15. On January 2, 2020, BB and PP formed a partnership. BB contributed capital of P175,000 and PP, P25,000. They agreed to share profits and losses 80 % and 20%, respectively. PP is the general manager and works in the partnership fulltime and is given a salary of P5,000 a month; an interest of 5% of the beginning capital (of both partner) and a bonus of 15% of net income before the salary, interest and the bonus. The profit and loss statement of the 'partnership for the year ended December 31, 2020 is as follows: P875,000 700,000 P175,000 143,000 P32,000 Net Sales Cost of goods sold Gross profits Expenses (including the salary, interest and the bonus) Net income The amount of bonus to PP in 2020 amounted to: 13,304 b. 16,456 a. C. 18,000 d. 20,700
15. On January 2, 2020, BB and PP formed a partnership. BB contributed capital of P175,000 and PP, P25,000. They agreed to share profits and losses 80 % and 20%, respectively. PP is the general manager and works in the partnership fulltime and is given a salary of P5,000 a month; an interest of 5% of the beginning capital (of both partner) and a bonus of 15% of net income before the salary, interest and the bonus. The profit and loss statement of the 'partnership for the year ended December 31, 2020 is as follows: P875,000 700,000 P175,000 143,000 P32,000 Net Sales Cost of goods sold Gross profits Expenses (including the salary, interest and the bonus) Net income The amount of bonus to PP in 2020 amounted to: 13,304 b. 16,456 a. C. 18,000 d. 20,700
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:15. On January 2, 2020, BB and PP formed a partnership. BB contributed capital
of P175,000 and PP, P25,000. They agreed to share profits and losses 80%
and 20%, respectively. PP is the general manager and works in the
partnership fulltime and is given a salary of P5,000 a month; an interest of
5% of the beginning capital (of both partner) and a bonus of 15% of net
income before the salary, interest and the bonus.
The profit and loss statement of the 'partnership for the year ended
December 31, 2020 is as follows:
P875,000
700,000
P175,000
143,000
P32,000
Net Sales
Cost of goods sold
Gross profits
'Expenses (including the salary, interest and the bonus)
Net income
The amount of bonus to PP in 2020 amounted to:
a. 13,304
b. 16,456
18,000
d. 20,700
с.
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