Use the following information for the next two questions:A, B and C formed a joint operation for the sale of assorted fruits during the Christmas season. Theirtransactions during the two-month period are summarized below:Joint operationNov. 5 Merchandise-A8,500 Nov. 15 Cash sales-C7,00020,40012 Merchandise-B18 Cash sales-C4,20014 Freight-in-CDec. 10 Purchases-C20030 Merchandise-B1,2103,500 Dec. 25 Unsold mdse. charged to A54022 Selling expenses-C550The joint arrangement provided for the division of gains and losses among A, B and C in the ratio of2:3:5. The joint operation is to close on December 31, 2008.12. What is the joint operation profit?a. (6,600)b. 6,600c. 6,060d. (6,060)13. What is the amount of cash that A will receive on final settlement?c. 8,500d. 1,212a. 9,280b. 9,712

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Description: Use the following information for the next two questions:A, B and C formed a joint operation for the sale of assorted fruits during the Christmas season. Theirtransactions during the two-month period are summarized below:Joint operationNov. 5 Mercha

Answer: 12. Joint operation profit = Revenue- expenses =…

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A, B and C formed a joint operation for the sale of assorted fruits during the Christmas season. Their transactions during the two-month period are summarized below: Joint operation 8,500 Nov. 15 Cash sales-C Nov. 5 Merchandise-A 20,400 12 Merchandise-B 18 Cash sales-C 4,200 1,210 7,000 14 Freight-in-C Dec. 10 Purchases-C 200 30 Merchandise-B 3,500 Dec. 25 Unsold mdse. charged to A 540 22 Solling omono E50

A, B and C formed a joint operation for the sale of assorted fruits during the Christmas season. Their transactions during the two-month period are summarized below: Joint operation 8,500 Nov. 15 Cash sales-C Nov. 5 Merchandise-A 20,400 12 Merchandise-B 18 Cash sales-C 4,200 1,210 7,000 14 Freight-in-C Dec. 10 Purchases-C 200 30 Merchandise-B 3,500 Dec. 25 Unsold mdse. charged to A 540 22 Solling omono E50

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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