Reference no: EM132955958
Question - The balance sheet as of June 30, 2019 for the partnership of Vasquez, Watson, and Ylagan shows total assets at P360,000 and liabilities and capital: Vasquez, Loan = P20,000; Vasquez, Capital = P80,000; Watson, Capital = P100,000; and Ylagan, Capital = P160,000 It was agreed among the partners that Vasquez retires from the partnership and it was further agreed that the assets be adjusted to their fair value of P408,000 as of June 30, 2019.
The partnership would pay Vasquez, P116,000 cash for his partnership interest and includes the payment of loan to him. Vasquez, Watson and Ylagan share profits and losses, 20%, 30%, and 50% respectively.
Required - What is the capital balance of Watson after the retirement of Vasquez?
|
How much net income decrease as result of fox depreciation
: Fox uses only? straight-line depreciation. How much will net income decrease as a result of Fox's depreciation entry for 2020
|
|
Prepare pertinent entries
: Building was set up at a cost of P2,400, 000 and heavy equipment was purchased on January 2, 2021 for P900,000. Prepare pertinent entries
|
|
Evaluate the conduct of crawford and ndebele inc
: Evaluate the conduct of Crawford and Ndebele Inc in terms of the Code of Professional Conduct, based on the information given above
|
|
Compute the average rate of return
: MTN is considering an investment proposal to install a new special connection control at cost 50000 USD; Compute the average rate of return
|
|
What is the capital balance of watson
: The partnership would pay Vasquez, P116,000 cash for his partnership interest and includes the payment of loan to him. What is the capital balance of Watson
|
|
How much is the final settlement to sun
: Sun, Capital -(P21,000); Star, Capital - P21,000. How much is the final settlement to Sun assuming cash of P 96,000 is paid to Accounts Payable
|
|
Prepare a list of comments on the financial performance
: Prepare a list of comments on the financial performance and position of Helang Air for the year ended 30 June 2021
|
|
What is the company required minimum rate of return
: If the operating assets are $1695141 in the beginning of the year and $2404168 at the end of the year, what is the company's required minimum rate of return
|
|
How much cash partners set aside for future liquidation
: In the first month of liquidation, certain assets were sold for P192,000. How much cash did the partners set aside for future liquidation expenses
|