TYPEWRITTEN ONLY PLEASE FOR UPVOTE. DOWNVOTE FOR HANDWRITTEN. DO NOT ANSWER IF YOU ALREADY ANSWERED THIS. I'LL DOWNVOTE. Illustration. The balance sheet of Mateo Roa on Oct. 1, 2021, before accepting Martin Penaco as hispartner is shown below:Mateo RoaBalance SheetOctober 1, 2021AssetsCashP 60,00030,000Notes ReceivableAccounts ReceivableLess: Allowance for Uncollectible230,000Accts.Merchandise Inventory80,000Furniture and FixturesLess: Accumulated Depreciation54,000P 454.000Total AssetsLiabilities and Owner's EquityNotes PayableP 40,000100,000Accounts PayableMateo Roa, Capital314,000Total Liabilities and Owner's EquityP454,000Martin Penaco offered to invest cash to give him a capital credit equal to one-half of Mateo Roa'scapital after giving effect to the adjustments below. Roa accepted the offer.1. The merchandise is to be valued at P74,000.2. The accounts receivable is estimated to be 95% collectible.3. Interest accrued on the notes receivable will be recognized: P10,000, 12% dated July 1, 2021and P20,000, 12% dated August 1, 2021.4. Interest on notes payable to be accrued at 14% annually from Apr. 1.20215. The furniture and fixtures are to be valued at P46,000.6. Office supplies on hand that have been charged to expense in the past amounted to P4,000.These will be used by the partnership.New books for the Partnership.The following procedures may be used in recording the formation of the partnership:Books of Mateo Roa:1. Adjust the assets and liabilities of Mateo Roa in accordance with the agreement. Adjustments areto be made to his capital account.2. Close the books.P 240,00010,000P 60,0006,000

Assets revaluation account Profit/loss on revaluation Loss on merchandise inventory 6000 Loss…

is shown below: Mateo Roa Balance Sheet October 1, 2021 Assets Cash P 60,000 30,000 Notes Receivable Accounts Receivable Less: Allowance for Uncollectible 230,000 Accts. Merchandise Inventory 80,000 Furniture and Fixtures Less: Accumulated Depreciation 54,000 P454.000 Total Assets Liabilities and Owner's Equity Notes Payable P 40,000 100,000 Accounts Payable Mateo Roa, Capital 314,000 Total Liabilities and Owner's Equity P454.000 Penaco offered to invest cash to give him a capital credit equal to one-half of Mat after giving effect to the adjustments below. Roa accepted the offer. The merchandise is to be valued at P74,000. The accounts receivable is estimated to be 95% collectible. Interest accrued on the notes receivable will be recognized: P10,000, 12% dated July and P20,000, 12% dated August 1, 2021. Interest on notes payable to be accrued at 14% annually from Apr. 1.2021 The furniture and fixtures are to be valued at P46,000. Office supplies on hand that have been charged to expense in the past amounted to These will be used by the partnership. ooks for the Partnership. llowing procedures may be used in recording the formation of the partnership: P 240,000 10,000 P 60,000 6,000

is shown below: Mateo Roa Balance Sheet October 1, 2021 Assets Cash P 60,000 30,000 Notes Receivable Accounts Receivable Less: Allowance for Uncollectible 230,000 Accts. Merchandise Inventory 80,000 Furniture and Fixtures Less: Accumulated Depreciation 54,000 P454.000 Total Assets Liabilities and Owner's Equity Notes Payable P 40,000 100,000 Accounts Payable Mateo Roa, Capital 314,000 Total Liabilities and Owner's Equity P454.000 Penaco offered to invest cash to give him a capital credit equal to one-half of Mat after giving effect to the adjustments below. Roa accepted the offer. The merchandise is to be valued at P74,000. The accounts receivable is estimated to be 95% collectible. Interest accrued on the notes receivable will be recognized: P10,000, 12% dated July and P20,000, 12% dated August 1, 2021. Interest on notes payable to be accrued at 14% annually from Apr. 1.2021 The furniture and fixtures are to be valued at P46,000. Office supplies on hand that have been charged to expense in the past amounted to These will be used by the partnership. ooks for the Partnership. llowing procedures may be used in recording the formation of the partnership: P 240,000 10,000 P 60,000 6,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Described below are certain transactions of Splish Corporation. The company uses the periodic inventory system. On February 2, the corporation purchased goods from Martin Company for $67,500 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 1. 2. 3. On April 1, the corporation bought a truck for $47,000 from General Motors Company, paying $5,000 in cash and signing a one-year, 10% note for the balance of the purchase price. On May 1, the corporation borrowed $82,400 from Chicago National Bank by signing a $91,040 zero-interest-bearing note due one year from May 1. 4. On August 1, the board of directors declared a $307,900 cash dividend that was payable on September 10 to stockholders of record on August 31.
Clicking Generate at the bottom of the A/P Create Payment Batch form creates a payment batch. Group of answer choices. True False
answer ed is coming back incorrect please help
Is it right?
Please do not give solution in image format thanku
How to make t account and journal entry. Please use only these numbers when answering the questions please
Can you send another picture or write it down cuz i dont understand
AutoSave Off H Document2 - Word P Search (Alt+Q) Sign in File Design References Mailings Review View Help Grammarly Picture Format P Comments A Share Home Insert Draw Layout P Find - - A A Aa v A = - E - E G Times New Roman v 12 Normal No Spacing Heading 1 Replace = = 1E v Editor Open Grammarly Paste BIU I U v - 2. A - ab x, x' A . A Select v Undo Clipboard a Font Paragraph Styles Editing Editor Grammarly a. At the beginning of the year, Addison Company's assets are $200,000 and its equity is $150,000. During the year, assets increase $80,000 and liabilities increase $46,000. What is the equity at year-end? Assets Liabilities Equity Beginning $ 200,000 = 150,000 Change 80,000 = 46,000 + Ending Page 1 of 1 O words Text Predictions: On * Accessibility: Good to go O Focus 110% 9:58 PM P Type here to search 49°F 3/20/2022 近

How would I calculate this problem? I just guessed on which answer made sense to me. Please help. thank you in advance.
The Intanglble assets and goodwlll reported by Ivanhoe Corporatlon at December 31, 2020, follow: Copyrights (#1) $35,740 Less: Accumulated amortlzatlon 17.870 $ 17,870 Trademarks 50,390 Gంoరnll 119,060 Total $ 187,320 A copyright (#1) was acqulred on January 1, 2019, and has a useful life of four years. The trademarks were acqulred on January 1, 2017, and are expected to have an Indefinlte lfe. The company has a December 31 year end and prepares adjusting Journal entrles annually. The following cash transactlons may have affected Intanglble assets and goodwll during 2o21: Jan. Pald S 6,920 In legal costs to successfully defend the trademarks agalnet Infringement by another company. July Developed a newproduct, Incurring 5 201,940 In research and S 49.500 In development costs with probable fueure benefits. The product Is expected to havea useful life of 18 years, 1. Pald 5 55,670 to a popular hockey player to appear In commerdlals advertising the company's products. The commerclals will…
True or false? In a manual system, it is proper to splits journal entry at the bottom page.
Subject : Accounting what is the lowest subscription level of QuickBooks online that allows custom fields to be added to purchase orders?