GE. 10:13 O O O01:57:23 RemainingMultiple ChoiceZ and D practice their professionin a general professionalpartnership and share profits 6:2.The firm reported the following:• Gross Receipts- P3,000,000• ProfessionalExpenses-P1,400,000• Interest from bankdeposits-P80,000Compute for the amount includedin the gross income of Z subjectto regular income tax.P80,000P1,200,000P1,260,000P2,310,00033 of 60

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Answered: 10:13 O O 3 01:57:23 Remaining Multiple…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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H-7
QUESTION 7 Eden and Stein were in partnership, sharing profits and losses in the ratio 2:1. Their abridged statement of financial position as at 31 March 20x5 was: ASSETS Equipment at carrying value Vehicles at carrying value Inventory Accounts receivable Bank | EQUITY & LIABILITIES 5,600 Capital: E Eden 1,400 3.500 Current accounts: E Eden 6,500 1,500 Long - term borrowings Accounts payable 5,000 4,000 2,000 (1,000) 3,000 5,500 18.500 S Stein S Stein 18.500 • The partnership was sold to Diamond Ltd as a going concern. The company was incorporated with a registered capital of 20,000 ordinary shares of N$1 each. The partnership paid N$450 and Diamond Ltd NS1000 for expenses for the transfer. The agreement was as follows: 1. Eden would take over one vehicle at book value, that is, N$800, and Stein would take over the other vehicle at N$1.100. 2. Diamond Ltd would take over all assets and liabilities with the exception of bank and vehicles. 3. The assets were taken over at these valuation…
receivable Debt 570 Retained Earnings XXX 331 Payables to Partners Hs. XXX 540 Legal Reserves Hs. XXX Which transaction does the journal entry belong to? A) Payment of dividends to partners B) Distribution of Net Profit C) Accrual of corporate tax D) Payment of tax debt from bank account E) Withholding income tax
Problem I Ariel, Beauty and Cindy decided to form Disprin Partnership with 2:2:1 profit sharing. Both Ariel and Beauty have existing business. The balance sheet of the two are shown below together with their agreement prior to formation. Ariel Beauty Cash 117 126 Account receivables 100 200 Inventories 50 30 Equipment 80 0 Furniture 0 30 Prepayments 5 15 Total 352 401 Accounts payable 75 95 Capital 277 306 Total 352 401 Partners' agreements: Receivables are 97% collectible Ariel's inventories fair values is at P55 while P10 of Beauty's Inventories…
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Exercise 3-7 (Calculation of Bonus) Powell is the managing partner of Power Partnership. He is given an incentive of 5% bonus on profit. The profit of the partnership id P400,000 and income tax rate is 30%. Instruction: Determine the amount of bonus under each of the following assumptions: 1. Bonus is computed based on profit before deduction for bonus and income tax. 2. Bonus is computed based on profit after deduction for bonus but before deduction for income tax. 3. Bonus is computed based on profit before deduction for bonus but after deduction for income tax. 4. Bonus is computed based on profit after deduction for both bonus and income tax. Note: You may modify your answer sheet to fit your solution. Follow the Instructions strictly. Answer what Is asked only.
3:25 M ở A X ll 16 ull 71% i Partnership For.. PARTNERSHIP FORMATION A SOLE PROPRIETORSHIP AND AN IINDIVIDUAL WITH NO BUSINESS FORM A PARTNERSHIP On April 8, 2010, Pascua who has her own retail business and Dela Cruz, decided to form a partnership wherein they will divide profits in the ration of 40:60, respectively. The statement of financial position of Pascua is as follows: PASCUA MARKETING Balance Sheet April 8, 2010 ASSETS Cash PhP 4,000,00 PhP 160,000.00 16,000.00 Accounts Receivable Less: Allowance for Uncollectible 144,000.00 Accounts Merchandise Inventory Equipement Less: Accumulated Depreciation 200,000.00 50,000.00 10,000.00 PhP 40,000.00 PhP 388,0000.00 TOTAL ASSETS LIABILITIES AND CAPITAL Accounts Payable PhP 36,000.00 352,000.00 Pascua, Capital TOTAL LIABILITIES AND CAPITAL PhP 388.000.00 Conditions agreed upon before the formation of the partnership: A. The accounts receivable of Pascua is estimated to be 70% realizable. B. The accumulated depreciation of the equipment…
Problem 3
Exercise 12-6 (Algo) Income allocation in a partnership LO P2 Ramer and Knox began a partnership by investing $71,000 and $101,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $55,500 to Ramer and $44,400 to Knox, 10% interest allowances on their investments, and any remaining balance shared equally. Note: Enter all allowances as positive values. Enter losses as negative values. ces Required: 1. Determine each partner's share given a first-year net income of $109,800 2. Determine each partner's share given a first-year net loss of $27,800. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine each partner's share given a first-year net loss of $27,800. Allocation of Partnership Income Ramer Knox Net Income (loss) Salary allowances Balance of income (loss) Interest allowances Balance of income (loss) Balance allocated equally Balance of income (loss) Shares of the partners < Required 1…
Can I please get help with practice 6.4 Required information Skip to question [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions. Appropriation of profits General Journal Allocate $416,100 net income in the ratio of their beginning capital investments.Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. Supporting Computations Percentage of Total Equity × Income Summary Allocated Income to Capital Ries × Bax × Thomas × Record the entry to close the income summary account assuming the partners have…

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