $650 per unit, and Produ...

A: Activity rate = Total cost for the activity / Total no. of the activities where, Total no. of the ac...

Q: . Your company issues $10,000,000 in 4% bonds maturing in 10 years on January 1, Year 1. Interest wi...

A: Bonds appear to be a form of a financial asset that falls under the category of fixed income assets....

Q: d the following beginning and ending values in its three inventory acc v Materials Inventory rk-in-P...

A:

Q: tion of costs to the activity cost pools. Removing asbestos Estimating and Job Setup Working on Nonr...

A: Under the first stage allocation , the cost are distributed among the different activities as per th...

Q: Direct materials: $2,200 Factory overhead: $490 Direct labor: $900 Beginning work in process: none (...

A: Solution:- Cost of goods manufactured can be computed by cost sheet. Cost sheet is enumerated as bel...

Q: Problem 8-14 Intangibles (LO 8.6) Derek purchases a small business from Art on July 30, 2021. He pai...

A: An intangible asset is a distinguishable non-monetary asset that lacks physical substance. When an a...

Q: Prepre Journal Entries May Made cash sales of $7,100; the cost of the inventory was $3,600. 1 Purcha...

A: Journal entries: Date Account Journal Debit $ Credit $ May 1 Cash 7,100     Cost of goods sol...

Q: Fill in the blanks with these terms: tangible asset, income statement, cash, statement of cash flow,...

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...

Q: E and Y formed a partnership on January 1, 2020. X contributed net assets of P500,000 and Y no apita...

A: Answer) Calculation of Ending Balance of YX’s Capital Ending Balance of X’s Capital = Beginning Bala...

Q: The term ‘economic resource’ connotes A. Liability B. Asset C. Equity D. Income

A: Economic resources are essential for business operations.

Q: a. What is the adjusted balance on the bank reconciliation? b. Journalize any necessary entries for ...

A: Bank reconciliation seems to be a critical accounting procedure wherein firms compare their bank sta...

Q: Problem 7-19 Education Tax Credits (LO 7.5) Janie graduates from high school in 2021 and enrolls in ...

A:   On first $ 2,000          2,000 =2000*100% On Next $2,000        500 =2000*25% Total credit...

Q: Problem 5 The Lychee Company is on a calendar year basis. The following data are available ➢Goods in...

A: Solution Inventory is the raw material used to produce goods as well the goods that are available fo...

Q: ng data were gathered to use in reconciling the bank account of Reddan Company: nce per bank $17,500...

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...

Q: Part 2: Music, Inc. Music, Inc. had the following beginning and ending values in its three inventory...

A: A company's net income is the amount of accounting profit it has after deducting all of its expenses...

Q: Calaguas and Dela Cruz formed a partnership and invested the following assets ane Two Sole Proprieto...

A: Partnership is one of the agreement or arrangement between two or more than two persons in which the...

Q: Multiple choice: 1. The measure of how quickly an item can be converted into cash is referred to as ...

A: 1. Liquidity is the measure of how quickly an item can be converted into cash i.e. conversion of ass...

Q: our Corporation has received a request for a special order of 6,000 units of its product for $19 eac...

A: Your Corporation has received a request for a special order of 6,000 units of its product for $19 ea...

Q: Problem 9-7 The FICA Tax (LO 9.3) (No COVID-19 provisions) Lamden Company paid its employee, Trudy, ...

A: Since the federal government forces companies to deduct these taxes from individuals' paychecks, FIC...

Q: Jerry and Ann paid the following amounts during the current year: Interest on automobile loan $1,50...

A: Introduction:- Some of the  itemized deductions are enumerated as below:- 

Q: what amount will be reported for Shareholders’ Equity in the combined company’s statement of financi...

A: While consolidating financial statements, the combined value of assets and liabilities of both the f...

Q: Multiple choice: 1. Which of the following is most likely considered an adjusting entry? A. The entr...

A: The accounting is a process to identify the business transactions, record the transactions and prepa...

Q: Beginning inventory last year held 2 000 rollers. The normal capacity is 29 000 units. Compute the v...

A: Variance is the difference between estimated or budgeted cost of production and actual cost of produ...

Q: What is a base rate entity

A: The rate at which the government or the taxation authorities charges fees (tax) is known as the tax ...

Q: True or false This year’s beginning inventory is always last years’ ending inventory?

A: The ending inventory is valued as difference between total cost of inventory available for use and i...

Q: What is a base rate entity? And what rates of tax are payable by these entities?

A: Base rate entity refers to those entity or company which have aggregate turnover lower than threshol...

Q: Sale of land $ 194,000 Purchase of treasury stock 33,000 Isuance of common stock 116,000 Payment of ...

A: Theory concept: Cash flows from Investing activity: All cash transactions relating the purchase and ...

Q: Many producers of complex products actually combine manufacturing processes with assembly duties. Th...

A: The technique of replacing a projected cost for just an actual cost within accounting records would ...

Q: Multiple choice: 1. At the beginning of the period, a business has a cash balance of ₱20,000. During...

A: Ending cash balance = Beginning cash balance + Cash collections - cash payments

Q: Bad Brad's would report net cash inflows (outflows) from investing activities in the amount of: Mult...

A: The cash flow statement of a business includes cash flow from investing. Cash flows from investing a...

Q: 3. The following information came from the books and records of ABC Corporation and its branch. The ...

A: Branch Accounting is a book-keeping system in which separate accounts are maintained for each branch...

Q: . Which of these forms has additional lines for overhead application? a.Work-in-process inventory f...

A: Overhead application refers to the assignment of the costs of factory overhead to the produced units...

Q: Chris micro chip produces and sell its product at the price of P160 with its variable cost of P64. T...

A: Contribution of the product can be found out by subtracting selling price from its variable cost. Br...

Q: Which of the following evidence gathering techniques is a CPA most likely to be utilized when perfor...

A: Audit Evidence: The information gathered by an auditor in order to determine the correctness and con...

Q: Atlanta Systems produces two different products, Product A, which sells for $450 per unit, and Produ...

A: Calculation of Manufacturing cost per unit of Product A and Product B   (per unit)  Product A   P...

Q: 1. Which of the following is true about the self-employed health insurance deduction? a.The cost of ...

A: As per the bartleby guidelines, in case of different question answer first 3 only   You may be able ...

Q: Sele 00 S10,000 $12.000 $12,500 12/31/YRS 12/31/YRS 00 00 s of the above transacions and what is the...

A: Capital Gains are taxed at different rate depending on their holding period. If the asset is sold af...

Q: Parent and Sub Inc had the following balance sheets on December 31, 2021 (see image below). On Janua...

A: Solution Formula- Goodwill = (Fair value of current assets + fair value of current liabilities )-(cu...

Q: 1. The loss absorption balances represent the maximum loss that the partners could absorb without re...

A: Answer -    1. True.  The loss absorption balances represent the maximum loss that the partners coul...

Q: Your Company makes and sells electric fans. Each fan regularly sells for $42. Your Company is now se...

A: Operating income = Sales Revenue - Total Variable costs - Total Fixed costs  Variable cost is the co...

Q: Which of the following types of income is subject to the self-employment tax? a.Dividends from stock...

A: First of all we need to understand what is self emploment- In simple words we can say self employmen...

Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc. 

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.