Festus, capital
Q: Operating costs are an important criteria when selecting what machinery would be the best choice for…
A: The formula for the total equivalent uniform annual worth (EUAW) is given below:- EUAW = EUAB…
Q: Companies keep a permanent record of transactions, and every transaction is documented. If you are…
A: Accounting Accounting means recording, summarizing, and analyzing the business transactions so that…
Q: inventory of raw materials at 50% of the coming month's budgeted production needs. Each unit of…
A: To Determine the quantity of raw materials that are required to be purchased for June, the following…
Q: Analytical procedures are often performed on accounting ratios. Discuss the usefulness of analytical…
A: Final analytical procedures are performed to have an overall review of the financial statements. It…
Q: 33. T/F. Like the private sector, the external audit report is addressed to the citizens whereas…
A: The given statement is false... The audit report is to be prepared in accordance with the applicable…
Q: Monty Corp. reports the following for the month of June. Units Unit Cost Total Cost…
A: GIVEN Monty Corp. reports the following for the month of June. Units Unit Cost…
Q: Marsteller Properties Inc. owns apartments that it rents to university students. At December…
A: Marsteller Properties Inc., as indicated in the inquiry, rents apartments to college students. The…
Q: andra, d Sing axpayer, was $78,195. Deternmine Sandra's tax llability
A: Working notes :- The standard…
Q: Net realizable val = purchases entory - Decembe
A: The theory of lesser of cost or net realizable value states that inventory must be recorded at the…
Q: With respect to conversion costs, how many equivalent units were calculated for the product that was…
A: First step is to find out the physical units Units started 40,000 Completed…
Q: The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as…
A: The cash flow statement is part of the financial statements of the company. It is prepared at the…
Q: a. Using the above information, compute the Net Present Value (NPV) if the company delayed the…
A: Cost of the project 100 Million Life of the project 3 years High- Demand…
Q: Brooke Company used a perpetual inventory system. At the end of 2012, the inventory account was…
A: Introduction: The total amount your organisation paid as a cost directly tied to the selling of…
Q: The following describes the job responsibilities of two employees of Barney Manufacturing.Joan…
A: The duties that an individual does at work in accordance with their specific function are referred…
Q: Under the perpetual system, what is the moving average unit cost on January 31?
A: Introduction:- The following methods used for valuing inventory as follows under:-- LIFO FIFO…
Q: Fox Co. has identified an investment project with the following cash flows. Year 1 Cash Flow $1,330…
A: Calculation of present value factor : Year (n) Present value factor (r = 12%) Present value…
Q: Match each term in Column A with its related definition in Column B.Column A1. Spot rate2. Currency…
A: Spot rate - The price at which an asset can be swapped right away is known as the spot rate. The…
Q: The adjusting entry to record the depreciation of a building for the fiscal period is a.debit…
A: Fixed assets are those assets which are held by the business for longer period of time. Depreciation…
Q: Lansing Electronics Inc. manufactures a variety of printers, scanners, and fax machines in itstwo…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: a) Prepare all journal entries necessary for the investment-related transactions in 2021. 1. b)…
A: Fair value is the price agreed upon by a willing buyer and seller. The fair value of the stock is…
Q: The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a.…
A: Job costing is a way of accounting that allows you to keep track of the costs of different projects…
Q: 30. T/F. GAO stands for Government Accounting Office
A: The question is related to true or false.
Q: 10.Gould Enterprises sells computer disks for $150 per disk and variable expenses of $90 per unit.…
A: Margin of safety in dollars = Total sales revenue - Break even point in dollars
Q: B. Last year, Nikkola Company had net sales of P2,299,500, and cost of goods sold of P1,755,000.…
A: Lets understand the basics. Account receivable turnover ratio indicates how efficiently company is…
Q: It says the answer is in
A: What is meant by Return on Total Assets? It shows the amount of income earned due to its average…
Q: If you were a user of financial statements, what type of ratio/analysis do you think would be most…
A: ANSWER Before investing in a company there are several financial ratios which needs to be examined…
Q: Joseph income from various souces are $ 75500 LTCG is $ 510000 Exemption cannot be $ 180000 Tax rate…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Firsts step…
Q: Stute whether the following are non-current assets, current assets, owner's equty. non-current…
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: Supplies $ 32,000 Service Revenue $ 110,000 Supplies Expense 9,000 Salaries and Wages Expense 38,000…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Weighted Average Method, Nonuniform Inputs, MultipleDepartmentsBenson Pharmaceuticals uses a…
A: The requirement is given as,
Q: Complete the common-size income statement below: Common-Size Income Statement 2016 Revenues $ 29,970…
A: Formula: Formula: Revenues % = ( Revenues value / Revenues value ) x 100
Q: Edmund spent the following amounts for the maintenance of the machine she bought: PhP 4,000 each…
A: Maintenance cost for 1 to 5 year = 4000 each year Maintenance cost for 6 to 10 year = 6000 each…
Q: 1. Refunded cash on sales made for cash, $3,000. The cost of the merchandise returned was $1,800.…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Concord Distribution markets CDs of the performing artist Fishe. At the beginning of October,…
A: Weighted average cost per unit = Total cost of goods available for sale / Total no. of units…
Q: Entry for Factory Labor Costs The weekly time tickets indicate the following distribution of labor…
A: ANSWER The weekly time tickets indicate the following distribution of labor hours for three direct…
Q: What is the gain (or loss) from the derecognition of liability?
A: Kochi Company showed the following data with respect to a matured obligation: Notes payable…
Q: Scrooge McDuck Safe Limited is considering buying the hinges it uses in the manufacture of vaults…
A: The question is related to Make or buy decision. In case of make or buy decisions comparison is made…
Q: Barrymore Costume Company, located in New York City, sews costumes for plays and musicals. Barrymore…
A: The entries are shown below,
Q: Only 3 and 4 Advance Products, Inc., has just organized a new division to manufacture and sell…
A: i) Absorption Costing: Under this method, the Unit cost of production includes both variables and…
Q: The BIR form used in quarterly remittance of VAT * O 1601EQ
A: BIR1601EQ is a tax which is used to remit all the forms of final withholding taxes. this form is…
Q: South Dakota Company budgets sales of 22,000 units for January and 30,000 for February. The budgeted…
A: Budgeted production = Total requirements - Beginning inventory Total requirements = Budgeted sales +…
Q: Superior Drive-Ins Ltd. borrowed money by issuing $4,500,000 of 6% bonds payable at 96.5 on…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: Johnson quits his job with $150,000 in his employer’s qualified retirement plan. Since he is broke,…
A: The trustee withhold for an amount distributed for federal income tax is 20%
Q: Dr. Roger Jones is a successful dentist but is experiencing recurring financial difficulties.…
A: There are two scenarios in front of Dr. Jones. Dr. Jones should increase revenue or he should…
Q: The term "sale or exchange of services" means the performance of all kinds of services in the…
A: Sale A seller who sells goods, products, or services to the buyer expecting money in return is known…
Q: Dome Metals has credit sales of $450,000 yearly with credit terms of net 45 days, which is also the…
A: Credit management is considered to be important part. Discount are offered in order to receive…
Q: rning the accounts receivable:
A: The cash receipts from account receivable help in determining the cash to be received from the…
Q: During December, Moulding Corporation incurred $86,000 of actual Manufacturing Ooverhead costs.…
A: Under applied (overapplied) manufacturing overhead costs = Actual manufacturing overhead costs -…
Q: ep a permanent record of t saction is documented. If pw do you ensure that the ransactions are…
A: The accounting system of the organization makes the management record day-to-day business…
Q: The following information was extracted from the books of Muscle Flex Sports Club for the year ended…
A: A sports club earns its revenue from its members of the club. The subscriptions received are…
The
Cash $ 12,000 Liabilities $ 36,000
Other assets 70,000 Loan from Dolla 1,000
Loan to Festus 8,000 Dolla, capital (20%) 6,000
Earl, capital (30%) 16,000
Festus, capital (50%) 31,000
Total assets $ 90,000 Total liab./equity $ 90,000
In January, $34,000 of the accounts receivable was collected, and an additional $6,000 was determined to be uncollectible. The remaining receivables are still expected to be collected.
Required:
Determine how the available cash on January 31, 2014 will be distributed. (Use a safe payments schedule.)
Step by step
Solved in 2 steps
- The balance sheet of the Maude, Ned, and Oscar partnership on November 1, 2014 (before commencement of partnership liquidation) was as follows: Cash $ 12,000 Georgia, capital (40%) $ 36,000 Holly, capital (30%) 6,000 Festus, capital (50%) 31,000Total assets $ 90,000 Total liab./equity $ 90,000 Cash $ 70,000 Accounts payable $ 42,000Inventory 60,000 Notes payable 68,000Loan to Maude 10,000 Maude, capital (20%) 30,000Loan to Oscar 18,000 Ned, capital (20%) 32,000Plant assets-net…After several years of operations, the partnership of Arenas, Dulay and Laurente is to be liquidated. After making the closing entries on June 30, 2018, the following accounts remained open: Account Title Debit Credit Cash P 50,000 Non-cash Assets 2,350,000 Liabilities P 400,000 Arenas, Capital 900,000 Dulay, Capital 500,000 Laurente, Capital 600,000 The non-cash assets are sold for P2,650,000. Profits and losses are shared equally. Prepare a Statement of Partnership Liquidation and the entries to record the following: 1. Distribution of cash to the partnersA. After several years of operations, the partnership of Arenas, Dulay and Laurente is to be liquidated. After making the closing entries on June 30, 2018, the following accounts remained open: Account Title Debit Credit Cash P 50,000 Non-cash Assets 2,350,000 Liabilities 400,000 Arenas, Capital 900,000 Dulay, Capital 500,000 Laurente, Capital 600,000 The non-cash assets are sold for P2,650,000. Profits and losses are shared equally. Prepare a Statement of Partnership Liquidation and the entries to record the following: 1. Sale of all non-cash assets 2. Distribution of gain on realization to the partners 3. Payment of the liabilitites 4. Distribution of cash to the partners
- After several years of operations, the partnership of Arenas, Dulay and Laurente is to be liquidated. After making the closing entries on June 30, 2018, the following accounts remained open: Account Title Debit Credit Cash P 50,000 Non-cash Assets 2,350,000 Liabilities P 400,000 Arenas, Capital 900,000 Dulay, Capital 500,000 Laurente, Capital 600,000 The non-cash assets are sold for P2,650,000. Profits and losses are shared equally. Prepare a Statement of Partnership Liquidation and the entries to record the following: 1. Sale of all non-cash assets 2. Distribution of gain on realization to the partners 3. Payment of the liabilitiesThe following capital balances as of October 31, 2016 for the Partnership of Shell, Joke and No were as follows : Shell , Capital 204,000 Joke, Capital 132,000 No, Capital 360,000 No has decided to retire from the partnership on October 31. Their profit and loss ratio is 2/1 / 7 respectively . On October 31, the following assets should be appraised : Balance as of October 31 Appraised value Land 250,000 300,000 Machinery 120,000 100,000 Questions: 1. What is the share of Shell in the gain/ (loss) in the revaluations of Assets ? 2. What is the share of No in the gain/ (loss) in the revaluation of Assets?The statement of financial position for Paraiso and Ligeralde Partnership on June 1, 2016 before liquidation is as follows: Assets Liabilities & Capital P 50,000 550,000 Cash Liabilities 'P 200,000 Other Assets Paraiso, capital Ligeralde, capital Total Liabilities & Capital 225,000 P 600,000 175,000 P 600,000 Total Assets Partners Paraiso and Ligeralde share profits and losses 60:40, respectively. In June, assets with a book value of P220,000 were sold for P180,000, creditors were paid in full, and P20,000 was paid to partners. In July, assets with book value of P100,000 were sold for P120,000, liquidation expenses of P5,000 were paid and cash of P125,000 was paid to partners. In August, the remaining assets were sold for P225,000. REQUIRED: PREPARE A STATEMENT OF LIQUIDATION USING CASH PRIORITY PROGRAM.
- The partnership of Mark, Kathy, and Case has been dissolved and is in the process of liquidation. On July 1, 2017, just before the second cash distribution, the assets and equities of the partnership along with residual profit sharing ratios were as follows: Liabilities & Equities $ 200,000 Assets Cash Liabilities Mark, Capital 50% Kathy, Capital 30% Equipment-net 100,000 Case Capital 20% Total assets $ 500,000 Total Lia & Equity 500,000 Assume that Mark takes equipment with a fair value of $40,000 and a book value of $50,000 in partial satisfaction of his equity in the partnership. If all the $200,000 cash is then distributed, the partners should receive: Receivables-net 50,000 Inventories 150,000 $ 150,000 a. Mark, 25,000; Kathy, 15,000; Case 10,000 b. Mark- 0; Kathy, 50,000; Case, - 0 C. Mark, $100,000; Kathy, $60,000; Case, $40,000 d. Mark, - 0; Kathy, 45,000; Case, 5,000 100,000 175,000 75,000As of January 1, 2018, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses: Cash Noncash assets Liabilities Canton, capital (30%) Yulls, capital (40%) Garr, capital (30%) $ 80,000 205,000 47,000 138,000 119,500 (19,500 ) The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be $10,000. What would be the maximum amount Garr might have to contribute to the partnership to eliminate a deficit balance in his account?Graydon and Logan formed the GL Partnership on January 1, 2020, by combining the separate assets of their respective proprietorships. Information relating to their assets and liabilities is as follows: Graydon's assets Logan's assets Book Market Book Market value value value value Cash $100,000 $100,000 $95,000 $95,000 Net accounts receivable 39,000 37,000 28,000 36,000 Inventory 60,000 75,000 55,000 66,000 Land…
- The accounts of the partnership of Ace, Vergel, and De Dios at the end of its fiscal year on June 30, 2021 are as follows: Cash 75,000 Liabilities 225,000 Non-cash assets 625,000 Loan Payable to De Dios 25,000 Receivable from Vergel 25, 000 Ace, Capital (30%) 250,000 Vergel, Capital (50%) 150,000 De Dios, Capital (20%) 75,000 Total 725,000 Total 725,000 The partners decided to liquidate the business and the liquidation took place in several months. During the first month, non-cash assets with book value of 425,000 were sold for 375,000. The partners withheld 75,000 for contingencies Payment of liabilities during the first month amounted only to 175,000 16. How much should have Ace received in the first month of the partnership liquidation?…As of January 1, 2021, the partnership of Carlin, Yearly, and Granite had the following account balances and percentages for the sharing of profits and losses: Cash $160,000 Noncash assets 410,000 Liabilities 94,000 Carlin, capital (30%) Yearly, capital (40%) Granite, capital (30%) 276,000 239,500 (39,500) The partnership incurred losses in recent years and decided to liquidate. The liquidation expenses were expected to be $20,000. How much of the existing cash balance could be distributed safely to partners at this time? Short Answer Toolbar navigation. B I U S E : = E E E >The balance sheet for Coney, Honey, and Money partnership shows the following information as of December 31, 2015; P 40,000 P 100,000 Cash Liabilities Other assets 560,000 Coney, loan 50,000 Coney, capital 250,000 Honey, capital 140,000 Money, capital 60,000 P 600,000 P 600,000 Profit and loss ratio is 3:2:1 for Coney, Honey, and Money, respectively. Other assets were realized as follows: Date Cash Received Book Value January 2016 P 120,000 P 180,000 February 2016 70,000 154,000 March 2016 250,000 226,000 Cash is distributed as assets are realized. The total loss to Coney is? The total cash received by Honey is? Cash received by Money in January 2016 is? Dolly, Folly and Golly have capital balances of P800,000; P1,000,000; and P360,000, respectively and profit sharing ratios of 4:2:1, respectively. If dolly received P160,000 upon liquidation of the partnership, the total amount received by all the partners was?