8 Questions
What is the total fair value of the inventories?
P 296,000
What is the total fair value of the equipment?
P 520,000
What is the total amount of Accounts Receivable?
P 124,000
What is the total amount of Goodwill in the Statement of Financial Position?
P 100,000
What is the total amount of Bautista's Capital?
P 394,000
What is the total amount of Bernaldo's Capital?
P 402,000
How many authorized shares of P50 par ordinary share capital are there in Rainbow Corp.?
50,000 shares
At what price per share did Bautista and Bernaldo receive shares in exchange for the net assets of the partnership?
P 70 per share
Test your understanding of Bautista and Bernaldo's statement of financial position as of September 30, 2014, including assets, liabilities, and the earnings and losses sharing ratio between the partners.
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