Rosy, Roland and Robert were partners with capital balances as at year end of P250,000; P350,000; P400,000, respectively. The partner's agreement stated that profit sharing will be based on year-end capital balances. If the net income for the year before 30% income tax amounted P280,000, how much will be the profit share of Roland
Q: Q3 The following was extracted from the accounting records of a trader on 28 February 2015:…
A: Hi student Since there are multiple subparts, we will answer only first three subparts. Assets…
Q: Analyze the following: I – An entity shall classify a noncurrent asset as held for sale when the…
A: Non-Current Asset: Non-Current Asset is an asset which is acquired by a company in hoping to get…
Q: Analyze the following: I – The features most frequently associated with preference shares exclude…
A: Preference shares are one of the type of shares. These are the shares who get the benefit of…
Q: Analyze the following: I – If a new issue of shares for cash is made between the year-end and the…
A: Lets understand the basics. Earning per share shows how much earning is available per equity share…
Q: Vernon Publications established the following standard price and costs for a hardcover picture book…
A: Introduction:- A budget is an estimation of revenue and expenses over a defined period of time.
Q: Johnston Corp. manufactures computer desks in its Syracuse, New York, plant. The company uses…
A: Costs of manufacturing include material costs as well as the costs of turning raw materials into…
Q: The Parent Company purchased common stock of Sub Company in a series of open-market purchases in…
A: INTRODUCTION: Common stock is what most people see when they consider "stock." All of the shares in…
Q: On June 1, 2022 Bedu, Budi, and Bobi were three friends who wanted to form a new firm which would be…
A: Partnership is one of type of business formation where two or more individuals come together and…
Q: Statement of Financial Position Cash 10,000 Accounts payable $15,000 Accounts…
A: Note: As per our guidelines, we will solve the first three subparts for you. 1. Alternative #1…
Q: Selected comparative financial statements of Korbin Company follow. Comparative Income Statements…
A: Under vertical analysis assets and liabilities are classified as a percentage of those of a base…
Q: how much should you be willing to pay for this stock today?
A: Given in the question: Dividend at year 2 = P7.50 Expected Rate of Return = 15% Expected price to…
Q: ABC prepares statements on the cash basis. The balance sheet as of December 31, 2021 and income…
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are…
Q: Sales Contribution margin Total direct fixed costs Total operating assets Jan. 1, 2022 Total…
A: Formula used: ROI: Division of Average operating assets with Net profit derives the ROI. ROI = Net…
Q: PA8-3 (Algo) Recording Notes Receivable Transactions [LO 8-3] C&S Marketing (CSM) recently hired a…
A: A record is often kept in the accounting records, but it can also be kept in a single account,…
Q: Pearson ACT-Sole Proprietorship Google Chrome #act pearsoncmg.com/activity/2/7 Collected cash for…
A: Answer:- Collected cash for future services:- Account #1 Account Type…
Q: 7 Supplies had a beginning balance of $4.500. During the period, $15.00 of Supplies were purchased.…
A: Adjusting entry refers to the entry which is recorded in the general ledger which should be…
Q: Eric Williams is a cost accountant and business analyst for Diamond Design Company (DDC), which…
A: Lets understand the basics. Direct material price variance is a variance between the rate at which…
Q: The following financial statements and additional information are reported. At June 30 Assets Cash…
A: The cash flow on total assets ratio is calculated as cash flow from operating activities divided by…
Q: Forrester Company is considering buying new equipment that would increase monthly fixed costs from…
A: For New Equipment: Fixed costs = $150,000 Variable cost = $60 per unit Selling price = $100 per unit…
Q: Required information [The following information applies to the questions displayed below.] On…
A: INTRODUCTION: Liability is a wide phrase that encompasses nearly any type of obligation,…
Q: Forrester Company is considering buying new equipment that would increase monthly fixed costs from…
A: Contribution margin = Sales price (-) variable cost Contribution margin ratio = Contribution…
Q: Prepare statement of cash flows-indirect method. Beginning cash balance Accounts payable decrease…
A: Cash flow statements is one of the financial statement used to identify the cash spent and earned on…
Q: Analyze the following: I – The cumulative feature of preference shares requires that dividends not…
A: Shares can be of various types. The most commonly traded shares are preference shares an equity…
Q: Global Radio Company, which is trying to decide whether to introduce as a new product a wrist…
A: In the given question, first break-even point will be calculated. It is the point at which the sales…
Q: (a) Bara Enterprise manufactures product Alpha. The following information is for the year 2021:…
A: Sales budget is the statement which is prepared to forecast the future sales of a business. It is…
Q: Accountants refer to an economic event as a
A: The accountant is the person that keeps a record of all transactions of the company. The accountant…
Q: On January 2, 2019, Whistler Company purchased land for $480,000, from which it is estimated that…
A: Depletion refers to the measure which is linked with the depletion amount of the extraction of the…
Q: Solaris Company Limited , makers of solar water heaters, uses a perpetual inventory system. The…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Capital Sales Bank overdraft Vehicles Advertising Inventory (01/12/04) Cartage inwards Drawings…
A: 1. Trading Account - Trading account contains all the sales and purchase transaction. The result of…
Q: The manager of the Bank of Mount Royal just phoned Daniel and offered the company same-day deposit…
A: 1. Average daily collection float = (Credit sales) / 365 = ($3,500,000 x 0.70) x17 / 365 =…
Q: What is the asset turnover for 2021
A: Assets Turnover:— It is the Ratio between net sales of the company and Total Assets of the Company.
Q: Units Cost Beginning inventory Purchase (April 3) Sale (April 10) Purchase (April 18) Purchase…
A: LIFO is last in first out inventory valuation method which says that inventory which is purchased…
Q: Starbucks financial statements provided, calculate and interpret the long-term liabilities ratios we…
A: Long-term liabilities ratios or long-term debt ratio refers to the ratio which reflects the number…
Q: PT. Manukdadali has $100 maximum in Petty Cash. On June 27, 2022 the Petty Cash of PT. Manukdadali…
A: Cash spend is $92
Q: Contingent Fees) Fatima Alabanza is president of Sizzling Corporation, a nonpublic manufacturer of…
A: Part A: By giving these services, Mendoza wouldn't go against "the Code of Ethics for Professional…
Q: Jasin Company projected operating income (based on sales of 450,000 units) for the coming year as…
A: Break-even point (BEP): Breakeven is the point where total expenses are equal to total revenue. at…
Q: Franklin Company established a predetermined fixed overhead cost rate of $36 per unit of product.…
A: Introduction: Fixed cost spending variance: Deduction of Actual fixed costs overheads from Budgeted…
Q: Should a firm have a firm grasp of the concepts of differential cost, opportunity cost and sunk cost…
A: Differential cost is the difference between two alternative projects or decisions. If a company has…
Q: Oster Company Ltd. manufactures dusk to dawn lamps. The following are the details of their operation…
A: In the context of the given question, we are required to compute the tradeoffs in costs involved in…
Q: Mark Goldsmith's broker has shown him two bonds issued by different companies. Each has a maturity…
A: As per our guidelines only first question of the 3 asked here can be solved. So here is the solution…
Q: used for the prior five years-see Analys me statement, identify with numbers the a isposal on se ne…
A: Income statement (IS) is the statement which states the position at the end of the fiscal year or…
Q: A company reports earnings per share on common stock of $2.00 when the market price of per share of…
A: The price earning ratio, also known as P/E ratio or PER is the ratio of a company. Share price to…
Q: [The following information applies to the questions displayed below.] The following financial…
A: Statement of Cash Flow - Statement of Cash flow shows shows the movement of cash in the financial…
Q: On May 2, Mr. Blasi purchased land for $14,500 and a theater building for $30,500, paying cash in…
A: As per Golden rule of real account, we should Debit what comes in and credit what goes out.
Q: Information on a note receivable: Face amount P800,000 Effective Interest 14% PV of P1 @14%, n= 5…
A: Lets understand the basics. When note is issued and its payable over installements then it needs to…
Q: Rush Company incurred a total cost of $5,600 to produce 400 units of pulp. What is the total fixed…
A: Total variable cost = 400 units × $7.5 per unit = $3,000
Q: G. From the following particulars, you are required to find out the errors in cash book and bank…
A: A bank reconciliation statement compares an entity's bank account to its financial records and…
Q: A man is paid on a salary-plus-commission basis. He receives $275 weekly in salary and a commission…
A: Given information Weekly salary = $275 Commission = 5% over Sales of $2020 Weekly sales = $7825
Q: During December, Moulding Corporation incurred ·26,000 of actual Manufacturing Overhead Cost. During…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: National Co.’ CFO has provided the following information: · The company’s capital budget is…
A: A Residual Dividend Policy is a dividend distribution policy where amount of dividend paid is the…
Step by step
Solved in 2 steps
- Juan, Pedro, and Pablo agreed on profit-sharing of 2:5:3. By the end of 2022, their respective capital balances after income distribution and profit sharing are as follows: Juan – P 90,000; Pedro – P 85,000; Pablo – P 120,000. The partners agreed to maintain their capital balance, but adjust their equity based on their profit-sharing ratio. How much cash will be distributed to/(Invested by) Pedro?X, Y, and Z are partners sharing profits and losses in the ratio of 5:3:2. During the year, their investments and withdrawals are as follows: Investment of X, Y, and Z for P200,000, P175,000 and P375,000 respectively. Withdrawals of X, Y, and Z amounting to P125,000, P62500 and P62,500 respectively. On December 31, 2021, the partners decided to liquidate their business. After exhausting partnership assets, liabilities of P125,000 remain unpaid. X is personally insolvent. The gain or loss on realization is:A, B and C are partners sharing profits and losses in the ratio of 3:2:1 after the bonus (20% of net income) to A and the salary provision of P3,000 to A. They have beginning balances of P30,000 each at the beginning of the year. A contributed an additional P30,000 while B contributed an additional P20,000. The partnership had net income of P30,000. How much should be the increase in the capital balance of A?
- Pan and Sit share profits in the ration of 3:2. However, Pan is to receive a bonus of 20% of the profits, in addition to her profit share. The partnership made a profit for the year of P24,000 before the bonus. Assuming Pan's bonus is computed in profit after deducting said bonus, how much profit share will Sit receive?ASSUMING GOCE & OLIVEROS PARTNERSHIP are partners IN TRADE. the 2020 financial records. SERVICE REVENUE 4,490,000; COST OF SERVICE 1,610,000; OPEX 800,000 THE PROFIT AND LOSS IS DISTRIBUTED 55% GOCE AND 45% OLIVEROS. GOCE IS ALSO ENGAGED IN BUSINESS WITH THE FOLLOWING DATA FOR THE YEAR GROSS SALES 2,500,000; COST OF SALES 1,250,000 AND OPEX 550,000. HOW MUCH IS THE INCOME TAX PAYABLE OF GOCE & OLIVEROS PARTNERSHIP? DISTRIBUTABLE SHARE OF OLIVEROS? FINAL TAX OF GOCE? FINAL TAX OF OLIVEROS? Use Philippine tax laxpartners De Guzman and Tugade receive a salary allowance of P30,000 and P70,000, respectively, and share the remainder equally. Ifthe company earned P40,000 during the period, what is the effect on Tugade’s Capital?
- Hay, Straw and Clover formed the HSC Partnership, agreeing to share profits and losses equally. Clover will manage the business for which he will receive a guaranteed payment of $30,000 per year. Cash receipts and disbursements for the year were as follows: Net income from operations (before guaranteed payment) $ 90,000 Guaranteed payment to Clover 30,000 What amount of income will each partner report on their personal return?The net income of the Mohammad and Ahmed partnership is 250,000. The partnership agreement specifies that profits and losses will be shared equally after salary allowances of 200,000 (Mohammad) and 300,000 (Ahmed) have been allocated. At the beginning of the year, Mohammad's Capital account had a balance of 500,000 and Ahmed's Capital account had a balance of 650,000. What is the balance of Mohammad's Capital account at the ?end of the year after profits and losses have been distributed 825,000.a O 375,000.b O 625,000 .cO 575,000.d OBeth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a monthly salary of P10,000 to each partner and bonus of 20% to Beth. Determine the share of each partner and record the distribution on the following independent situations: If Luz received a profit share of P50,000 after six months, how much did Beth receive? Assume bonus is based on net income before bonus. b) id Luz received a profit share of P50,000 after one year, how much did Beth receive? Bonus is based on the net income after bonus.
- Alex and Brix are partners. A salary of P 50,000 is given to Alex and balance shall be divided equally. Assuming that profit is P 20,000, how much will Alex receive as share in the profit?Graeme, Bella and Anne are partners with capital balances of $90,000, $70,000, and $50,000, respectively. The partners agreed to share profits and losses as follows: Salary allowances of $7,000 to Graeme, $8,000 to Bella and $14,000 to Anne. Interest allowances of 10% on beginning-of-year capital balances Balance to be divided equally. If profit for the year is $220,000, calculate each partner's share and prepare the appropriate journal entry to close the Income Summary to the capital accounts.A, B and C are partners with C as industrial partner. A and B contributed P20,000 and P30,000 respectively. If in year 1 the partnership earned P50,000 and in year 2 suffered losses of P60,000. They decided to distribute profits and losses after the second year with the industrial partner getting 10% share. How will the profits or losses be shared by each partner in this case? Explain.