80. Mary and Jane agreed to form a partnership. Balance sheet accounts of Mary just before the formation show: Cash, P26,000, Accounts receivable, PI20,000, Merchandise inventory, PI80,000, and Accounts payable, P62,000. It' was agreed that for purposes of establishing Mary's interest, the following adjustments be made: 1.) an allowance for doubtful accounts of 3% of accounts receivable is to be established; 2.) merchandise inventory is to be adjusted upward by P25,000; and 3.) prepaid expenses of P3,600 and accrued liabilities of P4,000 are to be recognized. If Jane is to invest sufficient cash to obtain 2/5 interest in the partnership, how much would Jane contribute to the new partnership? * O A. P176,000 B. P190,000 O C. P95,000 D. P113,980

80. Mary and Jane agreed to form a partnership. Balance sheet accounts of Mary just before the formation show: Cash, P26,000, Accounts receivable, PI20,000, Merchandise inventory, PI80,000, and Accounts payable, P62,000. It' was agreed that for purposes of establishing Mary's interest, the following adjustments be made: 1.) an allowance for doubtful accounts of 3% of accounts receivable is to be established; 2.) merchandise inventory is to be adjusted upward by P25,000; and 3.) prepaid expenses of P3,600 and accrued liabilities of P4,000 are to be recognized. If Jane is to invest sufficient cash to obtain 2/5 interest in the partnership, how much would Jane contribute to the new partnership? * O A. P176,000 B. P190,000 O C. P95,000 D. P113,980

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What is a double-entry? Give an example?
Repost the complete question and add sub-parts to be sol
Using a service often results in possession and ownership. Select one: O a. True. X b. False.
explain the fill answer
Pls solve all Questions , Dont Disclaimer
Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
hrl.3 answer must be in proper format or i will give down vote
What is the answer to d e and f?
You want me to get a