a. P10,500; P34,500b. P11,000; P35,500c. P11,000; P35,000d. P12,000; P35,500 The accounts of Kelly, Loise, and Kyla, who share profits in a 5:3:2 ratio, are as follows onDecember 31, 2010:P 10,000P 12,000Kelly, drawing (Dr.)Kyla, drawing (Cr.)Receivable fr. Kelly (Dr.)Loise, loanKelly, capitalLoise, capitalKyla, capital4,0006,00049,50037,00032,500Total assets amount to P176,000, including P53,500 cash. The partnership is liquidated andKyla ultimately receives P27,500 as his share of cash in final distribution. How much did Kellyand Loise receive?

Partnership means where two or more person comes together to do some common business activity and…

Answered: The accounts of Kelly, Loise, and Kyla,…

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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Question 16 of 30: A provision of % should be made on loss assets 50% O 100% O 150% O 75%
a1
S. The cost of platinum to be purchased to mpport August production is: A S198,000 B. $200,160 C. S195,840 D. S391,680 E None of the answers are corect
What is EVA •107,500 • 127,500 • 60,0000 • 105,000 • None of the above
Not handwritten....
40"l1贪A N 65% D 3:19 +968 9925 1453 8 minutes ago These are selected account balances on December 31, 2011. Land (location of the corporation's office building) $100,000; Land (held for future use) 150,000; Corporate Office Building 600,000; Inventory 200,000; Equipment 450,000; Office Furniture 100,000; Accumulated Depreciation 300,000. What is the total amount of non- current assets that will appear on the statement of financial position? Select one: a. $1,100,000 b. $1,300,000 C. $1,600,000 d. $950,000 口口
a.2,250,000 b.3,250,000 c.3,050,000 d.5,500,000
ver But not over Tax is: Of amount over: $0 $50,000 15% $0 $50,000 $75,000 $7,500 + 25% $50,000 $75,000 $ 100,000 $13,750 + 34% $75,000 $100,000 $335,000 $22,250 + 39% $100,000 $335,000 $10,000,000 $ 113,900+ 34% $335,000 $10,000,000 $15,000,000 $3,400,000 + 35% $10,000,000 $15,000,000 $18, 333, 333 $ 5,150,000 + 38% $15,000,000 $18,333,333 35% $0 Refer to the table above: A firm has $12, 000, 000 in taxable income. What is the firm's average tax rate?
1. Ethics in Financial reporting is a responsibility of the organization and the managers, given the ethical principles of trust and transparency, describe how can you as a manager be able to uphold these two in your practice. 2. Income Statements are profit and losses, given the table, describe the implication of the income statement of the hospital Income Statement Php 5,600,000 Php 3,500,000 Php Php 2,170,000 Revenues Expenses Cash on Hand 70,000 Profit 3. The Owner's Equity in the table suggests the status of the company, describe what does it mean and what implications can you derive from it Owner's Equity Owner's Capital Php 4,900,000 Php 2,100,000 Additional Investment Withdrawals Php 1,500,000 Php 5,500,000 Ending Capital 4. The Balance Sheet of Company Z shows the following, what can you derive from the financial health of the company? Current Asset Current Liabilities Php 5,600,000 Php 3,500,000 Php Inventory Creditors Php 4,900,000 Debtors Bank Loan Php 2,100,000 70,000 Php…
The balance sheets of Butler, Incorporated and its 70%-owned subsidiary, Cassie Corporation, which Butler has owned for several years presented below: Cash Accounts Receivable (net) Inventory Plant & Equipment (net) Copyright Accounts payable Long-term Debt Noncontrolling interest Common stock, $1 par Retained earnings Additional information for 2024: 2024 $ 16,000 150,000 220,000 315,000 32,000 $ 733,000. $ 120,000 0 77,000 200,000 336, 000 $ 733,000 2 2023 $ 52,000 108,000 178,000 340,000 36,000 $714,000 $ 102,000 70,000 50,000 200,000 292,000 $714,000 • Butler & Cassie's consolidated net income was $100,000. . Cassie paid $10,000 in dividends. • There were no purchases or disposals of plant & equipment or copyright this year. Net cash flow from financing activities was ************
why is it 800,000-740,000 and not 800,000-720,000
Cinnamon Buns Company (CBC) started 2024 with $54,000 of inventory on hand. During 2024, $284,000 in inventory was purchased on account with credit terms of 2/10, 1/30 - All discounts were taken. Purchases were all made f.o.b. shipping point. CBC paid freight charges of $11,000. Inventory with an invoice amount of $4,800 was returned for credit. Cost of goods sold for the year was $320,000. CBC uses a perpetual inventory system. Assume instead that (a) freight costs were paid by the vendor, (b) no discounts were taken, and (c) the inventory on hand at the beginning of 2024 was determined by a physical count that failed to realize that $12,000 of inventory was being held on consignment for Frosting R Us Incorporated. What is cost of goods available for sale, assuming CBC uses the gross method to record purchase discounts? Multiple Choice $324,680 $344,200 $321.200 A

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