Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

54 STU Company accepted from a customer P1,000,000 face amount, 6-month, 8% note dated April 15, 2019. On the same date, the entity discounted the

image text in transcribedimage text in transcribed
54 STU Company accepted from a customer P1,000,000 face amount, 6-month, 8% note dated April 15, 2019. On the same date, the entity discounted the note without recourse at a 10% discount rate. What amount of cash was received from the discounting? * (1 Point) O P988,000 O P1,040,000 P990,000 O P972,00087 Jungkook and Jimin partners who share profits and losses in the ratio of 3:2 respectively. Salary: P50,000for Jungkook and P30,000 for Jimin. Interest: P30,000 for Jungkook and P10,000 for Jimin. The profit and loss allocation is determined after deductions for the salary and interest payments. If Jimin's share in the residual income (income after deducting salaries and interest) was P60,000 in 2021, what was the total partnership income?* (1 Point) O 270,000 O 282,000 102,000 O 180,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting

Authors: Ray H. Garrison, Eric W. Noreen, G. Richard Chesley, Ray Carroll

6th Canadian Edition

0070915164, 9780070915169

More Books

Students also viewed these Accounting questions