7. The partners of MMK Partnership are Mara, Mira and Kara. During the current year, their average capital balances are as follows: Mara – P 140,000; Mira – P 100,000; Kara - P 120,000. The articles of partnership provided the following terms: 1. Annual interest of 5% on their average capital balances. 2. Salary allowances as follows: Mara - P 40,000 and Mira - P 60,000. 3. Mira shall receive bonus of 20% of income in excess of P25,000 after partner's interest and Salary allowances. 4. Residual profits shall be divided in the ratio of 2:2:6 to Mara, Mira and Kara. How much will Mira receive if the net income earned is P 155,000?

7. The partners of MMK Partnership are Mara, Mira and Kara. During the current year, their average capital balances are as follows: Mara – P 140,000; Mira – P 100,000; Kara - P 120,000. The articles of partnership provided the following terms: 1. Annual interest of 5% on their average capital balances. 2. Salary allowances as follows: Mara - P 40,000 and Mira - P 60,000. 3. Mira shall receive bonus of 20% of income in excess of P25,000 after partner's interest and Salary allowances. 4. Residual profits shall be divided in the ratio of 2:2:6 to Mara, Mira and Kara. How much will Mira receive if the net income earned is P 155,000?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Maddie Marlow and Jonah Font have an adjusted gross income of $174,200. They are looking for a new house. Their monthly mortgage payment would be $1,710. Their annual property taxes would be $12,350 and their annual homeowner's premium would be $1080. Calculate their front-end ratio.Front-end ratio = Monthly housing expenses / Monthly gross income
Jeremy has a monthly income of $2,000. His payment-to- income ratio is 1/4 or 25%. How much is his monthly payment? $500 $1,000 $8,000 $250
Conchita Martinez will have a monthly interest and principal payment of $1,820.68. Her monthly real estate taxes will be $57.06 and her monthly homeowner's insurance payments will be $89.47. If her gross monthly income is $6,778.27, find the housing ratio. Question content area bottom Part 1 The housing ratio is= (Round to two decimal places as needed.)
If a man earns a salary of $34,892 a year and is paid weekly, how much is his weekly paycheck before taxes? The man earns $ weekly before taxes. (Round to the nearest cent as needed.)
The disposable income from my part-time job in 2021 was $12,000. In 2020, I borrowed $580 at 15 percent interest. I repaid my loan with interest in 2021. How much would I have available for spending in 2021? please help
Suppose a husband wants to take his wife on a trip three years from now to Europe to celebrate their 40th anniversary. He has just received a $20,000 inheritance from an uncle and intends to invest it for the trip. The husband estimates the trip will cost $26,600. What interest rate, compounded annually, must be earned to accumulate enough to pay for the trip? Note: Use tables, Excel, or a financial calculator
Tammy had the following aggregate results from her 2019 investing activity: STCG $300,000 LTCG $450,000 STCL $260,000*** LTCL $390,000*** *** These are negative numbers, obviously. After the “netting procedure” described in the textbook, what is / are Tammy’s net 2019 result(s)?
Juan and Pedro considered dividing profits by making use of salaries and bonuses. Bonuses will be 10% of the net income after salaries and bonuses. Juan will receive a salary of P30,000 and a bonus. Pedro has the option of receiving a salary of P40,000 and a 10% bonus or a salary of P52,000. What level of income will make Pedro indifferent?
so Cardi borrowed $13,000 at 29% interest. if making $400 payments, how much will she pay back in total. including interest, for those purchases?
You have been hired for your dream job in healthcare. Your salary is $10,000 per month. Your taxes are $2500 per month. Your rent, food and transportation are a total $5000 per month. How much is your gross income? How much is your disposable income? What is another more common word for disposable income? How much is your discretionary income? Give me one example of what you would use your discretionary income for and how much you'd spend on that item?
What percentage of millennials have 100,000 or more invested for retirement?