e balance sheet of Adel, Basel, and Yousef partnership on January 1, 2021 (the date of artnership liquidation) was as follows: Assets Cash Other assets Total assets Liabilities & Equity a. $5.800 b. $4,200 C. $0 x d. $2,500 $4,000 Liabilities 26,000 Adel, Capital (20%) Basel, Capital (40%) Yousef, Capital (40%) $30,000 Total liabilities & equity In January 2021 other assets with a book value of $16,000 were sold for $10,000 in cash. Using the safe payment schedule, how much cash did Basel receive? $8,000 3,000 9,000 10,000 $30,000 k
Q: Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for…
A: Wage bracket method tells the exact amount of tax that is to be withholding during the period. The…
Q: On January 1, 2024, Alamar Corporation acquired a 38 percent interest in Burks, Incorporated, for…
A: When the ownership percentage is between 20% to 50%, then equity method of accounting for…
Q: In a pre-2009 business combination, Acme Company acquired all of Brem Company's assets and…
A: In a pre-2009 business combination, Acme Company acquired all of Brem Company’s assets and…
Q: [The following information applies to the questions displayed below.] Delicious Dave's Maple Syrup,…
A: Income Tax -A type of tax known as a "income tax" is imposed by governments on earnings generated…
Q: The Tech Student Government Association (SGA) is selling t-shirts to create an "orange effect" for…
A: The question is based on calculating the profit contribution net of all the costs incurred by…
Q: TB MC Qu. 8-61 The following are budgeted... The following are budgeted data: Sales in units…
A: Direct material purchase budget:- This budget is prepared to estimate the number of units and cost…
Q: Camire GmbH had the following costs at the stated production volumes: Production volume: 1,200 5,600…
A: The high-low method is used to differentiate the mixed costs. Mixed cost is the combination of fixed…
Q: John is the owner of an annuity that is in the accumulation phase. Jean is named as beneficiary. If…
A: An annuity is a type of financial instrument that financial institutions and insurance firms…
Q: Following are preacquisition financial balances for Padre Company and Sol Company as of December 31.…
A: Investment in Associates and Joint venture and Subsidiary Equity Accounting method - This method is…
Q: Hungry Bites produces corn chips. The cost of one batch is below: Direct materials Direct labor…
A: Relevant cost per batch = Direct material + Direct labor + Variable overhead + Avoidable fixed…
Q: On January 1, Year 5, AB Company (AB) purchased 80% of the outstanding common shares of Dandy…
A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…
Q: 1. Match each term with its description. Group of answer choices Cost of materials or conversion…
A: In the current solution, the terms are matched with the correct given descriptions. The explanation…
Q: Problem 14-10AB (Algo) Effective Interest: Amortization of bond premium LO P5 Ellis Company issues…
A: The bonds are issued at premium when market rate is lower than the coupon rate of bonds…
Q: a. Prepare Pacifica's entries to account for the consideration transferred to the former owners of…
A: Journal entries are those entries that are reported into the books of accounts of the company and…
Q: During the year Marija had employment income of $50, 000, property income of $5, 000, a business…
A: Total Income: Employment income = $50,000Property income = $5,000Income from RRSP withdrawal =…
Q: White Ski Resorts operates a series of ski resorts in northern Europe and reports under IFRS. On…
A: Journal entries are made to record the transactions as the first process in the books of accounts…
Q: assets: Shimmer Incorporated is a calendar-year-end, accrual-method corporation. This year, it sells…
A: In simple terms, "taxable" means that a part of income or property is liable to government taxes. It…
Q: Diana acquires, for $233,600, and places in service a 5-year class asset on December 19, 2023. It is…
A: MACRS is the current tax depreciation system in the US. Under this system, the capitalized cost of…
Q: In addition, the following transactions occurred in 2022: 1. 2. 3. 4. 5. Raw materials purchased on…
A: Lets understand the basics.Manufacturing overhead consists of indirect factory expenses incurred in…
Q: CircuitTown commenced a gift card program in January 2024 and sold $12,900 of gift cards in January,…
A: Deferred revenue refers to the revenue that has not been earned to date. In other words, deferred…
Q: January 1, 2022 Assets (b) Liabilities Owner's equity December 31, 2022 Assets Liabilities Owner's…
A: Owner's equity is the capital invested by the owner in the Company and is recorded in the Balance…
Q: Which of the following statements are correct? Fund accounting segregates financial resources with…
A: Fund Accounting: Fund accounting is an accounting method that non-profit organizations use to…
Q: Sabas Company has issued and outstanding 45,000 shares of $100 par, 5% preferred stock and 110,000…
A: Dividend per share indicates the amount of dividend allocated to one unit or share either preferred…
Q: The following selected transactions relate to contingencies of Classical Tool Makers, Incorporated,…
A: Contingencies are probable assets or liabilities that might arise due to events that occurred in the…
Q: Convertible Preferred Stock, Convertible Bonds, and EPS Francis Company has 16,800 shares of common…
A: As per the Honor code of Bartleby we are bound to give the answer of first three sub parts only,…
Q: During the course of your examination of the financial statements of Trojan Corporation for the year…
A: The accrual basis of accounting provides more accurate picture of financial performance of the…
Q: Headland Corp. is a medium-sized corporation specializing in quarrying stone for building…
A: Fair Value: When a buyer and seller voluntarily agree on a price, the projected price that will be…
Q: Pratt Company acquired all of the outstanding shares of Spider, Incorporated, on December 31, 2024,…
A: Consolidation is an activity in which financial statements of a parent and its subsidiary should be…
Q: Computalog Inc. showed the following on its December 31, 2023, balance sheet: Bonds payable,…
A: Bonds are instrument issued by company acknowledging the debt raised by company . It is a liability…
Q: 19. Which of the following statements are true? a. Qualified dividends are part of the total…
A: A. Qualified dividends are part of the total ordinary dividends. This statement is true. Qualified…
Q: On April 1, 2024, Titan Corporation purchases office equipment for $64,000. For tax reporting, the…
A: Modified Accelerated Cost Recovery System is a method of depreciation for federal income tax…
Q: A citizen group raised funds to establish an endowment for the Eastville City Library. Under the…
A: The performance report is an essential instrument for evaluating the sustainability and financial…
Q: Problem 6-18 (Algo) Variable and Absorption Costing Unit Product Costs and Income Statements (L06-1,…
A: Variable Costing -In this costing method, variable costs are considered while preparing the cost of…
Q: Fill in the blanks in the following separate income statements a through e. Sales Cost of goods sold…
A: Lets understand the basics.Gross profit means the profit earned by selling the goods without…
Q: Schefter Mining operates a copper mine in Wyoming. Acquisition, exploration, and development costs…
A: An asset retirement obligation is a legal obligation that is created when a long-lived asset is…
Q: a. Determine Jeremy's tax refund or taxes due. b. Assume that in addition to the original facts,…
A: The tax refund or taxes due is the amount which is determined after the tax due for the year is…
Q: Current information for the Stellar Corporation follows: Beginning work in process inventory Ending…
A: Cost of goods manufactured means total manufacturing costs; including all direct materials, direct…
Q: Cost of goods sold: Investment income: Net sales: Operating expense: Interest expense: Dividends:…
A: The market value of a company's shares is compared to its book value—the sum of its assets less its…
Q: Crane Inc. uses the retail inventory method to estimate ending inventory for its monthly financial…
A: Retail price is the price at which the product is sold to the customer. It is the sum of cost and…
Q: Concord Corporation's retail store and warehouse closed for an entire weekend while the year-ell…
A: COGS = Opening stock + Purchase -Closing stockCOGS can be calculated by deducting the gross profit…
Q: Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its…
A: Trial Balance:Trial balance is prepared from the closing balances of accounts obtained from ledger…
Q: Calculating Capitalized Interest Kit Company borrows $6 million at 12% on January 1, 2019,…
A: Capitalized interest is the amount that is unpaid as the interest amount on the principal loan…
Q: Montoure Company uses a perpetual inventory system. It entered into the following calendar-year…
A: The inventory valuation method is the method used to determine the cost of goods sold and ending…
Q: On 1/1/2020, ABC Corporation balance sheet included the following accounts: Patents $100,000, Bonds…
A: Since XYZ acquired 100% of all assets.ParticularsAmount ($)Patents100000Less : Bonds Payable40000Net…
Q: Mirabile Corporation uses activity-based costing to compute product margins. Overhead costs have…
A: Using activity-based costing, the overhead is applied using different activity rates. The activity…
Q: 13. Mr. Coleman, an unmarried individual, has the following income items: Interest income $24,200…
A: Income tax of individual is determined after calculation of taxable income. Taxable income is the…
Q: Hogg Company purchased a machine from Chump Corporation on October 31, 2020. In payment for the…
A: The promissory note is a written promise made by the borrower to repay the debts on a specific date…
Q: Identify the normal balance (debit or credit) for each of Normal Balance a. Rent Expense b. Legal…
A: The different accounts in the business have normal debit or credit balance. The accounts are…
Q: Hogg Company purchased a machine from Chump Corporation on October 31, 2020. In payment for the…
A: The income statement is part of the financial statement , it shows the difference between the…
Q: 6. Using the following account names, prepare the journal entries for the independent transactions…
A: “Since you have posted a question with multiple sub parts, we will provide the solution only to the…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- he balance sheet of Adel, Basel, and Yousef partnership on January 1, 2021 (the date of partnership liquidation) was as follows: Assets Cash Other assets Total assets a. $5,800 b. $4,200 C. $0 x d. $2,500 Liabilities & Equity $4,000 26,000 Liabilities Adel, Capital (20%) Basel, Capital (40%) Yousef, Capital (40%) $30,000 Total liabilities & equity In January 2021 other assets with a book value of $16,000 were sold for $10,000 in cash. Using the safe payment schedule, how much cash did Basel receive? to $8,000 3,000 9,000 10,000 $30,000 KThe partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. C. Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital Jag, Capital Levis, Capital P (32,000) (12,000) 40,000 164,000 134,000 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Required: 1. The total loss from the liquidation of the partnership Prepare the statement of liquidation. Journal entries to record the liquidation. 2. 3.The assets and equities of the A, B and C Partnership at the end of its fiscal year on October 31, 2019 are as follows: Assets: Liabilities and capital Liabilities – creditors P50,000 Loan from C Cash P15,000 Receivable – net 20,000 10,000 Inventory Plant assets – net 40,000 70,000 5,000 A, Capital B, Capital C, Capital 45,000 30,000 15,000 Loan to B The partners decide to liquidate the partnership. They estimate that the noncash assets, other than the loan to B, can be converted into P100,000 cash over the two months period ending December 31, 2021. Cash is to be distributed to the appropriate parties as it becomes available during the liquidation process. Assuming P65,000 is available for first distribution, it should be paid to (and how much)
- The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance)P (32,000)Levis, Drawing (debit balance)(12,000)Jag, Loan40,000Guess, Capital164,000Jag, Capital134,000Levis, Capital144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement.Required:1.The total loss from the liquidation of the partnership2.Prepare the statement of liquidation.3.Journal entries to record the liquidation.C. The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance) P (32,000) Levis, Drawing (debit balance) (12,000) Jag, Loan 40,000 Guess, Capital 164,000 Jag, Capital 134,000 Levis, Capital 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Required: 1. The total loss from the liquidation of the partnership 2. Prepare the statement of liquidation. 3. Journal entries to record the liquidation.The condensed, adjusted trial balance of the Gary and James Partnership as at December 31, 2024, appears below: Current assets Equipment Accounts payable Long-term debt GARY AND JAMES PARTNERSHIP Adjusted Trial Balance December 31, 2024 Gary, capital Gary, drawings James, capital James, drawings Service revenue Operating expenses 1. 2. Debit $50,000 117,500 295,000 270,000 93,000 $825,500 Credit $32,000 69,000 51,000 43,000 630,500 The partnership agreement stipulates that a division of partnership profit or loss is to be made as follows: A salary allowance of $347,500 to Gary and $287,500 to James. The remainder is to be divided equally. $825,500
- The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance)P(32,000) Levis, Drawing (debit balance) (12,000) Jag, Loan 40,000 Guess, Capital 164,000 Jag, Capital 134,000 LevisCapital 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. What is the loss of the partnershipThe partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance)P(32,000) Levis, Drawing (debit balance) (12,000) Jag, Loan 40,000 Guess, Capital 164,000 Jag, Capital 134,000 LevisCapital 144,000 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Required: SHOW THE FOLLOWING 1.The total loss from the liquidation of the partnership 2. Prepare the statement of liquidation. 3. Journal entries to record the liquidation.C. The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits and losses are shared 50%; 30%; and 20%, respectively. Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital Jag, Capital Levis, Capital P (32,000) (12,000) 40,000 164,000 134,000 144,000 18 ACCO 20043 Financial Accounting and Reporting Part 2 Total assets amounted to P 638,000, including cash of P 70,000, and P 200,000 worth of liabilities. On January 2019, the partnership was liquidated, and Jag received P 111,000 cash as final settlement. Required: The total loss from the liquidation of the partnership Prepare the statement of liquidation. Journal entries to record the liquidation. 1. 2. 3.
- The condensed statement of financial position of Ricablanca, Tac-an and Dimalanta partnership as of March 31, 2019 follows: Assets Cash P 28,000 Non-cash Assets 265,000 Total P293,000 Liabilities P 48,000 Ricablanca, Capital 95,000 Tac-an, Capital 80,000 Dimalanta, Capital 70,000 Total P293,000 Profit and loss ratio is 50:25:25, respectively. The partners voted to dissolve the partnership and liquidate by selling assets in installments. P70,000 was realized on the first cash sale of other non-cash assets which has a book value of P150,000.…The capital accounts of Scott and Tucker at the end of the fiscal year 2019 are as follows: Scott, Capital January 1 Balance P210,000 Мay 1 Investment 90,000 October 1 Withdrawal Р60,000 Tucker, Capital January 1 Balance P150,000 April 1 Withdrawal P30,000 The partnership profit for the year ended December 31, 2019 was P300,000. Instruction: Prepare schedule of profit allocation and journal entries to record transfer to profit to the capital accounts under each of the following independent assumptions: 1. Profit is divided 60% to Scott and 40% to Tucker. 2. Profit is divided into ratio of capital balances at the beginning of the period. 3. Profit is divided in the ratio of average capital balance. Interest of 8% is allowed on the average capital and the balance of profit is divided equally. 4. Salaries of P60,000 and P48,000 are allowed to Scott and Tucker, respectively, and the balance of the profit is divided in the ratio of capital balances at the end of the period. 5. 6. Scott is…On December 31, 2030, the Statement of Financial Position of ABC Partnership provided thefollowing data with profit or loss ratio of 1:6:3:Current Assets P2,600,000 Total Liabilities P600,000Noncurrent Assets 4,000,000 A, Capital 2,800,000B, Capital 1,400,000C, Capital 1,800,000 On January 1, 2031, D is admitted to the partnership by investing P2,000,000 to the partnership for 20% capital interest. If an existing asset of ABC partnership is not properly valued, what is the capital balanceof B after the admission of D?a. P1,640,000b. P2,600,000c. P1,920,000d. P1,560,000