AUBRRIS Trading was organized and began operations on May 1, 2021. 0n that date, Aubrey invested P1,000,000 cash and Morris invested land and building with current fair values of 1,750,000 and 850,000, respectively, The average capital balances of Aubrey and Morris were determined to be P1,223,890 and P1,222,090, respectively. includes the following: The partnership contract The profit or loss sharing agreement is as follows: Morris Aubrey 152,200 20% Annual salaries 151,800 Annual interest on average balance 30% Remainder 60% 40% During fiscal the year ended April 30, 2022, the partnership had net sales of P3,000,000, cost of goods sold of P1,000,000 and operating expenses of P391,090. The partners' salaries had been recorded as part of the operating expenses. 3. How much is the total share of Aubrey in the profit for the period?

AUBRRIS Trading was organized and began operations on May 1, 2021. 0n that date, Aubrey invested P1,000,000 cash and Morris invested land and building with current fair values of 1,750,000 and 850,000, respectively, The average capital balances of Aubrey and Morris were determined to be P1,223,890 and P1,222,090, respectively. includes the following: The partnership contract The profit or loss sharing agreement is as follows: Morris Aubrey 152,200 20% Annual salaries 151,800 Annual interest on average balance 30% Remainder 60% 40% During fiscal the year ended April 30, 2022, the partnership had net sales of P3,000,000, cost of goods sold of P1,000,000 and operating expenses of P391,090. The partners' salaries had been recorded as part of the operating expenses. 3. How much is the total share of Aubrey in the profit for the period?

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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