17. Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a monthly salary of P10,000 to each partner and bonus of 20% to Beth. Determine the share of each partner and record the distribution on the following independent situations: a) Net income earned was P480,000 and bonus is based on net income before salaries and bonus. b) Net income earned was P480,000 and bonus is based on net income after salaries and bonus. c) Net loss for the year was P480,000 and bonus based on net income before salaries and bonus.
17. Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a monthly salary of P10,000 to each partner and bonus of 20% to Beth. Determine the share of each partner and record the distribution on the following independent situations: a) Net income earned was P480,000 and bonus is based on net income before salaries and bonus. b) Net income earned was P480,000 and bonus is based on net income after salaries and bonus. c) Net loss for the year was P480,000 and bonus based on net income before salaries and bonus.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
17. Beth, Luz and Ana divide
(see attached image, kindly asnwer it based on you knowledge, thank you!!)
a) Net income earned was P480,000 and bonus is based on net income before salaries and bonus.
b) Net income earned was P480,000 and bonus is based on net income after salaries and bonus.
c) Net loss for the year was P480,000 and bonus based on net income before salaries and bonus
Transcribed Image Text:17. Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a
monthly salary of P10,000 to each partner and bonus of 20% to Beth. Determine the share
of each partner and record the distribution on the following independent situations:
a) Net income earned was P480,000 and bonus is based on net income before salaries
and bonus.
b) Net income earned was P480,000 and bonus is based on net income after salaries and bonus.
c) Net loss for the year was P480,000 and bonus based on net income before salaries and bonus.
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