11-12) Partnership. <\/p>
<\/p>
Lilo and Stitchare partners who share profits and losses in a ratio of 3:2, respectively and have the following capital balances on Dec 31, 2015. Lilo, Capital, P2,000,000 Cr. And Stitch, Capital, P1,500,000 Cr. Assume that the partners agreed to let Nikki into the partnership by investing P1,000,000 for a one-fourth interest. Nikki's capital balance will be<\/p>
<\/p>
13-14) Joint Operations. <\/p>
<\/p>
A, B, and C are joint operators of JOINT OPERATION D (each having an equal share in interest). On January 1, 2015, A sells equipment having a book value of P51,200 to the OPERATION for P128,000. The equipment had an estimated useful economic life of 5 years at that date. At what amount will A show this equipment at its balance sheet at January 1, 2015?<\/p>
<\/p>
INSTALLMENT SALES<\/p>
<\/p>
<\/p>
15-16) TROPICO Enterprises started operations on October 1, 2016.The following information are summarized for the first three months:<\/p>
<\/p>
Installment receivable, Dec. 31P1,500,000<\/p>
<\/p>
Deferred gross profit, Dec. 31 (unadjusted)1,050,000<\/p>
<\/p>
Gross profit on sales25%<\/p>
<\/p>
The realized gross profit on installment sales during the 1st three months amounted to<\/p>
<\/p>
17-18) On June 1, 2015 TURNO ENTERPRISES sells a new car costing P1,620,000 for P2,268,000.A used car is accepted as down payment, P432,000 being allowed on the trade in.The used car can be resold for P486,000 after reconditioning cost of P64,800.The company expects to make a 20% gross profit on the sale of used cars.During the period P270,000 was collected on the contract.<\/p>
<\/p>
19-20) PETALCORIN Co. sells goods on the installment basis.For the year just ended, the following were reported:<\/p>
<\/p>
Installment sales<\/p>
<\/p>
P3,000,000<\/p>
<\/p>
Cost of installment sales<\/p>
<\/p>
2,025,000<\/p>
<\/p>
Collections on installment sales<\/p>
<\/p>
1,800,000<\/p>
<\/p>
Defaulted accounts<\/p>
<\/p>
200,000<\/p>
<\/p>
Fair market value of repossessions<\/p>
<\/p>
120,000<\/p>
<\/p>
The repossessions resulted in gain (loss) of<\/p>
<\/p>
Note: Write parenthesis to signify loss. Ex. 28,000 if your answer is a gain, (28,000) if loss.<\/p>
<\/p>
How much is the realized gross profit in 2015?<\/p>", "transcribed_text": "", "related_book": { "title": "Auditing and Assurance Services", "isbn": "978-1259573286, 1259573281, 978-1260152166", "edition": "7th edition", "authors": "Timothy Louwers, Allen Blay, David Sinason, Jerry Strawser, Jay Thibodeau", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1263.jpg", "uri": "\/textbooks\/auditing-and-assurance-services-7th-edition-1263", "see_more_uri": "" }, "free_related_book": { "isbn": "1164881574", "uri": "\/textbooks\/the-actions-of-drugs-a-course-of-elementary-lectures-for-students-of-pharmacy-1st-edition-978-1164881575-266330", "name": "The Actions Of Drugs A Course Of Elementary Lectures For Students Of Pharmacy", "edition": "1st Edition" }, "question_posted": "2024-06-28 04:47:09", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/identify-and-describe-five-of-the-innovation-principles", "description": "Identify and describe five of the innovation principles.", "stars": 3.5 }, { "url": "\/study-help\/psychology\/is-this-issue-more-complex-than-it-seems-1982620", "description": "Is this issue more complex than it seems?", "stars": 3.5 }, { "url": "\/1-according-to-porters-framework-what-generic-strategy-was-airborne", "description": "1. According to Porter's framework, what generic strategy was Airborne Express pursuing? Was this a sound strategy in the context of the air express industry? 2. What were the strengths of Airborne...", "stars": 3 }, { "url": "\/study-help\/questions\/the-following-is-the-ending-balances-of-accounts-at-december-9850142", "description": "The following is the ending balances of accounts at December 31, 2024, for the Vosburgh Electronics Corporation. Account TitleDebitsCreditsCash$ 97,000 Short-term investments212,000 Accounts...", "stars": 3 }, { "url": "\/study-help\/questions\/1-beridze-manufacturing-expects-to-produce-2900-units-in-january-4421945", "description": "1. Beridze Manufacturing expects to produce 2,900 units in January and 3,300 units in February. Beridze budgets $20 per unit for direct materials. The amount of indirect materials needed for...", "stars": 3 }, { "url": "\/study-help\/questions\/1-what-is-the-expected-change-in-production-volume-on-1026042", "description": "What is the expected change in production volume, on average, as the number of factory workers decreases by five? Please enter the value of the expected change in production volume with ONE digit to...", "stars": 3 }, { "url": "\/study-help\/questions\/the-company-has-the-following-beginning-balances-in-its-stockholders-978571", "description": "The company has the following beginning balances in its stockholders\\' equity accounts on January 1 , 2 0 2 4 : Common Stock, $ 1 0 0 , 0 0 0 ;Additional Paid - in Capital, $ 3 , 7 0 0 , 0 0 0 ; and...", "stars": 3 }, { "url": "\/study-help\/questions\/business-law-this-is-impossible-just-totally-impossible-ten-months-3378292", "description": "business law \"This is impossible! Just totally impossible! Ten months ago I was sitting on top of the world. Upper-level management considered me one of the best, if not the best, engineer in the...", "stars": 3 }, { "url": "\/study-help\/questions\/be124using-excel-to-calculate-direct-materials-variances-problem-sprague-companys-980696", "description": "BE12.4-Using Excel to Calculate Direct Materials Variances PROBLEM Sprague Company's uses a standard cost system and has provided the following information for its direct materials during Julv....", "stars": 3 }, { "url": "\/study-help\/questions\/c-compute-the-depreciation-expense-under-decliningbalance-using-double-the-981288", "description": "Flounder Company purchased a new machine on October 1, 2022, at a cost of $110,000. The company estimated that the machine will have a salvage value of $10,000. The machine is expected to be used for...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/i-need-answers-for-exercise-184b-188b-1515b-1821-b-4242712", "next": "\/study-help\/questions\/15-radakovich-corporation-has-provided-the-following-data-from-its-4242714" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "11-12) Partnership. Lilo and Stitchare partners who share profits and losses in", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/1112-partnership-lilo-and-stitchare-partners-who-share-profits-and-4242713" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } }d": "1" } }