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Seneral (BSA 1-1: FAR 2) | Micro

Seneral (BSA 1-1: FAR 2) | Micro

FINANCIAL ACCOUNTING
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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M Inbox (909) - camillejeunei @gm i General (BSA 1-1: FAR 2) | Micro O FAR 2 LONG QUIZ /Pages/ResponsePage.aspx?id3DcYWpTercOUiPsQvdXclp-WXyu19p0dpLjDbGCXgjKqpURFVGNzZDSzZDWUhSWkRNTUoxTjBXNzhF The net income from January 1 to September 30, 2019 is P44,000. Also, on this date, cash and liabilities are P40,000 and P90,000, respectively. For Romans to receive P55,200 in full settlement of his interest in the firm, how much must be realized from the sale of the firm's non-cash assets? * Corinthians and Galatians decide to dissolve the partnership on September 30, 2021. neir capital balances and profit ratio on this date, follow: Capital Balances Profit Ratio Romans P50,000 40% Corinthians 60,000 Galatians 20,000 30% P196,000 P177,000 P193,000 国 IN
Transcribed Image Text:M Inbox (909) - camillejeunei @gm i General (BSA 1-1: FAR 2) | Micro O FAR 2 LONG QUIZ /Pages/ResponsePage.aspx?id3DcYWpTercOUiPsQvdXclp-WXyu19p0dpLjDbGCXgjKqpURFVGNzZDSzZDWUhSWkRNTUoxTjBXNzhF The net income from January 1 to September 30, 2019 is P44,000. Also, on this date, cash and liabilities are P40,000 and P90,000, respectively. For Romans to receive P55,200 in full settlement of his interest in the firm, how much must be realized from the sale of the firm's non-cash assets? * Corinthians and Galatians decide to dissolve the partnership on September 30, 2021. neir capital balances and profit ratio on this date, follow: Capital Balances Profit Ratio Romans P50,000 40% Corinthians 60,000 Galatians 20,000 30% P196,000 P177,000 P193,000 国 IN
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