b. Other balances extracted from the books of Barney and Swiper include:Capital AccountsBarneySwiper60 00035 000DrawingsBarney (01 October 2014 to 31 March 2015)Swiper (01 January 2015 to 31 March 2015)4 00012 000Additional information:The net income for the year ended 31 March 2015 is $82 000.Barney earns an annual salary of $36 000.Interest on capital 15 to be paid at the rate of 5 o per annum.Interest on drawings is to be charged at the rate of 10%o per year.Barney and Swiper share profits and losses in the ratio of 3:2 respectively.Prepare the Profit and Loss Appropriation Account of Barney and Swiper for theyear ended 31 March 2015

The profit and loss appropriation account is prepared to adjust the profits of the partnership firm…

Answered: b. Other balances extracted from the…

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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On October 1, 2023 PT. Leci borrowed $500,000 from Pineapple Bank by signing a 10-month, 6% note. If on December 31 PT. Leci makes adjusting entries, then on August 1, 2024 what is the amount of interest expense recorded by PT. Lychee when paying off the notes? a. 17.500 b. 21 000 c. 9.000 d. 30.000 e. 7.500
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