Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books. To prepare: A reconstruction entry.

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Answer 1

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Chapter 12, Problem 11E

(a)

To determine

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

(b)

To determine

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.

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PROBLEM E Mulles, the owner of a successful fertilizer business, felt that it is time to expand operations. Mulles offered to form a partnership with Lucena, the owner of a nearby warehouse. The partnership would be called Mulles & Lucena Storage and Sales. Lucena accepted Mulles' offer and the partnership was formed on July 1,2024. Presented below is the trial balance for Mulles Fertilizer Supply on June 30, 2024: Cash Accounts Receivable Allowance for Uncollectible Accounts. Inventory Prepaid Rent Store Equipment Accumulated Depreciation Notes Payable Accounts Payable Mulles, Capital Total P 229,500 2,103,000 P 117,000 1,012,500 29,250 390,000 P3,764,250 97,500 330,000 505,500 2,714,250 P3,764,250 The partners agreed to share profits and losses equally and decided to invest an equal amount in the partnership. Lucena and Mulles agreed that Lucena's land is worth P500,000 and his building P1,450,000. Lucena is to contribute cash in an amount sufficient to make his capital account…

Answer 2

Question

Chapter 12, Problem 11E

(a)

To determine

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

(b)

To determine

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.

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Answer 3

Question

Chapter 12, Problem 11E

(a)

To determine

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

(b)

To determine

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.

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Answer 4

Question

Chapter 12, Problem 11E

(a)

To determine

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

(b)

To determine

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.

Expert Solution & Answer

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Answer 5

Chapter 12, Problem 11E

(a)

To determine

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

(b)

To determine

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.

Answer 6

Chapter 12, Problem 11E

(a)

To determine

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

Answer 7

Chapter 12, Problem 11E

(a)

To determine

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

Answer 8

(b)

To determine

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.

Answer 9

(b)

To determine

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 12 - Prob. 1QS Ch. 12 - Prob. 2QS Ch. 12 - Prob. 3QS Ch. 12 - Prob. 4QS Ch. 12 - Prob. 5QS Ch. 12 - Prob. 6QS Ch. 12 - Prob. 7QS Ch. 12 - Prob. 8QS Ch. 12 - Prob. 9QS Ch. 12 - Prob. 10QS

Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books. To prepare: A reconstruction entry.

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books. To prepare: A reconstruction entry.

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations. The effect on cash flow statement.

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Chapter 12 Solutions

Introduction: Reconstruction of journal entries mean reconstructing the accounts and ledgers based on the confirmed reports available with the company. These reconstructing entries need to arise when no books are maintained or there is some error in the books.

To prepare: A reconstruction entry.

Introduction: Cash flow from investing activities is a section of the cash flow statement that shows the cash generated through the investing activities. Investing activities do not include Cash related to nominal business operations.

The effect on cash flow statement.