MYLAB (24 MONTHS) (FIN)
7th Edition
ISBN: 9780136505204
Author: MILLER-NOBLES
Publisher: PEARSON
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Chapter 14, Problem 4RQ
What types of transactions are reported in the non-cash investing and financing activities section of the statement of
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PROBLEM A
Sabio, as her original investment in the firm of Sabio and Mariano, contributed equipment that had been
recorded in the books of her own business as costing P900,000, with accumulated depreciation of
P620,000. The partners agreed on a valuation of P400,000. They also agreed to accept Sabio's accounts
receivable of P360,000, realizable or collectible to the extent of 85%.
Required:
1. Prepare the journal entry:
a. To adjust Sabio's assets
b. To close Sabio's books
c. To record Sabio's investment to the partnership
PROBLEM B
On March 1, 2025, Gogola and Paglinawan formed a partnership. Gogola contributed cash of P1,260,000
and computer equipment that cost P540,000. The fair value of the computer is P360,000. Gogola has notes
payable on the computer of P120,000 to be assumed by the partnership. Gogola is to have 60% capital
interest in the partnership. Paglinawan contributed cash amounting to P900,000. The partners agreed to
share profit and loss equally.
Required:
1. Prepare…
York Manufacturing uses a standard cost system.
•
•
Standard direct labor requirement: 1.8 direct
labor hours per unit
Standard labor rate: $12 per hour
Actual production: 15,000 units during the year
Direct labor costs incurred: $322,200 for 28,600
hours
Compute the Direct Labor Efficiency Variance.
Chapter 14 Solutions
MYLAB (24 MONTHS) (FIN)
Ch. 14 - The purposes of the statement of cash flows are to...Ch. 14 - The main categories of cash flow activities are a....Ch. 14 - Operating activities are most closely related to...Ch. 14 - Which item does not appear on a statement of cash...Ch. 14 - Leather Shop earned net income of 57,000 after...Ch. 14 - The Plant Assets account and Accumulated...Ch. 14 - Mountain Water Corp. issued common stock of 28,000...Ch. 14 - Prob. 8QCCh. 14 - Prob. 9AQCCh. 14 - If accrued liabilities increased during the year,...
Ch. 14 - Prob. 1RQCh. 14 - How does the statement of cash flows help users of...Ch. 14 - Describe the three basic types of cash flow...Ch. 14 - What types of transactions are reported in the...Ch. 14 - Prob. 5RQCh. 14 - Prob. 6RQCh. 14 - Explain why depreciation expense, depletion...Ch. 14 - Prob. 8RQCh. 14 - If current assets other than cash increase, what...Ch. 14 - If current liabilities increase, what is the...Ch. 14 - Prob. 11RQCh. 14 - Prob. 12RQCh. 14 - Prob. 13RQCh. 14 - Prob. 14RQCh. 14 - Prob. 15ARQCh. 14 - Prob. 16BRQCh. 14 - Describing the purposes of the statement of cash...Ch. 14 - Prob. 14.2SECh. 14 - Classifying items on the indirect statement of...Ch. 14 - Classifying cash flow items Consider the following...Ch. 14 - Prob. 14.17ECh. 14 - Prob. 14.18E
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