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Questions -
Q1. Filipe and Maria share income equally. During the current year the partnership net income was 40,000. Filipe made withdrawals of 12,000 and Maria made withdrawals of 17,000. At the beginning of the year, the capital account balances were: Filipe capital, 42,000; Maria capital, 58,000. Determine the Filipe's capital account closing balance at the end of the year?
a. 64,500
b. 50,000
c. 76,500
d. 62,000
Q2. On July 1o, 2002, J and P of JP Partnership decided to liquidate their partnership. At the time of liquidation, the statement of financial position accounts consisted of: Cash - P25,000; Non-cash assets - P600,000; Liabilities - P125,000; J Capital - P225,000; P Capital - P275,000. J and P share profits and losses in the capital ratio. J is personally insolvent. Non-cash assets were sold for P350,000. How loss on realization should P receive?
a. P275,000
b. (P25,000)
c. (P37,500)
d. P137,500
Johnson's Ltd has 320 million ordinary shares with par value of $0.80 as at December 31, 2019. Prepare journal entry to record the rights issue of share
Calculate the average annual dividend per share for each class of stock for the six-year period. If required, round your answers to two decimal places
Nature's Own Garden manufactures organic fruit preserves sold primarily through health food stores and on the Web. The company closes for two weeks each.
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the franc zeppo venture manufactures a product that goes through two processing departments. information relating to
is considered only when the operating activities section of a statement of cash flows is prepared under the indirect method
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The ending balances of capital stock and retained earnings are P300,000 and P120,000, respectively. What is the net income for the period
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Find How many sweatshirts would Hooper need to sell to earn a target profit of $10,500? (Round your final answer to the nearest whole number.)
What is their (a) adjusted gross income; (b) their total itemized deductions; (c) the amount of their exemptions; and (d) their taxable income
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