EXERCISE 8-6. Journal Entries and Statement Preparation 2: With capital deficiency; solvent partner/s. The partners in the law firm of Mega, Nega, and Pipa had stro opinion concerning client acceptance policies that made them decide to liquidate the business on February 14, 2019. As of December 31, 2018, their capital balances P350,000; Nega, P100,000; and Pipa, P105,000. Liabilities, cash, and non-cash assets were P145,000, P40,000, and P660,000, respectively. Cash revenues and expe amounted to P77,000 and P115,000, respectively. Profits and losses are shared by Mega, Nega, and Pipa in the ratio of 5:3:2, respectively. REQUIRED: 1. Prepare journal entries to record liquidation under each of the following cases: 1. The non-cash assets were sold for P200,000. The deficient partner/s was/were solvent partner/s. 2. The non-cash assets were sold at a loss of P515,000. The deficient partner/s was/were solvent partner/s. 2. Prepare statement of liguidation for Item 1b

EXERCISE 8-6. Journal Entries and Statement Preparation 2: With capital deficiency; solvent partner/s. The partners in the law firm of Mega, Nega, and Pipa had stro opinion concerning client acceptance policies that made them decide to liquidate the business on February 14, 2019. As of December 31, 2018, their capital balances P350,000; Nega, P100,000; and Pipa, P105,000. Liabilities, cash, and non-cash assets were P145,000, P40,000, and P660,000, respectively. Cash revenues and expe amounted to P77,000 and P115,000, respectively. Profits and losses are shared by Mega, Nega, and Pipa in the ratio of 5:3:2, respectively. REQUIRED: 1. Prepare journal entries to record liquidation under each of the following cases: 1. The non-cash assets were sold for P200,000. The deficient partner/s was/were solvent partner/s. 2. The non-cash assets were sold at a loss of P515,000. The deficient partner/s was/were solvent partner/s. 2. Prepare statement of liguidation for Item 1b

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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College Connect Link - ACC-102-80 - Ac O Question 9 - CHAPTER 23 EXERC X M MHE Reader ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.cc R 23 EXERCISES Saved QS 23-23 Sustainability and standard overhead rate LO P4 HH Co. uses corrugated cardboard to ship its product to customers. Currently, the company's returns department incurs annual overhead costs of $230,000 and forecasts 5,000 returns per year. Management believes it has found a better way to package its products. As a result, the company expects to reduce the number of shipments that are returned due to damage by 6%. In addition, the initiative is expected to reduce the department's annual overhead by $18,000. Compute the returns department's standard overhead rate per return (a) before the sustainability improvement and (b) after the sustainability improvement. (Round your answers to 2 decimal places.) Before Sustainability Improvement After…
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X File 5 e L2 1 2 5 AutoSave Undo V 6 Home Paste Off H Partnership Homework Problems ✓ 19 20 21 22 23. 24 25 26 Insert (B Ready Page Layout Calibri Clipboard ✓: X✓ fx C B IU Date Sept 20 2021 45°F Rain coming V Total Assets Total Liabilities Total Equity Formulas A B D *** All amounts should be calculated using formulas *** Problem 1. Accounting for partner contributions Problei.. Accessibility: Investigate U V Font 11 Y cash Land V TUDIVITIE Data Review A A ~A~ Equipment F a) Journalize the partnership's receipt of assets and liabilities from Billy Bob and Junior. Accounts and Explanations == Notes payable Billy Bob Capital Junior Capital == View G ab Accessibility recommendations found. Click here to investigate. Help y Billy Bob and Junior want to develop a water park in Colorado. On Sept 20, 2021 Billy Bob contributes $2,000,000 4uuuuuu and land with a current market value of $7,500,000. When Billy Bob purchased the land it cost $5,500,000. The partnership will also take over a…
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