12. The partnership agreement of Zuniga, Armenta & Galang provided for the y year-end allocation of profit in the following order: First, Zuniga is to receive 10% of profit up to P200,000 and 20% over P200,000. Second, Armenta and Galang each are to receive 5% of the remaining profit over P300,000. The balance of profit is to be allocated equally among the three partners. The partnership's 2019 profit was P500,000 before any allocations to partners: What amount should be allocated to Zuniga? а. P202,000 P206,000 С. b. P216,000 d. P220,000
12. The partnership agreement of Zuniga, Armenta & Galang provided for the y year-end allocation of profit in the following order: First, Zuniga is to receive 10% of profit up to P200,000 and 20% over P200,000. Second, Armenta and Galang each are to receive 5% of the remaining profit over P300,000. The balance of profit is to be allocated equally among the three partners. The partnership's 2019 profit was P500,000 before any allocations to partners: What amount should be allocated to Zuniga? а. P202,000 P206,000 С. b. P216,000 d. P220,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
What is the answer in nunbers 12, 13, and 14?
![12. The partnership agreement of Zuniga, Armenta & Galang provided for the year-end
allocation of profit in the foillowing order:
First, Zuniga is to receive 10% of profit up to P200,000 and 20% over P200,000.
Second, Armenta and Galang each are to receive 5% of the remaining profit ove
P300,000.
The balance of profit is to be allocated equally among the three partners.
The partnership's 2019 profit was P500,000 before any allocations to partners:
What amount should be allocated to Zuniga?
P202,000
P216,000
P206,000
P220,000
а.
с.
b.
d.
15. Bacalso and Tenajeros have respective partnership capital balances of P48,000 and
P24,000 on Jan. 1.
Bacalso withdrew P6,000 on May 1 and P6,000 on July 1.
Tenajeros invested an additional P12.000 on April 1 and withdrew P8,000 on Oct. 1.
The average capital balances for Bacalso and Tenajeros for the year are
a. Bacalso, P48,000; Tenajeros, P24,000.
b. Bacalso, P42,000; Tenajeros, P26,000.
Bacalso, P41,000; Tenajeros, P31,000.
d. Bacalso, P36,000; Tenajeros, P28,000.
С.
14. On Jan. 1, 2019, Anatalio, Yecyec, Guzon and Calimpusan formed Butuan Trading
Co., a partnership, with contributions as follows: Anatalio, P50,000; Yecyec,
P25,000; Guzon, P25,000 and Calimpusan, P20,000.
provided that each partner shall receive a 5% interest on contributed capital, and
that Anatalio and Yecyec shall receive salaries of P5,000 and P3,000, respectively.
The partnership contract
The contract also provided that Guzon shall receive a minimum of P2,500 per
annum, and Calimpusan a minimum of P6,000 per annum, which is inclusive of
amounts representing interest and share of remaining profits. The balance of the
profits shall be distributed to Anatalio, Yecyec, Guzon and Calimpusan in a ratio
3:3:2:2.
What amount must be earned by the partnership, before any charge for interest
and salaries, so that Anatalio may receive an aggregate of P12,500 including
interest, salary and share of profits?
а. Р32,333
b. Р30,000
с. РЗО,667
d. P16,667](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd50c8b96-8329-4130-852d-aba3cae41ffc%2F4f1c1659-0427-4f87-9d00-7f860e1c51ed%2Fyzz1fe9_processed.jpeg&w=3840&q=75)
Transcribed Image Text:12. The partnership agreement of Zuniga, Armenta & Galang provided for the year-end
allocation of profit in the foillowing order:
First, Zuniga is to receive 10% of profit up to P200,000 and 20% over P200,000.
Second, Armenta and Galang each are to receive 5% of the remaining profit ove
P300,000.
The balance of profit is to be allocated equally among the three partners.
The partnership's 2019 profit was P500,000 before any allocations to partners:
What amount should be allocated to Zuniga?
P202,000
P216,000
P206,000
P220,000
а.
с.
b.
d.
15. Bacalso and Tenajeros have respective partnership capital balances of P48,000 and
P24,000 on Jan. 1.
Bacalso withdrew P6,000 on May 1 and P6,000 on July 1.
Tenajeros invested an additional P12.000 on April 1 and withdrew P8,000 on Oct. 1.
The average capital balances for Bacalso and Tenajeros for the year are
a. Bacalso, P48,000; Tenajeros, P24,000.
b. Bacalso, P42,000; Tenajeros, P26,000.
Bacalso, P41,000; Tenajeros, P31,000.
d. Bacalso, P36,000; Tenajeros, P28,000.
С.
14. On Jan. 1, 2019, Anatalio, Yecyec, Guzon and Calimpusan formed Butuan Trading
Co., a partnership, with contributions as follows: Anatalio, P50,000; Yecyec,
P25,000; Guzon, P25,000 and Calimpusan, P20,000.
provided that each partner shall receive a 5% interest on contributed capital, and
that Anatalio and Yecyec shall receive salaries of P5,000 and P3,000, respectively.
The partnership contract
The contract also provided that Guzon shall receive a minimum of P2,500 per
annum, and Calimpusan a minimum of P6,000 per annum, which is inclusive of
amounts representing interest and share of remaining profits. The balance of the
profits shall be distributed to Anatalio, Yecyec, Guzon and Calimpusan in a ratio
3:3:2:2.
What amount must be earned by the partnership, before any charge for interest
and salaries, so that Anatalio may receive an aggregate of P12,500 including
interest, salary and share of profits?
а. Р32,333
b. Р30,000
с. РЗО,667
d. P16,667
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education