A, B, and C formed a joint operation. The joint operators shall make initial contributions ₱40 each. Profit and loss shall be divided equally. The following data relate to the joint operation’s transactions: A B C Joint operation 32 Cr. 40 Cr. 48 Cr. Expenses paid from JO cash 20 8 12 Value of inventory taken 20 24 16

A, B, and C formed a joint operation. The joint operators shall make initial contributions ₱40 each. Profit and loss shall be divided equally. The following data relate to the joint operation’s transactions: A B C Joint operation 32 Cr. 40 Cr. 48 Cr. Expenses paid from JO cash 20 8 12 Value of inventory taken 20 24 16

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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ANSWER IN GOOD ACCOUNTING FORM!! THANK YOUUUUU 1. Assuming there is separate records maintained for the joint operation, compute for the Joint Operation Account of small, before distributing net income 2. Assuming there is separate records maintained for the joint operation, compute for the cash settlement for Medium
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Kindly read and follow the instructions before you answer. 1. Solutions must be in GOOD ACCOUNTING FORM. 2. Round off Answers to WHOLE NUMBERS, unless specific instruction was provided. A, B, and C formed a joint operation. The following were taken from the joint operation's books: Debit Credit JO- Cash 80 B, Capital 60 C, Capital 88 The cost of unsold inventory is P72. The joint operation's profit is P44. How much is the balance of the joint operation account before distribution of profit?
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Sales = $1,000; Cost of Goods Sold = $500; Depreciation Expense = $100; Administrative Expenses = $100; Interest Expense = $20; Marketing Expenses = $80; and Taxes = $100. The Co's operating income (EBIT) is equal to A) $500. B) $400. C) $310. D) $220.
Sales = $1,000; Cost of Goods Sold = $500; Depreciation Expense = $100; Administrative Expenses = $100; Interest Expense = $20; Marketing Expenses = $80; and Taxes = $100. The Co's net income is equal to A) $100. B) $150. C) $220. D) $200.
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May I ask for a solution and explanation to the problem for a better understanding. Thank you! 7. Using Carrot corp., what is the number of times interest earned for year 2? a. 21x b. 22x c. 23x d. 24x
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