How does financial reporting by partnership different from corporate financial reporting Please solve within 30 minutes
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- Problem 2: Allocate income for each of the fact situations. Salaries: A=$5,000, B=$45,000, C=$0. Income is divided equally after paying each partner salary. Case 1: Income before Salaries is $10,000. The allocation is fully implemented. Salary Partner A Partner B Partner C Total Case 2: Income before salaries is $300,000 Partner A Partner B Partner C Total Salary Balance Balance Total Totalvj subject-AccountingFinancial Statements for Partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 20Y2: Ramirez and Xue Trial Balance December 31, 20Y2 Debit Balances Credit Balances Cash 50,400 Accounts Receivable 48,000 Supplies 1,800 Land 120,000 Building 132,000 Accumulated Depreciation—Building 75,000 Office Equipment 55,200 Accumulated Depreciation—Office Equipment 23,300 Accounts Payable 35,800 Salaries Payable 3,800 Camila Ramirez, Capital 120,000 Camila Ramirez, Drawing 54,000 Ping Xue, Capital 72,000 Ping Xue, Drawing 78,000 Professional Fees 436,800 Salary Expense 175,200 Depreciation Expense—Building 17,400 Heating and Lighting Expense 8,600 Depreciation Expense—Office Equipment 5,400 Property Tax Expense 10,800 Supplies Expense 6,200…
- Question 1 Maxine and Paula are partners who share profits and losses in the ratio 3:1. Their trial balance as at 2018 December 31 was as follows: A. B. i. 11. iii. iv. V. Sales Office salaries Office expenses Mortgage interest Purchases vi. Stock at 2018 January 01 Bank Batik Additional information: Creditors Debtors Fixtures Provision for depreciation on fixtures Building Mortgage 10% Capital - Maxine - Paula Current account - Maxine - Paula Drawings - Maxine - Paula Motor vehicle Commission received $ 25 000 12 630 8.000 245 500 70 000 24 000 22 000 100 000 7 500 3 500 8 500 10 500 50 000 587 130 Stock at 2018 December 31 is $120 000. Interest on capital is to be paid at 5%. Interest on drawings is to be charged at 5%. $ 295 500 42 180 22 350 6 600 80 000 60 000 60 000 20 500 587 130 Commission received is prepaid by $2 500. Provide for depreciation of fixtures 10% using the reducing balance meth d and motor vehicle at 10% using the straight-line method. Paula is to be paid a salary…REVISED IMAGES ATTACHED Why are highlighted items Incorrect? Which Account should be used along with the correct debit or credit amount.2:18 O 42 docs.google.com/forms Problem: Formation Melai admits Nora as a partner in business. Just before the partnership's formation, Melai's books showed the following: Cash 2,600 Accounts Receivable 12,000 Merchandise Inventory Accounts Payable Melai, Capital 18,000 6,200 26,400 It was agreed that, for purposes of establishing Melai's investment in the firm, the following adjustments shall be reflected: > Allowance for bad debts of 2% should be set up. > Merchandise Inventory should be valued at P20,200. > Prepaid Expenses of P350 and accrued expenses of P400 should be recognized. 1. How much is the adjusted capital of Melai prior to admission of Nora? Your answer 2. How much cash should Nora invest to secure a one-third interest in the partnership? Your answer 3. If Nora contributed an equipment with carrying value of P4,000 and fair value of P4,500, how much cash was contributed for a one-fifth interest in the partnership? Your answer
- PROBLEM RECOGNITION TASK Determine the maximum deposit insurance coverage by PDIC in the following items. 5. Ronel is a partner of MW Partnership and a stockholder of LG Corporation. He has the following deposit accounts in a closed bank: Ronel’s business (sole proprietorship) P350,000 Ronel’s personal savings account P500,000 Ronel and Jhun and Eff and Karla P600,000 Ronel and MW Partnership P650,000 Ronel and LG Corporation P400,000 What is the maximum deposit insurance coverage as far as Ronel is concerned?Problem 19.5A (Algo) Accounting for revaluation of assets and liabilities of a partnership, investment of a new partner, and withdrawal of a partner. LO 19-6, 19-8, 19-9 The balance sheet of Adams Pharmacy after the revenue, expense, and partners’ drawing accounts have been closed on December 31, 20X1, follows: ADAMS PHARMACY Balance Sheet December 31, 20X1 Assets Cash $83,100 Accounts Receivable 16,700 Merchandise Inventory 430,500 Equipment $171,000 Accumulated Depreciation—Equipment 99,500 71,500 Building 414,000 Accumulated Depreciation—Building 327,000 87,000 Land 47,000 Total Assets $735,800 Liabilities and Partners' Equity Liabilities Accounts Payable $411,900 Taxes Payable 22,900 Total Liabilities 434,800 Partners’ Equity Larry Adams, Capital $167,000 Hazel…Financial Statements for Partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 20Y2: Ramirez and Xue Trial Balance December 31, 20Y2 Debit Balances Credit Balances Cash 40,700 Accounts Receivable 38,800 Supplies 1,500 Land 97,000 Building 105,600 Accumulated Depreciation—Building 60,600 Office Equipment 44,600 Accumulated Depreciation—Office Equipment 18,800 Accounts Payable 28,900 Salaries Payable 3,100 Camila Ramirez, Capital 100,000 Camila Ramirez, Drawing 43,700 Ping Xue, Capital 58,200 Ping Xue, Drawing 63,100 Professional Fees 349,200 Salary Expense 141,600 Depreciation Expense—Building 14,100 Heating and Lighting Expense 7,000 Depreciation Expense—Office Equipment 4,400 Property Tax Expense 8,700 Supplies Expense 5,000…