Cupcake and Sugar share profits and losses 1/3 and 6/9 respectively. Cupcake receives a monthly salary of P15,000. If Cupcake’s capital balance is P250,000 at the beginning of the year and P150,000 at the end of the year, and annual partnership income after salaries is P120,000, then Cupcake withdrew what is the answer and why? a.) P130,000 b.) P155,000 c.) P320,000 d.) P180,000
Cupcake and Sugar share profits and losses 1/3 and 6/9 respectively. Cupcake receives a monthly salary of P15,000. If Cupcake’s capital balance is P250,000 at the beginning of the year and P150,000 at the end of the year, and annual partnership income after salaries is P120,000, then Cupcake withdrew what is the answer and why? a.) P130,000 b.) P155,000 c.) P320,000 d.) P180,000
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 1PA: The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after...
Related questions
Question
Cupcake and Sugar share
monthly salary of P15,000. If Cupcake’s capital balance is P250,000 at the beginning of the year and
P150,000 at the end of the year, and annual partnership income after salaries is P120,000, then
Cupcake withdrew
what is the answer and why?
a.) P130,000 b.) P155,000 c.) P320,000 d.) P180,000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT