Ruvi and Patrick are partners in a merchandising business. During 2021, they withdrew their salary allowances of P34,000 and P59,000, respectively. Remaining profit or loss are shared in the ratio of 3:2 by Ruvi and Patrick. The income summary account before any profit allocation has a credit balance of 180,000. The partners' capital accounts show the following: Ruvi Patrick Beginning balance Additional investments 85,000 40,000 67,000 43,000 Withdrawal other than salary (35,000) 90,000 (20,000) 90,000 allowance Ending balance 5. What is Patrick's equity balance at December 31, 2021 after dividing the profit?

Ruvi and Patrick are partners in a merchandising business. During 2021, they withdrew their salary allowances of P34,000 and P59,000, respectively. Remaining profit or loss are shared in the ratio of 3:2 by Ruvi and Patrick. The income summary account before any profit allocation has a credit balance of 180,000. The partners' capital accounts show the following: Ruvi Patrick Beginning balance Additional investments 85,000 40,000 67,000 43,000 Withdrawal other than salary (35,000) 90,000 (20,000) 90,000 allowance Ending balance 5. What is Patrick's equity balance at December 31, 2021 after dividing the profit?

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

Could I get the entire answer please? Earnings before taxes, net income and taxes?
Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2020 and 2019.
What are the Conditions for Accrual of Paid Future Absences?
WHY DOESNT THE NET INCOME AND RETAIN EARNING HAVE A 2020 AND 2021 COLUMN AS LIKE THE ASSET COLUMN
Pasta Corporation acquired 75% of Sauce Company on January 1, 2020 for $566,250 cash. The fair value of the other 25% ownership interest is estimated to be $188,750. ADDITIONAL INFORMATION: On the date of acquisition: * The Book Value of Sauce Company's net identifiable assets was $652,000. * Sauce's Company's Plant Assets were undervalued by $75,000 (remaining life was estimated to be 5 years). * Sauce's Company's Inventories were overvalued by $9,000 (all sold by year end). * New Goodwill was determined to be $37,000. At year-end, it was determined that the New Goodwill was impaired by $5,800. * For 2020, Sauce reported net income of $146,500 and paid dividends of $26,000. Assume that Pasta Company uses the fully adjusted equity method to account for its Investment in Sauce.
how to determine net income for december 2019 if i am given cash dividends of 2000. stock issuence of 1400. liabillties of 26,500. assets of 40000. the decmber 2018 assets 34000. liabilities of 21,500 are also given.
A revenue was earned in 2019 but payment is not received until 2020. Using the accrual basis of accounting, the revenue should appear on: A. the 2020 income statement B. the 2019 income statement C. both the 2019 and 2020 income statements D. neither the 2019 nor 2020 income statement
At September 30, 2022, the end of the first year of operations at Lukancic Incorporated, the firm's accountant neglected to accrue payroll taxes of $2, 189 that were applicable to payrolls for the year then ended. Exercise 7 - 9 (Algo) Part c c. Assume that when the payroll taxes were paid in October 2022, the payroll tax expense account was charged. Assume that at September 30, 2023, the accountant again neglected to accrue the payroll tax liability, which was $2,660 at that date. Determine the income statement and balance sheet effects of not accruing payroll taxes at September 30 2023
True or False? You can construct a sources and use statement for 2021 if you have a company's year-end balance sheets for 2021 and 2022