A and B established a company, if profit after first year was USD 900,000 find below: How much A and B will get if profit sharing ratio between them is 75:25?

Q: Lucky Clothing creates and sells t-shirts that can be customized. The cost of sales order processing...

A: Activity based costing is the costing method of allocation of the costs to the department or to the ...

Q: Exercise 6-8 (Algo) Performance obligations; customer option for additional goods or services [LO6-4...

A: The c

Q: lyse the ation. Smith owns a small business that sells vuvulezas to s . them at RIO each and sells t...

A: Accounting equation refers to the equation that forms the basic of accounting and it states that the...

Q: A certain company sells Its product at (45 - 0.08x) pesos per unit. Varlable cost per unit is P 25 w...

A: Computation of income statement particulars Amount PHP  per unit Sales per unit  45 - 0.08x L...

Q: Which of the following reclassifications of financial assets is permitted under PFRS 9? a. reclass...

A: Solution As per IFRS 9 , reclassification is allowed only when an entity changes its business model ...

Q: Condensed financial data of Novak Company for 2020 and 2019 are presented below. NOVAK COMPANY COMP...

A: Depreciation expense = 1,220 - 1,190 = 30 Cash proceeds from issue of common share = 1,890 - 1,710 -...

Q: Crane Manufacturing uses a job order cost system to account for its production of specialty patio fu...

A: Cost accounting is a type of accounting that records and measures the cost of good manufactured, ass...

Q: Gain or Loss on Sale of FVPL 13) On January 1, 2020, Erika Company purchased equity investments held...

A: Investment held for trading is the investment held with the intent of selling within a limited perio...

Q: S18-2 Trend analysis Mariner Ltd reported the following revenues and profit amounts: (In millions) 2...

A: Trend analysis refers to horizontal analysis which includes comparison of items of financial stateme...

Q: The Principles Corporation is a manufacturer of centrifuges. Fixed and variable manufacturing overhe...

A: The difference between the actual and budgeted overhead cost is known as overhead spending variance.

Q: Equivalent Units of Production The Converting Department of Worley Company had 720 units in work in ...

A: Worley Company Number of Equivalent Units of Production   Whole units Direct materials Equival...

Q: Problem 2. A multi-step income statement showed net sales of Php 870,000, cost of goods sold of Php ...

A: The question is based on the concept of Cost Accounting. The total expenses incurred and revenues ea...

Q: tatement 1: Measurement period is relevant if Fair Value of Net Assets of acquiree includes the reco...

A:   While Acquiring Assets and Liabilities Acquirer does not recognize contingent assets acquired in a...

Q: fileCUsenmc23/Document/Mark Sackup2010-2-2017/Documents/ magement/contingencyszobud * Risk P (Risk P...

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...

Q: a.) At what amount should Prince of Wales record the building on July 1,2020? b.) What is the annual...

A: Calculation of lease liability, this the amount which Prince of Wales should record. Lease Term 1...

Q: Required information [The following information applies to the questions displayed below.] Daniel Co...

A: The question is based on the concept of Cost Accounting.

Q: Which of the following is not considered in the determination of Total Assets after business determi...

A: In business combination , following are considered for determination of total assets : 1. Fair valu...

Q: April 1 Hoover Company received a 7%, 6-month s50,000 note dated April 1 from a customem whose accou...

A: Case-1 :Hoover Company received a 7% , 6Month $50000 note dated April 1 from customer whose account ...

Q: Accounting for Assets: Receivables Slow Running Shoes uses the Aging of receivables method to accoun...

A: I am answering the first 3 sub-parts of the question as per bartleby guidelines. Please re-submit th...

Q: What is the current ratio of Nezuko Inc.?

A: Current ratio means  total current assest is divided by  the  total current  liability.             ...

Q: a. Prepare the lease amortization schedule(s) for Donahue for all 4 years of the lease. b. Prepare t...

A: Rauch AG leases a piece of equipment to Donahue SA on Jan 01, 2022. Annual lease payments is 4892 at...

Q: The flexible budget will report for fixed costs.

A: Solution Concept Flexible budget is a budget in which the variable cost is adjusted on the basis of ...

Q: Which of the following is a financial liability? a. Deferred revenue b. A warranty obligation c. A c...

A: Solution Concept As per the relevant accounting standard Financial liability is                 -con...

Q: Which of the following is not a characteristic of a financial asset held for trading? a. It is acqui...

A: Trading in financial instrument include assets such as stocks bonds mutual fund. the financial asset...

Q: Enumerate at least 5 violations on required disclosures in the Notes to Financial Statements.

A: The answer for the question on violation on required disclosures in the Notes to financial statement...

Q: The Company owns a vehicle of $10,000 since 1.1.2008. The Company uses straight line method to depre...

A: Cost of Vehicle = $10000 Useful Life = 5 Years Purchase Date = 1.1.2008 Book Value after 5 years = N...

Q: Instruction: For each transaction, indicate whether the assets (A), liabilities (L) or owner's equit...

A: The balance sheet represents the financial position of the company that involves the assets, liabili...

Q: Delta Corporation acquires 70 percent of Bravo Company’s stock.  What amount of non-controlling inte...

A: Introduction Non-Controlling interest: If the parent company does not own 100% stakes in subsidiary ...

Q: Sayers Company purchased a building for $250,000 on January 2, 2019. The building has an expected re...

A:

Q: Söle Proprietors For partnership, and any deficiency shall be paid in cash. Gabriel and Lucifer deci...

A: When two or more persons join together to run any business activity, such joining is known as partne...

Q: E21.8 (LO3) (Lessor Entries, Sales-Type Lease) Crosley Company, a machinery dealer, leased a machine...

A:   Present Value of lease: PV(rate, nper, pmt, [fv]), [type]) = -PV (6%,8,35004, , 1) = 230,410

Q: Adjusting Enteries:  Supplies on hand are valued at $1,400. Accrued salaries are $3,195. Depreciati...

A: Journal Entry Journal entry is the basic process of accounting work,  Journal entry has two part one...

Q: QUESTION 7 Boris' Car Loft, Inc., began operations on January 1. It manufactures 10,000 automobiles ...

A: Costs that are directly associated with production process are known as product costs. 

Q: At the beginning of 2009, a company purchased a fire insurance policy covering a property for a peri...

A: The prepaid expenses are the expenses paid but not due for payment. 

Q: City of Smithville General Fund Operating statement account balances For year 2023                 E...

A: In case of government funded organization, expenditure incurred out of the fund provided by the gove...

Q: Income Statement Dec. 31, 2022 Company A Company B Sales P850,000 P1,350,000 Less: Cost of Goods Sol...

A: Efficiency in the management of stock is judged by inventory turnover ratio and days inventory outst...

Q: 14. Paul Williams Company presented the following information pertaining to its investments in marke...

A: As specified in question the solution of 14 and 15 is given below.   Unrealized gain or loss in the ...

Q: 18. Barkley Inc. prepaid for an insurance policy on July 31, Year 2, in the amount of 6,000. The ent...

A: Prepaid insurance policy means that a part of the amount is paid in advance. Here the amount is 6,00...

Q: Sophie Lacson started her own consulting firm, Lacson Consulting, on September 1, 2019. The followin...

A: Debit and credit are two aspects of a business transaction. These are used in double entry system of...

Q: Mayflower Engineered Products purchased and installed a new automated production system to aid in it...

A: a. Taxable income refers to Income minus deductible expenses b. After-tax cash flow= Taxable income-...

Q: On July 1,2020, the Prince of Wales, Inc. signs a 10-year non-cancellable lease agreement for a stor...

A: Lease Liability It is important for the business entity to raise the fund to investment in the capit...

Q: Perform a solvency analysis for the two quotas

A: Ratio analysis is one of the analysis technique that is used by the accountants and decision makers,...

Q: 10. In the case of long-term real estate installment sales

A: given  case of long term real estate installment sales where major portion of receivables are shown ...

Q: What is the amount of pre-acquisition earnings on the acquisition date consolidated income statement...

A: Pre- acquisition profits are the profits made by the companies before the acquisition of shares of s...

Q: Bimbo Company, which uses the weighted average method, produces a product that passes through two de...

A:

Q: Question 2. Debackere Construction Corp. contracted with Aggretsuko Inc. to build a karaoke machine ...

A: Contract costing refers to identifying costs related to a contract with a customer and recognizing r...

Q: Explain the difference(s) between a Retail operating cycle and that of Service operating cycle. Your...

A: Operating cycle refers to the average duration of time which is needed by a business to make an init...

Q: The term to describe taxable income before the qualified business income deduction and less dividend...

A: Lets understand the basics. Qualified business income is an income on which qualified business incom...

Q: choose the correct answer: Equity security acquired for trading should be measured at reporting dat...

A: Equity Securities Held for Trading Equity securities which are held for trading purpose which can be...

Q: Assessing control risk begins with understanding entity-level controls.   a. True

A: Control risk is the risk that occurred due to the misstatement in the financial statement that would...

Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc. 

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.