no.26 26. Red and White formed a partnership in 2016. The partnershipagreement provides for annual salary allowances ofP55,000 for Red andP45,000 for White. The partners share profits equally and losses in a 60/40ratio. The partnership had earnings of P80,000 for 2016 before anyallowance to partners. What amount of these earnings should be creditedto Red and white respectively? *43,000 37,00040,000 40,00045,000 35,000O 44,000 36,000

Allocation of remaining profit = Salaries - Amount being allocated = 100000 - 80000 = 20,000

Answered: 26. Red and White formed a partnership…

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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