How does financial reporting by partnership different from corporate financial reporting Please solve within 30 minutes
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- please do not provide solution in image format thank you!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-Accounting
- 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…What do you call the partner who has the duty to make sure that all the employees enter on time, all the profits are appropriately recorded, all the duties of the employees are performed and perform all the acts that are necessary to keep the partnership gain profits? Limited partner Managing partner Industrial partner General partnerREVISED IMAGES ATTACHED Why are highlighted items Incorrect? Which Account should be used along with the correct debit or credit amount.
- 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?Q5 Joint venture account is in the nature of a_____. Select one: a. personal account b. co-account c. nominal account d. real accountFinancial 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…
- what student learns about The Accounting Cycle Advanced Accounting for Assets Partnerships and Corporations Financial Analysis and Decision MakingDividing partnership income Dahl and Westhoff have decided to form a partnership. They have agreed that Dahl is to invest $400,000 and that Westhoff is to invest $100,000. Dahl is to devote one-third time to the business, and Westhoff is to devote two-thirds time. The following plans for the division of income are being considered: a. Equal division b. In the ratio of original investments c. In the ratio of time devoted to the business d. Interest of 5% on original investments and the remainder equally e. Interest of 5% on original investments, salary allowances of $80,000 to Dahl and $160,000 to Westhoff, and the remainder equally f. Plan (e), except that Westhoff is also to be allowed a bonus of $50,000 if net income exceeds $200,000 Required: For each plan, determine the division of the net income under each of the following assumptions: (1) net income of $300,000 and (2) net income of $750,000. Round answers to the nearest whole dollar. (1) $300,000 (2) $750,000 (2) $750,000…
