a) 80,000 b) 140,000 c) 120,000 d) 0 The following condensed Statement of Financial Position is presented for the partnership ofRimes, Raye, and Collin:AssetsLiabilities & CapitalP 200,000600,000CashAccounts PayableP 300,000Other AssetsRimes, capital (40%)80,000Raye, capital (30%)Collin, capital (30%)360,00060,000TotalP 800,000TotalP 800,000The partners agreed to liquidate the partnership after selling the other assets for P200,000.Upon liquidation of the partnership, Rimes should have received?

Book value P600000 Sale value P200000 Loss on sale P400000

Answered: liquidation of the partnership

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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Nn. 115.
Exercise 7-27 (Algorithmic) (LO. 5) Sandstorm Corporation decides to develop a new line of paints. The project begins in 2023 in the U.S. Sandstorm incurs the following expenses in 2023 in connection with the project: Salaries Materials Depreciation on equipment The benefits from the project will be realized starting in July 2024. If an amount is zero, enter "0". Sandstorm Corporation capitalizes and amortizes its research and experimental expenditures. What are its related deductions in 2023 and 2024? 2023: $104,400 31,320 15,660 2024: 0 X 15,138 X
Accounting Problem 10-10 (Algo) Interest capitalization; weighted-average method [LO10- 7] On January 1, 2021, the company obtained a $3 million loan with a 12% interest rate. The building was completed on September 30, 2022. Expenditures on the project were as follows: January 1, 2021 $ 1,230,000 March 1, 2021 720,000 June 30, 2021 380,000 October 1, 2021 670,000 January 31, 2022 990,000 April 30, 2022 1,305,000 August 31, 2022 2,340,000 On January 1, 2021, the company obtained a $3 million construction loan with a 12% interest rate. Assume the $3 million loan is not specifically tied to construction of the building. The loan was outstanding all of 2021 and 2022. The company's other interest-bearing debt included two long-term notes of $5,600,000 and $7,600,000 with interest rates of 8% and 10%, respectively. Both notes were outstanding during all of 2021 and 2022. Interest is paid annually on all debt. The company's fiscal year-end is December 31. Required: 1. Calculate the amount of…
Sh56
Question 2 The following information relates to three possible capital expenditure projects. Because of capital rationing, only one project can be accepted: Project Q P R Initial cost £250,000 £210,000 £190,000 4 5 £17,500 £12,000 £ £ End of year 175,000 90,000 60,000 70,000 70,000 65,000 3 65,000 55,000 70,000 4 60,000 80,000 75,000 5 55,000 80000 The company estimates its cost of capital is 14 per cent. Required: Calculate a) The payback period for each project. b) The accounting rate of return for each project. c) The net present value of each proiect. d) Which project should be accepted - give reasons. e) Explain the factors management would need to consider, in addition to the financial factors, before making a final decision on a project. Expected life (years) 5 Scrap value expected £20,000 Expected cash inflows £ 2
A8
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