Exercise 3-6. Net Income distribution and computation of partner's capital balance On January 1, 2023, Psalm and Trisha formed PS Partnership. The articles of co-partnership provides that profit or loss shall be distributed accordingly: • 15% interest on average capital balance. ● P30,000 and P80,000 quarterly salary for Psalm and Trisha, respectively. • The remainder shall be distributed in the ratio of 4:6 for Psalm and Trisha, respectively.

Exercise 3-6. Net Income distribution and computation of partner's capital balance On January 1, 2023, Psalm and Trisha formed PS Partnership. The articles of co-partnership provides that profit or loss shall be distributed accordingly: • 15% interest on average capital balance. ● P30,000 and P80,000 quarterly salary for Psalm and Trisha, respectively. • The remainder shall be distributed in the ratio of 4:6 for Psalm and Trisha, respectively.

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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[The following information applies to the questions displayed below.] Henrich is a single taxpayer. In 2023, his taxable income is $537,000. What are his income tax and net investment income tax liability in each of the following alternative scenarios? Use Tax Rate Schedule, Dividends and Capital Gains Tax Rates for reference. Note: Do not round intermediate calculations. Leave no answer blank. Enter zero if applicable. Round your final answers to 2 decimal places. a. All of his income is salary from his employer. Assume his modified AGI is $570,000. Income tax Net investment income tax Total tax liability Amount
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Assets Cash Receivables (net) Inventory PP & E (net) Patents&Licenses Goodwill Total assets Liabilities & Equity Accounts payable Short term debt Long term debt Preferred stock Common Equity Total Liabilities + Equity New Chip Corp Balance Sheet at 12/31/22 ($ in Millions) 31 45 64 215 28 19 402 53 19 179 23 128 402
UNILEVER CARIBBEAN LIMITED Statement of Financial Position December 31, 2022 (Expressed in Trinidad and Tobago Dollars) Notes 2022 2021 $'000 $'000 ASSETS Non-current assets Property, plant and equipment 8 4,285 8,943 Retirement benefit asset 9(i) 99,142 137,039 Deferred tax asset 10 14,250 6,459 117,677 152,441 Current assets Inventories 11 29,250 26,808 Taxation recoverable…
Please can you show me how to solve for P step by step thank you
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