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Problem 1: R & S are partners with capital balances of P 20 000 and P 40 000 respectively. Give the entry to record the admission of T, under the following independent terms:
a. T purchased ¼ of R's interest for P 6 000
b. S sells ½ of his interest to T at book value.
c. T bought 60% of the interest of both partners individually at book value.
d. T invested cash of P 16 000 and is given credit for the actual investment made.
A company purchased property for $105,000. The property included a building, equipment and land. The building was appraised at $64,000, the land at $46,000, and the equipment at $19,000 for a total appraised value of $129,000. What is the amount of c..
Blank Co. acquired 25% of the 500,000 shares of outstanding common stock of Overload Inc. on December 31, 2014. The purchase price was $3,600,000. Overload declared and paid $1.20 per share cash dividends on June 18, 2015, and on November 29, 2015. O..
The 2018 ending inventory, valued at year-end costs, was $126,000. What inventory balance would Ferret report on its 12/31/20 balance sheet?
Corporate governance has been defined in a number of ways. Contrast the definitions of corporate governance in jurisdictions such as the UK, Australia etc.
Ms. Matti won a gold medal and P50, 000 cash prize for chess competition in the Palarong Pambansa. How much final tax should be withheld from the prize?
This year Jack intends to file a married-joint return with two dependents. Jack received $175,800 of salary and paid $8,350 of interest on loans used to pay qualified tuition costs for his dependent daughter, Deb. This year Jack has also paid qualifi..
How was Wundt's psychology influenced by the preceding and/or current work of the predominantly British empiricists
Swell Computer Company (SWC) prepares annual financial statements. SWC received advance payments from customers during Year6 of $14,800. At December 31, Year6, $1800 of the advance payments still had not been earned. After the adjustments are recorde..
On June 30, 2013 Blue inc leased a machine from Big leasing corporation the lease agreement qualifies as a capital lease and calls for blue to make semi annual lease payments of 281,454 over a three year lease term, payable each June 30 and December ..
During the year, The Shirt Shop sold 720 T-shirts for $15 each. Compute the difference in gross margin between the FIFO and LIFO cost flow assumptions
What is the first step you would perform to investigate this client complaint? Give detailed reasons and what type of proof might be available to support the amount of time entered?
The movie is expected to cost $10.2 million upfront and take a year to make. What is the payback period of this investment
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