E, F, and G are partners sharing profits and losses. The combined salaries of E and G is P175,000 while the combined salaries of E and F is P165,000. The partners paid total interest of P33,500 of which E and G received P21,700 in total which is 2,600 less than what E and F received combined. Since E is the managing partner, he receives a bonus of P10,500. The partners share the remainder in the ratio 25:35:40. Partner G's share in the remainder is P10,400. Partner F received a share in the net income of P105,900. How much is the total net income of the partnership?
E, F, and G are partners sharing profits and losses. The combined salaries of E and G is P175,000 while the combined salaries of E and F is P165,000. The partners paid total interest of P33,500 of which E and G received P21,700 in total which is 2,600 less than what E and F received combined. Since E is the managing partner, he receives a bonus of P10,500. The partners share the remainder in the ratio 25:35:40. Partner G's share in the remainder is P10,400. Partner F received a share in the net income of P105,900. How much is the total net income of the partnership?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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E, F, and G are partners sharing
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