17. The partnership agreement of Carlos, Niza, and Usop provided for the following terms on distribution of profits and losses: • Carlos is to receive 10% of the profit up to P1,000,000 and 20% on the amount of excess; • Niza and Usop each, are to receive 5% of the remaining profit in excess of P1,500,000 after Carlos' share as per above; The balance to be divided equally. For the year just ended, the partnership realized a profit of P2,500,000 before distribution to partners. The share of Carlos is a. P1,080,000 b. P1,000,000 c. P1,300,000 d. P1,100,000

17. The partnership agreement of Carlos, Niza, and Usop provided for the following terms on distribution of profits and losses: • Carlos is to receive 10% of the profit up to P1,000,000 and 20% on the amount of excess; • Niza and Usop each, are to receive 5% of the remaining profit in excess of P1,500,000 after Carlos' share as per above; The balance to be divided equally. For the year just ended, the partnership realized a profit of P2,500,000 before distribution to partners. The share of Carlos is a. P1,080,000 b. P1,000,000 c. P1,300,000 d. P1,100,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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