Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the amount of cash that A will receive on final settlement? a. 1,212 b. 9,280 C. 9,712 d. 8,500 A, B and C

image text in transcribed

What is the amount of cash that A will receive on final settlement? a. 1,212 b. 9,280 C. 9,712 d. 8,500 A, B and C formed a joint operation for the sale of assorted fruits during the Christmas season. Their transactions during the two-month period are summarized below: Joint operation Nov. 5 Merchandise-A 8,500 Nov. 15 Cash sales- 20,400 12 Merchandise-B 7,000 18 Cash sales-C 4,200 14 Freight-in C 200 30 Merchandise B 1,210 Dec 10 Purchases-C 3,500 Dec. 25 Unsold mdse. charged to A 540 22 Selling expenses C 550 The joint arrangement provided for the division of gains and losses among A, B and C in the ratio of 2:3:5. The joint operation is to close on December 31, 2008 What is the amount of cash that A will receive on final settlement

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

Blockchain Techonology In Accounting And Auditing

Authors: Prof Oleksandr Melnychenko

1st Edition

1976900328, 978-1976900327

More Books

Students also viewed these Accounting questions

Question

What is TCO?

Answered: 1 week ago

Question

What is the preferred personality?

Answered: 1 week ago

Question

What is the relationship between humans?

Answered: 1 week ago