Concept Introduction;
General
Limited Partnership: Limited partnership is the form of partnership having more than one owner. It is a type of partnership under which a partner has unlimited liability and other partners have limited liabilities. It limits the liability of a limited partner to the extent of his capital contribution or a specified amount. The partner with limited liability shall not be liable for any contribution over and above the limit.
To determine: The contribution of each partner in case of Capital deficiency

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Chapter 12 Solutions
WORKING PAPERS F/ FUND ACCOUNTING
- Q25. 1. Calculate the manufacturing cost of Job 308. 2. How much will the City of Adams Adamspay for this playground equipment?PG Industries manufactures custom-designed playground equipment for schools and city parks. PG expected to incur $784,700 of manufacturing overhead cost, 41,300 direct labor hours, and $1,239,000 of direct labor cost during the year (the cost of direct labor is $30 per hour). The company allocates manufacturing overhead on the basis of direct labor hours. During June, PG completed Job 308. The job used 180 direct labor hours and required $15,100 of direct materials. The City of Adams has contracted to purchase the playground equipment at a price of 26% over manufacturing cost.arrow_forwardwhat is the correct option ? general accountingarrow_forwardTechnoCorp manufactures specialized machinery and provides the following data for the year: • Budgeted Overhead Cost: $1,250,000 • Actual Overhead Cost: $1,180,000 • Budgeted Machine Hours: 60,000 Actual Machine Hours: 55,000 (1) Compute the predetermined overhead rate. (2) Determine the amount of overhead applied for the year.arrow_forward
- General accounting questionarrow_forwardI need help turning this into a balance sheet, income statement and a retained earning statement. using the information in the picture.arrow_forwardTimberline Manufacturing applied overhead of $750,000 based on direct labor cost but now wants to allocate based on machine hours. If total estimated direct labor cost was $300,000, calculate the traditional overhead rate.arrow_forward
- Please provide correct answerarrow_forwardI need help turning this into a balance sheet, income statement, and a retained earning statement with the information in the picturearrow_forwardMartin's Home Furniture made Net Sales Revenue of $150,000, and the Cost of Goods Sold (COGS) totaled $90,000. What is the gross profit percentage for this period? a. 60% b. 25% c. 30% d. 40%arrow_forward
- what is the asset turnover ratio?arrow_forwardCompute the fixed cost elements using the high-low method.arrow_forwardOn June 1, 2017, Waterway Industries was started with an initial investment in the company of $25,200 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the revenues and expenses for the month of June, its first month of operations: Cash $ 5,500 Notes payable $13,800 Accounts receivable 4,490 Accounts payable 990 Service revenue 8,400 Supplies expense 960 Supplies 2,428 Maintenance and repairs expense 660 Advertising expense 400 Utilities expense 240 Equipment 31,100 Salaries and wages expense 1,100 Common stock 25,200 In June, the company issued no additional stock but paid dividends of $1,512. I need help turning this into a retained earning statement.arrow_forward
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