What is the amount of cash that A will receive on final settlement?a. 1,212b. 9,280c. 9,712d. 8,500 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 operation8,500 Nov. 15 Cash sales-CNov. 5 Merchandise-A20,40012 Merchandise-B7,00018 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.What is the amount of cash that A will receive on final settlement?

Joint operation is the partnership business where two or more than two persons agree to run a…

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 18 Cash sales-C Nov. 5 Merchandise-A 12 Merchandise-B 14 Freight-in-C Dec. 10 Purchases-C 20,400 7,000 4,200 1,210 200 30 Merchandise-B 3,500 Dec. 25 Unsold mdse. charged to A 540 22 Selling expenses C 550 The joint arrangement provided for the division of gains and losses among A, B and C in the ratio of 2:3:5. The joint operation is to close on December 31, 2008. What is the amount of cash that A will receive on final settlement?

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 18 Cash sales-C Nov. 5 Merchandise-A 12 Merchandise-B 14 Freight-in-C Dec. 10 Purchases-C 20,400 7,000 4,200 1,210 200 30 Merchandise-B 3,500 Dec. 25 Unsold mdse. charged to A 540 22 Selling expenses C 550 The joint arrangement provided for the division of gains and losses among A, B and C in the ratio of 2:3:5. The joint operation is to close on December 31, 2008. What is the amount of cash that A will receive on final settlement?

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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