Bacasnot Borres

Cash 324,000 306,738

Accounts Receivable 73,080
Property, Plant, Equipment (PPE) 1,396,260 340,200
Mortgage Payable (972,000) (72,000)
Capital balances- formation 821,340 574,938

821,340 574,938

Bacasnot 1,642,680x5/10 821,340

Borres 1,642,680x3/10 492,804
Buagas 1,642,680x2/10 328,536
1,642,680

Problem 2
a. Merchandise Inventory 150,000
HAHAHAsula, Capital 150,000

b. HAHAHAsula, Capital 75,000

Allowance for Uncollectible Accounts 75,000

c. Interest Receivable 3,750

HAHAHAsula, Capital 3,750

d. HAHAHAsula, Capital 18,750

Interest Payable 18,750

e. Accumulated Depreciation 450,000

HAHAHAsula, Capital 150,000
Furniture and Equipment 600,000

f. Office Supplies 12,500

HAHAHAsula, Capital 12,500

or
Merchandise Inventory 150,000
Interest Receivable 3,750
Accumulated Depreciation 450,000
Office Supplies 12,500
HAHAHAsula, Capital 77,500
Allowance for Uncollectible Accounts 75,000
Interest Payable 18,750
Furniture and Equipment 600,000

Cash 1,311,250
Pangadyi, Capital 1,311,250

Problem 3
KitKat's Books
1a) Kitkat, Capital 50,000
Accounts Receivable 50,000

1b) Kitkat, Capital 27,500

Merchandise Inventory 27,500

1c) Kitkat, Capital 10,000

Other Assets 10,000

or
Kitkat, Capital 87,500
Accounts Receivable 50,000
Merchandise Inventory 27,500
Other Assets 10,000

2)
Accounts Payable 894,700
Notes Payable 1,000,000
Kitkat, Capital 3,122,380
Cash 55,000
Accounts Receivable 1,122,680
 Merchandise Inventory 572,675
Land 3,015,000
Furniture and Fixtures 251,725

KittyKat's Books
1a) KittyKat, Capital 75,000
Accounts Receivable 75,000

1b) KittyKat, Capital 33,500

Merchandise Inventory 33,500

1c) KityKat, Capital 18,000

Other Assets 18,000

or
KittyKat, Capital 126,500
Accounts Receivable 75,000
Merchandise Inventory 33,500
Other Assets 18,000

2)
Accounts Payable 1,218,250
Notes Payable 1,725,000
KittyKat, Capital 3,515,260
Cash 111,770
Accounts Receivable 2,764,450
Merchandise Inventory 1,267,010
Buildings 2,141,335
Furniture and Fixtures 173,945

Partnership Books
3)
Cash 55,000
Accounts Receivable 1,122,680
Merchandise Inventory 572,675
Land 3,015,000
Furniture and Fixtures 251,725
Accounts Payable 894,700
Notes Payable 1,000,000
Kitkat, Capital 3,122,380

Cash 111,770
Accounts Receivable 2,764,450
Merchandise Inventory 1,267,010
Buildings 2,141,335
Furniture and Fixtures 173,945
Accounts Payable 1,218,250
Notes Payable 1,725,000
KittyKat, Capital 3,515,260

Problem 4

Fah
Jan. 1 100,000x12/12 = 100,000
May 1 20,000 x 8/12 = 13,333
July 31 (10,000)x5/12 = (4,167)
Aug. 31 30,000x4/12 = 10,000
Nov. 30 (20,000) x 1/12 = (1,667)
117,500 P4.1

Jan. 1 100,000x4/12 = 33,333

May 1 120,000 x 3/12 = 30,000
July 31 110,000x1/12 = 9,167
Aug. 31 140,000x3/12 = 35,000
Nov. 30 120,000) x 1/12 = 10,000
117,500
Fei
Jan 1 150,000x12/12 150,000 25,000
Feb 28 (30,000)x10/12 (25,000) 30,000
May 31 (40,000) x 7/12 (23,333) 26,667
Sept. 30 50,000x3/12 12,500 10,833
Oct. 31 10,000x2/12 1,667 23,333
115,833 115,833

Fou
Jan 1 120,000x12/12 120,000 30,000
Mar 31 30,000 x 9/12 22,500 12,500
May 1 50,000*8/12 33,333 66,667
Aug. 31 (30,000)*4/12 (10,000) 56,667
Dec. 31 (10,000)*0/12 - -
165,833 165,833

Case 1
Fah Fei
Salary 20,000 10,000
Bonus 3,449 2,025
Interest 4,700 4,633

Remainder
67,500-56,161=11,339 4,536 2,835
Total 32,685 19,493
Case 1 #7 Case 1 #8

Fei's bonus = 67,500*3% 2,025 Case1 #5

Fou's bonus = 5% (67500/.70-2,025) 4,720 Case 1#6

Fah's bonus = 4%((67500/.70)-2,025-4720-FaB) 3,449

Case 2
 Fah Fei
Salary 20,000 10,000
Bonus 3,190 1,404
Interest 6,000 7,000

Remainder
97,800-59,960=37,840 7,568 11,352
Profit Share 36,758 29,756
#13 #14
Fei's bonus
B=3%(97,800-30,000-21,000) 1,404 #11

Fou's bonus
Profit before tax 97,800/.7 139,714
B = .05*(139,714-30,000-21,000-1,404)
4,366 #12

Fah's bonus
B = .04*(139,714-21000-30000-1404-4366-B)
3,190 #10

Case 3
Profit before Salaries, interest and tax 124,300
Salaries (30,000)
Interest (22,200)
Profit before tax 72,100
Tax (21,630)
Profit after tax 50,470

Fah Fei
Bonus 2,579 1,514
Remainder 50,470-7,622= 42,848 14,283 14,283
Profit share 16,862 15,797
#19 #20
Case 4
Fah Fei
Salaries 20,000 10,000
Interest 8,225 8,108

Remainder -13,200-57,941
-71141 (23,714) (23,714)
4,511 (5,606)

Fei, Capital 5,606

Fou, Capital 12,105
Fah, Capital 4,511
Income Summary 13,200
 Buagas
154,602
91,800

246,402 #1

246,402 1,642,680 TCC

(82,134)
82,134
TAC

1,800,000
1200000 1,350,000
600,000 150,000
 2,700,000
(77,500)
2,622,500
1,311,250
100,000
20,000
(10,000)
30,000
(20,000)
120,000 Ending, Capital
 150,000
-30,000
-40,000
50,000
10,000
P4.2 140,000 ending capital of Fei

120,000
30,000
50,000
-30,000
-10,000
P4.3 160,000 ending capital of Fou

Fou
30,000
4,720 10,194
6,633 15,967
56,161

3,969 11,339
15,322 67,500
Case 1 #9

Case 1#4
Fou
30,000
4,366 8,960
8,000 21,000
59,960

18,920 37,840
31,286 97,800
#15

Fou Total
3,529 7,622
14,282 42,848
17,811 50,470
#21
Fou Total
30,000
11,608 27,941
57,941

(23,713) (71,141)
(12,105) (13,200)
50 10 44

15 10 76.66667
35 0 30
53.33333