question 78 On April 1, 2019 the balance in Jimin's capital account should be in what amount? *þn April 1, 2019, Jungkook and Jimin formed a partnership with each contributing the followingassets:JungkookP300,000JiminCashMachineryLand800,000550,0002,500,000250,000Fumiture & Fixtures100,000The Land is subject to mortgage loan of P500,000, which is to be assumed by the partnershipagreement provides that Jungkook and Jimin share profits and losses 30% and 70%, respectively.O 3,850,000O 2,900,000O 3,350,000O 3,500,000

Share of mortgage loan to be assumed by Jimin = Amount of mortgage loan * Share of Jimin in profits…

Answered: balance in Jimin's capital account

Business

Accounting

balance in Jimin's capital account

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: please explain 120/360

A: Solution: Interest amount is computed using formula = Principal * Interest rate * time Where time is…

Q: Explain the Rule of 72.

A: In investment and saving management, the doubling period techniques provide the valuation of the…

Q: THE SMITH COMPANY Using the business transactions below, complete T-accounts for the Smith Company.…

A: T Accounts 1. Cash Account Particular Debit Particular Credit To capital A/c…

Q: Question 4 a/ Which three term structure facts should a good theory explain?

A: A good theory of the term structure of interest rates should explain the following three facts:

Q: Can I have the answer for part iv) and v) please.

A: i) Work in process inventory - Process 2 T-account: Account Debit Credit Direct…

Q: minimum required rate of return

A: Residual income is actually the excess of net income above the minimum required return. Here, the…

Q: mni.4 answer must be in proper format or i will give down vote

A: Approach to solving the question: post the question Detailed explanation: Post the question and the…

Q: $ 400,000 260, e00 Sales Variable expenses Contribution margin Fixed expenses 140, eee 40,e00 Net…

A: Lets understand the basics. Residual income is a income earned over a minimum required rate of…

Q: Number 33

A: 1)

Q: AS36

A: The core principle in IAS 36 is that an asset must not be carried in the financial statements at…

Q: need part d, e, f answered

A: Income tax expense for the year is calculated by adjusting deferred tax liability and deferred tax…

Q: Question 8

A: When net credit sales is divided with average accounts receivable it results in receivable turnover…

Q: What is the answer to part b? Is it -1245? Is the sign negative or positive?

A: The inventory valuation includes two methods named as FIFO (First in First Out) and LIFO (Last in…

Q: What is the after announcment? This is from question a.

A: Debt Value = $2,700,000Current Debt-to-equity ratio = 30%Increased Debt-to-equity ratio = 50%EBIT =…

Q: Last question help

Q: What is the Rule of 72? How is knowing this concept helpful to you?

A: The Rule of 72 is a simple way to determine how long an investment will take to double given a fixed…

Q: im.2 answer must be in proper format or i will give down vote

A: When it comes to writing essays or papers, this are the things you have to consider: FORMAT:1.…

Q: Explanation 1031 like-kind exchange

Q: Q1:Examples of the following: Gharrar in Wordings Gharrar in Subject Matter Gharrar in…

A: Examples of gharar in wordings (1) In finanace gharar is discovered among derivatives transactions…

Q: question 33

A: Traditional IRA is one of the plans which are used by the taxpayers so that the tax amount which is…

Q: is part b answered in this?

A: Ledger posting. : When any transaction is made journal entry is passed, after that those entries are…

Q: please answer question 26

Q: In an acquisition where 100% control is acquired, how would the land accounts of the parent and the…

A: A consolidated financial statement is a financial report that combines the financial statements of…

Q: What the agi

A: AGI means Adjusted Gross Income. It is the total income on which income tax payable would be…

Q: explain in details the scope, obectives

A: IAS / IFRS 33 deals with the calculation and presentation of earnings per share (EPS). It applies to…

Q: How about the last question?

A: Here,Operating Cash Flow is $63,745Cash Flow to Creditors is $22,100Cash Flow to Stock Holders is…

Q: F, G, H

A: f. Receipt of interest income accrued at the end of prior month would include increase in cash and a…

Q: two questions

A: Prepare an income statement.

Q: Prior (Past) service cost is expensed immediately using which of the following? a. U.S. GAAP. b.…

A: Prior or past service cost refers to the changes in the PV of defined benefit obligations due to the…

Q: Can you answer part 4

A: Stock beta = 1.38 Expected return = 13.6% Risk free rate = 4.7%

Q: Please provide answer to questions a to c

A: Introduction: Shareholders equity represents owners' equity i.e. amount of claim for the…

Q: Question No 01 What is a…

A: Partnership- It is an agreement between two or more people to contribute capital to a business,…

Q: Alternativ ousands) $500,000 gs (thousands) $131,900 y assumption, what is the PW 5.

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: i did ask for a certain question to be resolved question 2b

A: High low method is used to segregate the semi variable or mixed cost into two separate costs i.e.…

Q: I, J, K

A: i. Payment of interest would include an outflow of cash and also an increase in interest expense.

Q: What happens when a registrant is suspended?

A: When a registrant is suspended, it means that their license or registration to practice in a…

Q: Case studies are usually descriptive in nature. O True O False

A: True

Q: Piper Specialty Store Ltd. completed the following merchandising transactions in the month of May…

A: The refund liability = 2% FOB shipping point means the buyer pays the freight charges. FOB…

Question

question 78

On April 1, 2019 the balance in Jimin's capital account should be in what amount? *
þn April 1, 2019, Jungkook and Jimin formed a partnership with each contributing the following
assets:
Jungkook
P300,000
Jimin
Cash
Machinery
Land
800,000
550,000
2,500,000
250,000
Fumiture & Fixtures
100,000
The Land is subject to mortgage loan of P500,000, which is to be assumed by the partnership
agreement provides that Jungkook and Jimin share profits and losses 30% and 70%, respectively.
O 3,850,000
O 2,900,000
O 3,350,000
O 3,500,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Share of mortgage loan to be assumed by Jimin

VIEW

Amount of capital of Jimin

VIEW

Answer

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Joint processing costs up to the split-off point total $75,000 per quarter. The company allocates these costs to the joint products on the basis of their relative sales value at the split-off point. Unit selling prices and total output at the split-off point are as follows: Product Selling Price 5 per pound Quarterly Output 10,000 pounds A $ B $ 7 per pound 22,000 pounds C $ 11 per gallon 5,000 gallons Each product can be processed further after the split-off point. Additional processing requires no special facilities. The additional processing costs (per quarter) and unit selling prices after further processing are given below: Additional Product Processing Costs Selling Price A $ 53,000 $ 8 per pound B $ 38,000 $ 13 per pound с $ 18,000 $ 20 per gallon Which products should be processed further?
Trying to find answer a through e
What is the difference between a Form 10–K and a Form 10–Q?
Wrong Answer
whats happening with question 11 and 12? answer please
Concept of Reconcilation statement with an example .
question 43 choose the correct answer from the choices
WP Corporation produces products X, Y, and Z from a single raw material input in a joint production process. Budgeted data for the next month is as follows: A) B) Product X yes yes no no Units produced Per unit sales value at split-off Added processing costs per unit Per unit sales value if processed further The cost of the joint raw material input is $90,000. Which of the products should be processed beyond the split-off point? Product Y yes no yes yes Product X 2,700 $ 25.00 $ 2.00 $31.00 Product Z no yes no yes Product Y 3,200 $ 28.00 $ 4.00 $31.00 Product Z 4,200 $ 27.00 $4.00 $36.00
pls answer no. 4 and 5
F1
hrl.3 answer must be in proper format or i will give down vote
mn.3 answer must be in proper fomat or i will give down vote