On September 30, 2019, R.Rob and J.Jon, CPAS decided to form a partnership wherein they will participate in the profits inthe ratio of 40% and 60%, respectively. Their balances are as follows:Rob CompanyStatement of Financial PositionSeptember 30,2019AssetsCashAccounts ReceivableLess:Allowance for Uncollectible accountsP 80,00P 800,00080,000P 250,00050.000720,000EquipmentLess:Accumulated DepreciationTotal Assets200,000P 1,000,000Liabilities and CapitalAccounts payableR.Rob, CapitalTotal Liabilities and CapitalP 400,000600,000P 1,000,000 Jon CompanyStatement of Financial PositionSeptember 30,2019AssetsCashAccounts ReceivableLess:Allowance for Uncollectible accountsEquipmentLess: Accumulated DepreciationTotal AssetsP 350,000P 300,00030,000P 450,00090.000270,000360,000P 980,000Liabilities and CapitalAccounts payableJon, CapitalTotal Liabilities and CapitalP 290,000690.000P 980,000Conditions agreed upon before the formation are as follows:The accounts receivable of both parties are estimated to be 15% uncollectible.The equipment of R.Rob should be valued at P 180,000.The equipment of J. Jon should be valued at P 375,000.Prepaid expenses of P 20,000 and accrued expenses of P 25,000 are to be taken up in the books of J.Jon.The new capital of the partnership is based on the adjusted capital balance of J.Jon so that R. Rob may either withdrawor contribute additional cash in order to make the partner's capital balance proportionate to their profits or loss ratio.This is not recorded in the books of R.Rob.REQUIRED:a.) Prepare journal entriesrespective books of accounts.b.) Prepare the required journal entries in the new partneship books, to record the investment of the partners.the booofand J.Jon to record the adjustments of assets andand the closing of their

Journal entry: A journal entry is used to record day-to-day transactions of the business by debiting…

Answered: P 800 | bartleby

Business

Accounting

P 800

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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8 Jlgw If Quantity is 50 and price is 4.5, the total revenue will equal 225 350 400 (c) 54.5 (D
Determine the net price of an article listed at $12050 less 20%, 16%, 9.33%. a. 7341.82 b. 7342 c. 68/72
202112.02 03:04 Underslallu T-ALand understand the fIve lu P 32,200 33,050 200 04 Cost Accounting Chapter 7 Accounting for Materials 20 Problem 4 An invoice for X, Y, and Z is received from Heavyweight Co. Invoice totals are: X- P 125,000; Y -P 75,000%; Z - P100,000, The freight charges on this shipment of 18,000 pounds total P7,500. Weights for the respective materials are 10,000, 6,000, and 7,500 pounds. Required: 1. Cost per pound to be entered on the stock cards for each materials, based on Problem 7 The Bedrock Company is a manufacturer of golf clothing. During the monthNhe company cut and assembled 10,000 golf jackets. One hundred of the jackets dic not meet specifications and were considered "seconds." Seconds are sold for P1,00T00 per jacket, whereas first quality jackets sell for P2,500.00. During the month, Wo in Process was charged for P3,600,000 of materials, P4,000,000 of labor, and fary overhead is applied at 120% of direct labor (including allowance of 20% of dilect.…
CP 13–5The following data are taken from the records of Cronkite Corp.:2019$2,5201,890630510$ 1202018$1,440960480430$ 50SalesCost of goods soldGross profitOther expensesNet incomeRequired: Perform horizontal analysis on the above date and interpretyour results
Sean and Jenny own a home in Boulder City, Nevada, near Lake Mead. During the year, they rented the house for 40 days for $3,200 and used it for personal use for 18 days. The house remained vacant for the remainder of the year. The expenses for the house included $14,150 in mortgage interest, $3,560 in property taxes, $1,200 in utilities, $1,340 in maintenance, and $11,000 in depreciation. What is the deductible net loss for the rental of their home (without considering the passive loss limitation)? Use the Tax Court method for allocation of expenses.
i 1:50 O O *UN 40 80% 5 The company dseouteda P10.000, 0 ay, 6 ne on November 15, 2019, Orgnal entry Adisting ertry PHACTICAL EXERCISE testruction: Lung the ecerse mettod tis tare, p te ongral entry ot the tregoing ransations and the neonsary adjuing ery at the end of the acrting pered. Der. 31,201a Protiem Tha trai talance ot the Mabils Fapar Shop appean below at the and f in calondar penad MABLIS REPAR SHOP Trial Balance Decenter 31, 2019 Cash an tand Accounta Recevable Estnand Uncotectbie Accourta 10.000 25.000 P. 1.000 30.000 750 Ns Receivatie Shop Equohert Actumuuted Depreciafen-Shep Egipmert Furte and Fature Acrumuuted Deorsaton-Fuinture ard Fatue Accourts Poyable tows Payable Lenes Capits Leynes, Driwing Service ncome Salares Expanse Rant Expense Suopies Erper Tann and Liman Ligt and Water Expenua 2000 .000 5.000 11.000 12.000 44.750 1.000 30 D00 8000 4000 1.500 1000 105.500 105.S00 A4ssoral ielomation 1. Urpad taxes P600 2 Acorued satarien P1000 1 Acortued interst on netes…
Accounts Cash Accounts Receivable Prepaid Rent Supplies Equipment Accumulated Depreciation Accounts Payable Salaries Payable Interest Payable Notes Payable (due in two years) Common Stock Retained Earnings Service Revenue Salaries Expense Rent Expense Depreciation Expense Interest Expense Totals Credit $ 129,000 11,400 10,400 4,400 34,000 240,000 54,000 440,000 340,000 17,000 34,000 4,400 $923,200 $923,200 Debit $11,400 144,000 5,400 27,000 340,000
9. What is the capital balance of Tak at December 31, 20x2? 28 A a. P180,000 b. P170,000 c. P165,000 d. Not given SIXOS mot and 100 to stile si 10. What is the capital balance of Gu at December 31, 20x2? a. P220,000 b. P215,000 c. P200,000 d. Not given 007 0902 3 nevig Vo ordub juongoro att mi to side odd ei four we 17 000.08 I s 000.079 000/03/1 8
Q. 14
The bond has a coupon rate of 5.69 percent, it makes semiannual payments, and there are 4 months to the next coupon payment. A clean price of $935 and the par value is $1,000. What is the invoice price?