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FINANCIAL ACCOUNTING
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 December 31, the accounting records of Tito, Vic and Joey Partnership included the following information: Tito, drawings (debit balance) Joey, drawings (debit balance) Vic, loan Tito, Capital Vic, Capital Joey, Capital (P48,000) (18,000) 60,000 246,000 201,000 216,000 Total assets amounted to P957,000, including P105,000 cash and liabilities totaled P300,000. The partnership was liquidated on December 31 and Joey received P166,500 cash pursuant to the liquidation. Tito, Vic, and Joey share net income and losses in a 5:3:2 ratio, respectively. Required: Compute the following: 1. Loss on realization 2. The cash balance after payment of liabilities 3. The amount realized from sale of noncash assets 4. Cash distributed to Tito
Transcribed Image Text:On December 31, the accounting records of Tito, Vic and Joey Partnership included the following information: Tito, drawings (debit balance) Joey, drawings (debit balance) Vic, loan Tito, Capital Vic, Capital Joey, Capital (P48,000) (18,000) 60,000 246,000 201,000 216,000 Total assets amounted to P957,000, including P105,000 cash and liabilities totaled P300,000. The partnership was liquidated on December 31 and Joey received P166,500 cash pursuant to the liquidation. Tito, Vic, and Joey share net income and losses in a 5:3:2 ratio, respectively. Required: Compute the following: 1. Loss on realization 2. The cash balance after payment of liabilities 3. The amount realized from sale of noncash assets 4. Cash distributed to Tito
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