Elisa Diaz and Ma. Concepcion Manalo formed a partnership, investing P330,000 and 4P110,000, respectively. Determine the partners' participation in the 2016 profit of P420,000 under each of the following independent assumptions: a. No agreement concerning division of profit. b. Divided in the ratio of original capital investment. c. Interest at the rate of 8% 'allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of P50,000 and P70,000, respectively, and the balance to be divided equally. e. Allowance of interest at the rate of 8% on original investments, salary allowances of P50,000 and P70,000, respectively, and the remainder to be divided equally.

Elisa Diaz and Ma. Concepcion Manalo formed a partnership, investing P330,000 and 4P110,000, respectively. Determine the partners' participation in the 2016 profit of P420,000 under each of the following independent assumptions: a. No agreement concerning division of profit. b. Divided in the ratio of original capital investment. c. Interest at the rate of 8% 'allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of P50,000 and P70,000, respectively, and the balance to be divided equally. e. Allowance of interest at the rate of 8% on original investments, salary allowances of P50,000 and P70,000, respectively, and the remainder to be divided equally.

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

Define Profi t and loss (P&L) statement
Define Indirect method
What is a double-entry? Give an example?
Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
Define principal
Define discriminant function
What is the answer to d e and f?
Define call option