User Account

All Pages

What is the capital balance of barbie on december

Assignment Help Financial Accounting
Reference no: EM132809322

On December 31, 2020, Jamie, Anthony, and Barbie organized JAM partnership wherein Jamie contributed P3,200,000 for 20% interest in the partnership. Barbie contributed P 9,600,000 for a capital credit of P8,000,000. After closing the accounting book, Anthony and Barbie withdrew the following amounts respectively: P800,000 and P960,000.

Profit or Loss arrangement are agreed as follows:

  1. Annual salary of P40,000, P32,000 and P24,000 respectively
  2. The remainder will be divided in the ratio of 2:3:5

On December 31, 2021 the capital balance of Jamie is P3,224,000.

Problem 1. What is the net income / (net loss) of the partnership for the year ended December 31, 2021?

Problem 2. What is the capital balance of Barbie on December 31, 2021?

Reference no: EM132809322

Questions Cloud

Key legal doctrines affecting organized labor : One of the key legal doctrines affecting organized labor - and one that has been at the root of contention within the ranks of unions for decades
What does sensitivity analysis mean in linear programming : If the right-hand side of the constraint equation is change, how does this affect the feasible region? What does Sensitivity Analysis mean in linear programming
Describe what professional appearance in workplace : Selecting the right outfit for a job interview is important because it signals to the potential employer your level of professionalism.
Find stakeholders in the healthcare field : What are some communication barriers that may occur between the stakeholders in the healthcare field that may cause complaints?
What is the capital balance of barbie on december : What is the net income / (net loss) of the partnership for the year ended December 31, 2021? What is the capital balance of Barbie on December 31, 2021?
Explain lawmaking process to ensure balance : As the readings intimate, the making of law is an inherently subjective process. Lawmakers necessarily import their biases when debating law and ultimately rega
What is the importance of teamwork and collaboration : What is the importance of teamwork and collaboration for organization?
Personal financial planning : How does the internal rate of return (IRR) methodology compare to the net present value (NPV) methodology?
How do prepare an income statement for presotto realty : How do prepare an income statement for Presotto Realty, owned by Mike Presotto, for the three month period ending June, 05, 2020.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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