Top PDF Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 8

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 8

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 8

Additional paid in capital ....................................................... 180,000 To adjust accounts to market value as part of fresh start accounting. Since the company has a reorganization value of P760,000 but the assets have a market value of only P700,000 (P90,000 + P210,000 + P400,000), and account entitled Reorganization Value in Excess of Amount Allocable to Tangible Assets must be recorded for P60,000.

7 Baca lebih lajut

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 3

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 3

Santos capital ..................................................... 3,988 Reyes capital ...................................................... 13,560 Cruz capital ........................................................ 9,040 To record goodwill implied of Cruz's interest. In effect, the profit Sharing ratio is 15% to Santos, 51% to Reyes (60% of 85% remaining after Santos's income), and 34% to Cruz (40% of the 85% remaining after Santos' income). Diaz is paying P46,000, P9,040 in excess of Cruz's capital (P36,960). The additional payment for this 34% income Interest indicates total goodwill of P26,588 (P9,040/34%).
Baca lebih lanjut

26 Baca lebih lajut

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 2

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 2

b. Average capital of Castro [(P26,000 + P32,000)  2] ........................... P29,000 Average of Diaz [(P16,500 + P18,500)  2]....... .................................. _18,000 Castro's excess ..................................................... .................................. P11,000 Multiply by .......................................................... .................................. ___10% Interest ................................................................. .................................. P 1,100

22 Baca lebih lajut

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 4

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 4

- Capital Balances - Noncash G K G B Cash Assets Liabilities Loan 20% 40% 40% - Preliquidation balances 50,000 950,000 (480,000) (60,000) (240,000) (100,000) (120,000) Sale of assets
Baca lebih lanjut

16 Baca lebih lajut

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 1

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 1

Pepe Basco, capital (Base) ........................................................... P31,500 Divide by Pepe Basco's P & L ratio ............................................. ___40% Total agreed capital ...................................................................... P78,750 Multiply by Carlo Torre's P & L ratio .......................................... ___60% Cash to be invested by Carlo Torre .............................................. P47,250

19 Baca lebih lajut

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 02

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 02

b. Average capital of Castro [(P26,000 + P32,000)  2] ........................... P29,000 Average of Diaz [(P16,500 + P18,500)  2]....... .................................. _18,000 Castro's excess ..................................................... .................................. P11,000 Multiply by .......................................................... .................................. ___10% Interest ................................................................. .................................. P 1,100

22 Baca lebih lajut

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 14

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 14

Shares issued by Papa Corporation: Par value of stock following acquisition P190,000 Par value of stock before acquisition 120,000 Increase in par value of shares outstanding P 70,000[r]

14 Baca lebih lajut

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 01

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta 2 CHAPTER 01

Toledo, capital (P68,400 – P300) ................................................. P 68,100 Divide by Toledo's profit share percentage .................................. ____50% Total agreed capital of the partnership ......................................... P136,200 Multiply by Ureta's profit share percentage ................................. ____50% Agreed capital of Ureta ................................................................ P 68,100 Ureta, capital ................................................................................ __64,700 Cash contribution of Ureta ........................................................... P 3,400
Baca lebih lanjut

19 Baca lebih lajut

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 20

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 20

(b) The change in the translation adjustment of P11,500 is included as a credit in the other comprehensive income on the Statement of Comprehensive Income. The other comprehensive income is then accumulated and reported in the stockholders’ equity section of the consolidated balance sheet as presented below:

11 Baca lebih lajut

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 15

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 15

ÿÿÿÿ r W o r d D o c u m e n t ÿÿÿÿ ;ˆ S u m m a r y I n f o r m a t i o n ( ÿÿÿÿÿÿÿÿÿÿÿÿ D o c u m e n t S u m m a r y I n f o r m a t i o n 8 ÿÿÿÿÿÿÿÿ C o m p O b j ÿÿÿÿÿÿÿÿÿÿÿÿ q ÿÿÿÿÿÿÿÿÿÿÿÿ ₫ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ ₫ÿ
Baca lebih lanjut

194 Baca lebih lajut

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 19

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 19

Speculation: The speculation is accounted for at the forward rate throughout the life of the contract. Therefore, the forward contract receivable is adjusted to P 134,000 (the rate for 60-day futures at December 31 and the P4,000 gain is

13 Baca lebih lajut

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 08

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 08

Note payable ...... .............................................................................................. 71,000 Common stock, P8 par value ............................................................................. 56,000 Additional paid in capital, P6.66 per share ........................................................ 46,667 Gain on debt discharge ...................................................................................... 11,333 To record settlement of note payable due in 2008
Baca lebih lanjut

6 Baca lebih lajut

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 05

Solution Manual and Test Bank Advanced Accounting by Guerrero & Peralta CHAPTER 05

partnership is P485,000 + P175,000 = P660,000. A one-sixth interest in the partnership is P660,000 x 1/6 = P110,000. Using the bonus method, we compute a bonus of P175,000 – P110,000 = P65,000. Using the 2:3 profit sharing ratio, the amount allocated to Jenny is P26,000 (2/5 x P65,000) and the amount allocated to Kenny is P39,000 (3/5 x P65,000).

20 Baca lebih lajut

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 5

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 5

Each partner receives 10% on beginning capital balance. Each partner receives her respective income (P15,000 to Jenny and P20,000 to Kenny). The amount distributed thus far is P65,000. The remainder to be distributed is P120,000 (P185,000 – 30,000 – 35,000). Two-fifths of this remainder of P129,000 (48,000) is allocated to Jenny; 3/5 x P120,000 (72,000) is allocated to Kenny. The total income allocated to Jenny and Kenny is P73,000 and P112,000 respectively.

20 Baca lebih lajut

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 18

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 18

5 Gain on sale of equipment 20,000 Building and equipment 5,000 Accumulated depreciation 25,000 To eliminate gain on sale of equipment 6 Accumulated depreciation 2,000 Depreciation [r]

18 Baca lebih lajut

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 13

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 13

2 Reconciliation of Home Office and Investment in Branch accounts.[r]

20 Baca lebih lajut

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 14

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 14

Shares issued by Papa Corporation: Par value of stock following acquisition P190,000 Par value of stock before acquisition 120,000 Increase in par value of shares outstanding P 70,000[r]

14 Baca lebih lajut

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 16

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 16

b. Since Pasig paid P20,000 less than the P240,000 fair value of Sibol’s net assets, a negative difference arises. Under PFRS 3 (Business combination), the allocation of the negative difference to the non-current assets, excluding long-term investments in marketable securities is no longer permitted. The negative difference is immediately amortized in profit or loss (income from acquisition). Therefore, the allocation assigned to building and equipment is the same as in (a) above.

23 Baca lebih lajut

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 15

Test bank of Advanced Accounting by Guerrero & Peralta CHAPTER 15

Under the purchase method, the investment cost is equal to the fair value of stock issued by Palo (P250,000) plus direct acquisition cost (P10,000) or a total of P260,000. The P20,000 stock issue cost is treated as a reduction from the additional paid-in capital. The entry to record the acquisition of stock is as follows:

14 Baca lebih lajut

Show all 10000 documents...