SURVEY OF ACCOUNTING-ACCESS
SURVEY OF ACCOUNTING-ACCESS
4th Edition
ISBN: 9780077631536
Author: Thomas Edmonds
Publisher: McGraw-Hill Education
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Chapter 14, Problem 13E

a.

To determine

Calculate the missing amounts and complete the cash budget.

b.

To determine

Calculate the amount of net cash flow from operating activities that would be reported on the statement of cash flows for third quarter.

c.

To determine

Calculate the amount of net cash flow from financing activities that would be reported on the statement of cash flows for third quarter.

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Robin, Sienna and Teagan are in partnership sharing profits and losses in the ratio of 2:2:1 respectively. At the 1 January their capital and current account balances were:Capital Account Current Account$ $Robin 32000 2400 CreditSienna 40 000 1100 DebitTeagan 48 000 1900 Credit The partners are entitled to interest on capital at the rate of 5% per annum. On 1 July, Robin increased her capital by paying a further $6,000 into the partnership bank account, while Sienna reduced her capital to $26,000 and left the value of her withdrawn capital in the partnership as a loan bearing interest at 5% per annum.Partners are allowed to withdraw from current accounts at any time during the financial year but are charged interest on the amounts involved.Details of drawings made and interest chargeable in respect of each partner for the financial year ended 31 December are:Drawings Interest on Drawings$ $Robin 6900 270Sienna 5700 220Teagan 8100 330 Sienna is paid an annual salary of $18,000. The…
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