Question
Lonzo Brandon Cash 28,000 62,000 Receivables 200,000 600,000 Inventories 120,000 200,000 Land,Bldg, and equipment 650,000 535,000 Other assets 2,000 3,000 Accounts payable (180,000) (250,000) notes
Lonzo Brandon
Cash 28,000 62,000
Receivables 200,000 600,000
Inventories 120,000 200,000
Land,Bldg, and equipment 650,000 535,000
Other assets 2,000 3,000
Accounts payable (180,000) (250,000)
notes payable (200,000) (350,000)
REQUIREMENT:
- Upon the partnership's formation, the respective capital of partners LONZO and BRANDON would be?
- Under the Bonus Method, if the partner agreed to have a capital ratio of 40:60 for LONZO and BRANDON respectively, how much is the amount of bonus to or (from) LONZO?
- Under the Bonus Method, if the partner agreed to have a capital ratio of 40:60 for LONZO and BRANDON respectively, how much is the adjusted capital of BRANDON?
- Under the Bonus Method, if the partner agreed to have a capital ratio of 60:40 for LONZO and BRANDON respectively and they further agreed to have a total capital of P 1,500,000, how much is the amount of bonus to or (from) LONZO?
- Under the Bonus Method, if the partner agreed to have a capital ratio of 60:40 for LONZO and BRANDON respectively, and they further agreed to have a total capital of P 1,500,000, how much is the adjusted capital of LONZO?
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Managerial Accounting
Authors: Carl S Warren, James M Reeve, Jonathan Duchac
12th Edition
1133952402, 978-1133952404
