1. Yvvone and Maryfrance formed a general professional partnership for the purpose of exercising their common profession as CPAS. During the year, the partnership earned a net income of P250,000 but Yvonne and Maryfrance decided not to withdraw their shares in the income in order to use it in buying fixtures and more advanced equipment in the office. If they agreed to a profit and loss ratio of 50:50, how much income is taxable to Yvvone and Maryfrance? a. b. C. d. a. b. Yvvone P250,000 None 125,000 None 2. In the preceding problem, assuming Yvvone and Maryfrance decided to withdraw half of their share in the net income and used the other half in buying fixtures and more advanced equipments in the office. How much income is taxable to each? Yvvone Maryfrance C. d. Maryfrance None P250,000 125,000 None P250,000 None 125,000 62,500 None P250,000 125,000 62,500

1. Yvvone and Maryfrance formed a general professional partnership for the purpose of exercising their common profession as CPAS. During the year, the partnership earned a net income of P250,000 but Yvonne and Maryfrance decided not to withdraw their shares in the income in order to use it in buying fixtures and more advanced equipment in the office. If they agreed to a profit and loss ratio of 50:50, how much income is taxable to Yvvone and Maryfrance? a. b. C. d. a. b. Yvvone P250,000 None 125,000 None 2. In the preceding problem, assuming Yvvone and Maryfrance decided to withdraw half of their share in the net income and used the other half in buying fixtures and more advanced equipments in the office. How much income is taxable to each? Yvvone Maryfrance C. d. Maryfrance None P250,000 125,000 None P250,000 None 125,000 62,500 None P250,000 125,000 62,500

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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