On December 31, 2020, the unadjusted Statement of Financial Position of ABC Partnership shows the following data with profit or loss sharing agreement of 2:3:5: Total Assets 100,000 Total Liabilities 40,000 A, Capital В, Саpital C, Capital 10,000 20,000 30,000 On December 31, 2020, A decided to retire from the partnership. However, before the distribution of cash to A, data errors were discovered during the pre-retirement audit: • During 2020, the property, plant and equipment has not been subjected to revaluation by 15,000; The 2020 net income is overstated by 5,000. After the adjustment, A received retirement pay of 15,000 for his capital interest.

On December 31, 2020, the unadjusted Statement of Financial Position of ABC Partnership shows the following data with profit or loss sharing agreement of 2:3:5: Total Assets 100,000 Total Liabilities 40,000 A, Capital В, Саpital C, Capital 10,000 20,000 30,000 On December 31, 2020, A decided to retire from the partnership. However, before the distribution of cash to A, data errors were discovered during the pre-retirement audit: • During 2020, the property, plant and equipment has not been subjected to revaluation by 15,000; The 2020 net income is overstated by 5,000. After the adjustment, A received retirement pay of 15,000 for his capital interest.

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

Calculate the change in Working Capital given the following: 2021 2020 A/R 240 A/P 185 A/R 255 A/P 165 INV 210 Int/P 145 INV 225 Int/P 155 W/C 2021 W/C 2020 Change in Working Capital =
What is the interest rate?
20. What is X in the formula: FV = X(1+r) ? Select one: a. The future value of an annuity with X cash flows b. The present value of a single cash flow in one period's time c. The future value of a single cash flow in one period's time d. The present value of an annuity with X cash flows
02 3. Calculating Present Values For each of the following, compute the present value: Present Value Years Interest Rate Future Value 15 7% $ 19,415 8. 11 47,382 13 10 312,176 25 13 629,381
for part b, you entered the figure £45.17... as the D0. where did you get this figure from as its nowhere else in your working out?
Q6. What's the present value of a perpetutity that pays $1,524 per year if the aprropriate interest rate is 5.3 % ? Round answer to 2 decimal places?
14. What is the present value of $250,000 received in 250 days at 12% p.a. simple interest? Select one: a. $250,000.00 b. $231,012.66 c. $201,905.00 d. $213,012.66
Please answer the question attached in the picture below.
4
What is the period in years?
Question 5 You inherited $300,750 and invested it at 6.25% per year. How much could you withdraw at the beginning of each of the next 15 years? O a. $32,443. O b. $24,020. Oc. $25,522. Od. S29,622. e. $23,035.
Determine the present value of the following single amounts: Future Amount Interest Rate No. of Periods1. $ 20,000 7% 102. 14,000 8 123. 25,000 12 204. 40,000 10 8