(Cash and Non-cash Contributions) Give the entry to record Partner Luffy into the partnership under each of the independent assumptions: a. Cash of P400.000 b. Accounts receivable of P500,000 with an allowance for uncollectible accounts of 150,000. c. Inventories that cost P300,000 using the moving average method accepted by the partnership at its FIFO value of 80% of average cost. d. Equipment that costs P900,000 with a book value of P300,000 after four years of use without salvage value. The equipment should have been depreciated over a 10 year useful life.
(Cash and Non-cash Contributions) Give the entry to record Partner Luffy into the partnership under each of the independent assumptions: a. Cash of P400.000 b. Accounts receivable of P500,000 with an allowance for uncollectible accounts of 150,000. c. Inventories that cost P300,000 using the moving average method accepted by the partnership at its FIFO value of 80% of average cost. d. Equipment that costs P900,000 with a book value of P300,000 after four years of use without salvage value. The equipment should have been depreciated over a 10 year useful life.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(Cash and Non-cash Contributions)
Give the entry to record Partner Luffy into the
a. Cash of P400.000
b.
c. Inventories that cost P300,000 using the moving average method accepted by the partnership at its FIFO value of
80% of average cost.
d. Equipment that costs P900,000 with a book value of P300,000 after four years of use without salvage value. The equipment should have been
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