APPENDIX 5A PROBLEM SOLVING Instructions: Write your answers on a clean sheet of paper (yellow). If you have a laptop or a PC, you may encode and print them on a short, white paper using Cambria font (size 12) with single line spacing. For the past years A and B had a good business. Their sea food retail was established on June 3, 2016 but they decided to liquidate the business after 4 years. The following are the given data. Liabilities and Capital 320,000 Assets Cash 240,000 Accounts Payable Accounts Receivable 100,000 Loan from A 15,000 Supplies PPE, net A, Capital B, Capital 20,000 115,000 390,000 480,000 840,000 840,000 From the realization of asset, the following amounts were recovered: AR collected 70,000 14,000 Supplies sold for PPE sold for 200,00 From the personal record, A has excess personal asset of 9,000. Prepare the Liquidation Table for the Partners A and B. Show your solution. Liability A Capital В, Сapital Cash Non-Cash Loan to A Balance

APPENDIX 5A PROBLEM SOLVING Instructions: Write your answers on a clean sheet of paper (yellow). If you have a laptop or a PC, you may encode and print them on a short, white paper using Cambria font (size 12) with single line spacing. For the past years A and B had a good business. Their sea food retail was established on June 3, 2016 but they decided to liquidate the business after 4 years. The following are the given data. Liabilities and Capital 320,000 Assets Cash 240,000 Accounts Payable Accounts Receivable 100,000 Loan from A 15,000 Supplies PPE, net A, Capital B, Capital 20,000 115,000 390,000 480,000 840,000 840,000 From the realization of asset, the following amounts were recovered: AR collected 70,000 14,000 Supplies sold for PPE sold for 200,00 From the personal record, A has excess personal asset of 9,000. Prepare the Liquidation Table for the Partners A and B. Show your solution. Liability A Capital В, Сapital Cash Non-Cash Loan to A Balance

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

You are assigned as the financial advisor of the would-be entrepreneur James Udderlie. Write a 100-wordreport of the possibilities of James getting a loan for hisnew business.Type your report below (you may attach tables /appendices / calculations as you see fit). Be mindful ofthe word limit. Do not send PDF document formatreport. You may like to consider some template toframe your answer e.g., 5 "C" (condition / collateral /capacity / character/ capital; 4 Ps (Price / Product /Promotion / Place); or SWOT (Strength / Weakness /Opportunity / Threat).
Nicole’s Getaway Spa (NGS) continues to grow and develop. Nicole is now evaluating a computerized accounting system and needs your help in understanding how source documents informaccounting processes. She also needs some help reconciling NGS’s bank account.Required:1. For each source document shown below, prepare the appropriate journal entry or indicate thatno journal entry is required.a. Purchase order dated October 13 for massage chairs costing $765 and oil suppliescosting $240.
Vernon Corporation makes and sells state-of-the-art electronics products. One of its segments produces The Math Machine, an inexpensive calculator. The company's chief accountant recently prepared the following income statement showing annual revenues and expenses associated with the segment's operating activities. The relevant range for the production and sale of the calculators is between 33,000 and 71,000 units per year. Revenue (47,000 units x $9.00) Unit-level variable costs $423,000 Materials cost (47,000 x $2.00 ) Labor cost (47,000 x $1.00) Manufacturing overhead (47,000 × $0.20) Shipping and handling (47,000 × $0.24) Sales commissions (47,000 × $2.00) Contribution margin Fixed expenses Advertising costs Salary of production supervisor Allocated company-wide facility-level expenses (94,000) (47,000) (9,400) (11,280) |(94,000) 167,320 (30,000) (66,000) (82,000) Net loss $(10,680) Required a. A large discount store has approached the owner of Vernon about buying 7,000…
Bain Corporation makes and sells state-of-the-art electronics products. One of its segments produces The Math Machine, an inexpensive calculator. The company's chief accountant recently prepared the following income statement showing annual revenues and expenses associated with the segment's operating activities. The relevant range for the production and sale of the calculators is between 30,000 and 60,000 units per year. Revenue (40,000 units x $10.80) $ 432,000 Unit-level variable costs Materials cost (40,000 x $2.70) Labor cost (40,000 x $1.20) Manufacturing overhead (40,000 × $1.20) Shipping and handling (40,000 × $0. 30) Sales commissions (40,000 × $1.20) Contribution margin Fixed expenses Advertising costs Salary of production supervisor Allocated company-wide facility-level expenses (108,000) ( 48,000) ( 48,000) (12,000) ( 48,000) 168,000 (24,000) (72,000) (96,000) Net loss $ (24,000) Required a. A large discount store has approached the owner of Bain about buying 5,000…
E3 4. ( I) Posted by: Grant Gould on a Web Blog Purchasing some software on Buy.com about a year ago, I found that the listed prices for the same software were different on the front page of the website ($49), on the search-all- products results page ($39), and on the search-all-computer-games page ($29). These were, in order, progressively narrower searches. II) From the Wall Street Journal: H-P has quietly begun implementing "region coding" for its highly lucrative print cartridges for some of its newest printers sold in Europe. Try putting a printer cartridge bought in the U.S. into a new H-P printer configured to use cartridges purchased in Europe and it won't work. Software in the printer determines the origin of the ink cartridge and whether it will accept it. Please use the two examples above to comment on the following: (Please be very specific in applying the two examples above for the discussion of the comments below) i. Price discrimination increases a seller’s profits. ii.…
This window shows your responses and what was marked correct and Incorrect from your prevlous attempt. Required Informatlon Problem 13-63 & Problem 13-64 (Algo) (LO 13-5, 6, 7, 9) The following information applies to the questions displayed below] Jeremy Slacker started the Del Fuego Surf Shop on January 1 after determining that business school classes conflicted with his preferred activity. He invested $64,000 in the shop-$50,980 of his own savings and $32,000 borrowed from an acquaintance. The loan is to be repaid in 5 years. Jeremy will pay the lender annual interest at a rate of 8 percent. ded Shortly after opening, Jeremy realized that he is not the best financial planner and has come to you for help. With some prodding, you are able to establish that Jeremy plans to sell only two models of surfboard, the Zuma and the Coronado, for at least the first year. Data on the boards are given as follows, Coronado ) zuma 816 408 Expected annual sales (units) $720 470 $420 Retail price (per…
Application Time! 1) You will type the TVM inputs in the table provided from the "Info Sheet". 2) Mirror the inputs from the "Info Sheet" to the TVM cells provided. 3) Within the TVM cells, if needed, compound. 4) In the "ANSWER" cell show us your TVM calculation. Goal 1: Opened an account with $1500, with the hope to have a total of $2500 saved in an LG2-Q8 emergency fund within one year (no additional payments). What would the quarterly interest rate be needed to reach this goal? Goal 2: A credit card balance of $2000 with an 15% rate. The goal is to pay off the credit card LG2-Q9 by the end of the year. (future is a $0 balance) What would be the monthly payment to reach this goal? Goal 3: Student loan balance of $18,000 at 6.5% and making $425 monthly payments. (future LG2-Q10 is a $0 balance) How many months will it take to complete this goal? in fuo (no Compounding Number (select from dropdown) 4 Compounding Number (select from dropdown) 12 Compounding Number (select from…
A v2.cengagenow.com My Home CengageNOWv2 | Online teaching and learning resource from Cengage Learning еBook E Print Item Kenzie Company purchased a 3-D printer for $402,000. Although this printer is expected to last for ten years, Kenzie knows the technology will become old quickly and so she plans to replace this printer in three years. Kenzie Company will be able to sell the printer for $30,000. Using the double-declining-balance method, what amount will be recorded as depreciation expense each year, and what will the book value be at the end of each year after depreciation is recorded? Round final answers to nearest whole dollar amount. Depreciation Вook Expense Value Year 1 $4 Year 2 $ Year 3 $4 Previous Next %24 %24 %24 %24 %24
1/1 CengageNOWv2 | Online teachin X now.com/ilrm/takeAssignment/takeAssignmentMain.ao?invoker=&takeAssignmentSessionLocator=&inprogress=false A ... Garrison Boutique, a small novelty store, just spent $4,000 on a new software program that will help in organizing its inventory. Due to the steep learning curve required to use the new software, Garrison must decide between hiring two part-time college students or one full-time employee. Each college student would work 20 hours per week, and would earn $15 per hour. The full-time employee would work 40 hours per week and would earn $15 per hour plus the equivalent of $2 per hour in benefits. Employees are given two polo shirts to wear as their uniform. The polo-shirts cost Garrison $10 each. What are the relevant costs, relevant revenues, sunk costs, and opportunity costs for Garrison? OA. Relevant costs: benefits: $2 x 40 hours; uniforms: $10 × 2 shirts. Relevant revenues: None. Sunk costs: $4,000 for software. Opportunity costs: $4,000.…
You are shopping for a headset and webcam at an electronics store so that you can video chat with your friends. (Round your answers to one decimal place.) Headset and Webcam SALE See and say hello to your family and friends Save $10 WARN BuddyChat 200 Headset Reg. Price $39.99 BuddyChat 300 Headset Reg. Price $51.99 o BuddyCam HD 200 Webcam Reg. Price $89.99 $29.99 After Savings Save $12 $39.99 After Savings Save $20 $69.99 After Savings (a) Verify the "regular price" (original price) of each headset in the ad and calculate the markdown percent. BuddyChat 200 25 % % BuddyChat 300 23.1 Which headset offers the greater markdown percent, the BuddyChat 200 or BuddyChat 300? O BuddyChat 200 O BuddyChat 300 (b) What is the markdown percent on the BuddyCam HD webcam? 22.2 % (c) You have decided to purchase the headset with the greatest markdown percent and the BuddyCam HD webcam in order to take advantage of an "Extra $15 Rebate" offer when you purchase both. What is the markdown percent on…
1/1 gageNOWv2 | Online teachir xE com/ilm/takeASsignment/takeAssignmentMankao?invoker=&takeAssignmentSessiontocator=&inprogress%3Dfalse Garrison Boutique, a small novelty store, just spent $4,000 on a new software program that will help in organizing its inventory. Due to the steep learning curve required to use the new software, Garrison must decide between hiring two part-time college students or one full-time employee. Each college student would work 20 hours per week, and would earn $15 per hour. The full-time employee would work 40 hours per week and would earn $15 per hour plus the equivalent of $2 per hour in benefits. Employees are given two polo shirts to wear as their uniform. The polo-shirts cost Garrison $10 each. What are the relevant costs, relevant revenues, sunk costs, and opportunity costs for Garrison? OA. Relevant costs: benefits: $2 x 40 hours; uniforms: S10 x 2 shirts. Relevant revenues: None. Sunk costs: $4,000 for software. Opportunity costs: $4,000. OB. Relevant…
This a repost for solved question to solve fourth and fifth subparts please. The wanted questions will be in bold. I will attach your answers for the previous subparts. CESIM Simulation: Jameel’s food restaurant Jameel owns a popular burger sandwich restaurant in Ramallah, since five years following the success of his first restaurant, Jameel is now considering opening a second one in Nablus, by which he expects to succeed as he is manufacturing low fat meet with healthy side products. Jameel overall plan is to begin and run his new restaurant for five years, and sell both new restaurants off to a new owner and retire from the restaurant work. The cost of starting up as second restaurant will be as follows: Purchase of real estate (retail food outlet): $400,00 (which will be sold for the same price at the end of the project). Installation of specialized kitchen equipment: $40,000 Furniture and fittings: $25,000 Jameel estimates that the net working capital will increase by $20,000…