The Liquid Company had a very unstable financial condition caused by a deficiency of liquid assets. On February 4, 2019; the following information was available: P 112,000.00 Cash Assets Not Realized: Accounts Receivable... Merchandise inventory. Investment in common stock Land Buildings Machinery and equipment Liabilities Not Liquidated: Notes Payable Accounts payable Salaries and Wages Taxes payable Bank loan Estate deficit 80,000.00 160,000.00 26,400.00 100,000.00 60,000.00 48,000.00 P 244,000.00 288,000.00 40,000.00 8,000.00 180,000.00 (173,600.00) During the six-month period ending July 31, 2019, the trustee sold the Investment in Common Stock for P26,000, realized P84.000 for the accounts receivable, sold the merchandise for P152.000, and paid off P26,000 of the bank loan and all liabilities with priorities (salaries, and wages payable, taxes payable) as well as 27.140 for estate administration expenses Determine the estate defid, as of July 31, 2019. To denote a deficit, use parenthesis, eg (10000). Your answer W The following Joint Operation account reflects the transactions of the operators of A, B, and Cas recorded by each operator: JOINT OPERATION P P 2018 Nov.5 Merchandise C Nov. 17 Merchandise B Nov. 22 Freight in-A Dec. 3 Purchase-A Dec. 13 Selling Expense 12.750.00 Nov. 18 Cash sales A 10,500.00 Dec. 12 Cash sales-A 525.00 Dec. 28 Merchandise B 5.250.00 600.00 30,600.00 6,300.00 1.815.00 Distributions of gains and losses are to be trade as follows: A 50%. B 30%, and C 20%. The joint operation is to close on December 31, 2018. How much is the joint operation profit and loss? Your answer Nikki, Ej and Justin decided to form a partnership contributing the following from each of their existing businesses: Nikki 50,000 100,000 2,500 100,000 EJ 75,000 50,000 5,000 Cash Receivables Allowance for Bad Debts Inventories Property. Plant and Equipment Goodwill Liabilities Justin 55,000 60,000 3,000 55,000 350,000 50,000 200.008 45.000 The partners agree on the following: a) The receivables of each partner is to have a 95% net realizable value b) Inventories of Nikki costing P10,000 are deemed to be worthless. c) The property, plant and equipment has a current value of P400,000 and is subject to a P200,000 mortgage (the liability of EJ). The partners agree to shoulder of the loan plus accrued interest (based on the original loan balance) at 10% for one year. d) Liabilities of Justin are understated by P5,000. e) The only goodwill recognized is the goodwill attributable to El, which is equivalent to 5% of his adjusted capital 1) The partners are to share in the ratio of 4:5:1 to Nikki, Ej and Justin, respectively. g) The partners are to invest or withdraw additional cash to make their capital balances equal to their profit and loss ratios with Ej's capital to be used as the basis. Determine the total Capital of the new partnership Your answer Partners Ben, Noreen, Lani, and Edwin initially invested P45,000; P60,000; P65,000 and P85,000 each to form a partnership on July 1, 2020. They divide profit and losses based on the following: a) Annual Salaries of P15,000, P20,000 and P20,000 to Ben, Noreen, and Lani: b) 10% annual interest on original capital to Lani: c) 20% bonus to Edwin before salaries, interest, and bonus: d) The balance is to be divided into a 4:3:2:1 ratio to Ben, Noreen, Lani, and Edwin each, respectively. If on December 31, 2021 the capital balances of Noreen and Lani total P250,000, how much would have been the total profits given to Edwin at this time (from 2020 to 2021)? Your answer Nikki, EJ and Justin decided to form a partnership contributing the following from each of their existing businesses: Nikki 50,000 100,000 2,500 100,000 EJ 75,000 50,000 5,000 Cash Receivables Allowance for Bad Debts Inventories Property. Plant and Equipment Goodwill Liabilities Justin 55,000 60,000 3,000 55,000 350.000 50,000 200,000 45,000 The partners agree on the following: a) The receivables of each partner is to have a 95% net realizable value. b) Inventories of Nikki costing P10,000 are deemed to be worthless. c) The property, plant and equipment has a current value of P400,000 and is subject to a P200,000 mortgage (the liability of El). The partners agree to shoulders of the loan plus accrued interest (based on the original loan balance) at 10% for one year d) Liabilities of Justin are understated by P5,000. e) The only goodwill recognized is the goodwill attributable to Ejwhich is equivalent to 5% of his adjusted capital The partners are to share in the ratio of 4-5:1 to Nikki, Ej and Justin respectively. a) The partners are to invest or withdraw additional cash to make their capital balances equal to their profit and loss ratios with EJ's capital to be used as the basis. Determine the amount of additional cash investment or withdrawal of Nikki. Indicate withdrawal with an open and close parenthesis, eg (100000) Your answer A and B join a joint arrangement for the sale of certain merchandise. The joint operators agree to the following: A shall be allowed a commission of 10% on his net purchases, the joint operators shall be allowed commissions of 25% on their respective sales; and A and B shall divide the profit or loss 60% and 40%, respectively. Joint arrangements transactions follow: Dec. 1: A make cash purchase of P57,000.00 Dec 3: B pays joint arrangement expenses of P9,000.00 Dec. 5: Sales are as follows: A, P48,000; B.P36,000. The participants keep their own cash receipts. Dec. 7. A returns unsold merchandise and receives P15.000 cash. Dec 15: The participants make cash settlement In the distribution of the balance in net profit of the joint arrangement how much is the shares of A? Your answer Apple, Samsung, Lenovo, and Huawei are partners with interests of P60,000 (30%): P65,000 (20%): P26,000 (10%) and P90,000 (40%) to Apple, Samsung, Lenovo, and Huawei each, respectively. Assume that the partners admit Oppo into the partnership. Oppo is to invest P50,000 and to purchase 1/4 of the capital balances of Samsung and Lenovo for P25,000 with the assets being adjusted. Oppo is to have 20% share in the new partnership and a 15% share in the profits and losses. The agreed capital of the partnership after the admission of Oppo is P310,000. Determine the capital balance of Lenovo after the admission of Oppo. Your answer The partnership of Ray, May and Jay is to be liquidated. Their books reflect beginning cash balances of P200,000; Liabilities of P350,000, Ray Capital (30%). P300,000; May Capital (25%), P450,000 and Jay Capital (45%). P350,000. The partnership is to be liquidated on an installment basis. The details of the first two installment sales of the partnership follow: Book Value Sales Price Expected of Non-cash of Non-cash Liquidating Liabilities Liquidating Assets sold Assets sold Expenses Paid Expenses P 250,000 P 205,000 P 20,000 P 150,000 P 25,000 100,000 30,000 10,000 150,000 30,000 1 st Sale 2nd Sale Cash is distributed to the partners as it becomes available. In the 3rd installment sale. P200.000 of the NCAs are sold for P150,000; P30,000 of the liabilities and P10,000 liquidating expenses are paid; and P130,000 cash is distributed to the partners. Determine the capital of May after the 3d installment sale of the NCAs. Your answer S company was to be liquidated had the following liabilities: P Income taxes Notes payable secured by land Accounts payable Salaries payable (10,950 for employee 1 and P2,000 for employee 2) Administrative expenses for liquidation 10,000.00 100,000.00 51,050.00 12,950.00 20,000.00 The company had the following assets Current assets Land Building P P Book values 100,000.00 50,000.00 150,000.00 Fair value 95,000.00 75,000.00 20,000.00 Compute for the total free assets, before deducting liabilities with priority. Your answer Partners Ben, Noreen. Lani, and Edwin initially invested P45,000, P60,000: P65,000 and P85,000 each to form a partnership on July 1. 2020. They divide profit and losses based on the following: a Annual Salaries of P15,000, P20,000 and P20,000 to Ben, Noreen, and Lami; b) 10% annual interest on original capital to Lant: c) 20% bonus to Edwin before salaries, interest, and bonus d) The balance is to be divided into a 4:3:2:1 ratio to Ben, Noreen, Lani, and Edwin each, respectively. If for 2020. Ben and Lani received a total of P47.000 from the partnership, how much would Edwin receive? Your