26. Red and White formed a partnership in 2016. The partnership agreement provides for annual salary allowances ofP55,000 for Red and P45,000 for White. The partners share profits equally and losses in a 60/40 ratio. The partnership had earnings of P80,000 for 2016 before any allowance to partners. What amount of these earnings should be credited to Red and white respectively? * 43,000 37,000 40,000 40,000 45,000 35,000 O 44,000 36,000

26. Red and White formed a partnership in 2016. The partnership agreement provides for annual salary allowances ofP55,000 for Red and P45,000 for White. The partners share profits equally and losses in a 60/40 ratio. The partnership had earnings of P80,000 for 2016 before any allowance to partners. What amount of these earnings should be credited to Red and white respectively? * 43,000 37,000 40,000 40,000 45,000 35,000 O 44,000 36,000

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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