User Account

All Pages

Give entries to close Revenue and Expense Summary account

Assignment Help Accounting Basics
Reference no: EM132839722

Question - The Revenue and Expense Summary account GH Partnership debit balance Php80,000 of shows a of for the year ended December 31, 200A. At the beginning of the period, the capital balances of the partners are Php90,000 and Php100,000, respectively.

Required - Give the entries to close the Revenue and Expense Summary account by following their profit and loss agreement as given below: (show computations)

(a) Annual salaries: G - Php30,000; H - Php24,000;

(b) 6% interest on beginning capital;

(c) Any balance is to be divided in the ratio of capital balance.

Reference no: EM132839722

Questions Cloud

Explain what is mason additional medicare tax liability : What is Mason's additional Medicare tax liability? Mason receives $185,500 salary working full time for Angels Corp. Angels Corp. reported $422,000 of taxable.
In how many months money will double in value : Question - At an interest rate of 1.75% per month, in how many months money will double in value
How do you encourage language development : What are some concepts of print that are used in your classroom? How do you encourage language development? How do you motivate students to read and write?
What is the overall tax rate on SHO income in the first year : What is the overall tax rate on SHO's income in the first year if SHO is organized as an LLC or as a C corporation? Andrea would like to organize SHO as LLC.
Give entries to close Revenue and Expense Summary account : Give the entries to close the Revenue and Expense Summary account by following their profit and loss agreement as given below
How would you rate your effort and performance : On a scale of 1-10 (1 being poor, and 10 exceeds expectations/over-the-moon excellent), how would you rate your effort and performance thus far in the course?
How much cash after taxes would sandra receive : How much cash after taxes would Sandra receive from her investment in the first year if LAB is organized as either an LLC or a C corporation?
Demonstrate descriptive and prescriptive hr : Explain how a system of inter-related functions/departments work, and demonstrate sound knowledge of HR data, metrics, and analytics.
Discuss importance of exposure to language-rich activities : A child's speech development affects his or her emergent literacy skills. Discuss the importance of exposure to language-rich activities in the early years.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd