Exercise 3-7. Distribution of Net Loss to partners Carmela and Ferdinand formed a partnership on January 1, 2023 with initial investments of P300,000 and P500,000, respectively. The partnership reported a net loss of P80,000. The partnership agreement provides that profit or loss shall be distributed accordingly: • Monthly salary of P10,000 and P5,000 respectively for Carmela and Ferdinand, • 10% interest on partners' original capital. 20% bonus to Carmela based on net income before interest, and salary. • The remainder is shared in the ratio of 3:2 respectively. Required: Determine the share of Carmela and Ferdinand in the net loss.

Exercise 3-7. Distribution of Net Loss to partners Carmela and Ferdinand formed a partnership on January 1, 2023 with initial investments of P300,000 and P500,000, respectively. The partnership reported a net loss of P80,000. The partnership agreement provides that profit or loss shall be distributed accordingly: • Monthly salary of P10,000 and P5,000 respectively for Carmela and Ferdinand, • 10% interest on partners' original capital. 20% bonus to Carmela based on net income before interest, and salary. • The remainder is shared in the ratio of 3:2 respectively. Required: Determine the share of Carmela and Ferdinand in the net loss.

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

Q#2 Submit this question as one CPP files Write a complete C++ program. In this program you have to write 3 functions in addition to the main function. 1. Function #1: Write function throwDice that generates a random number between 1 and 6. The function should return the generated number. int throwDice(); 1. Function #2: Write function userGuess that asks the user to enter a valid number between 1 and 6. The function should ask the user to re-enter as long as the input is not valid. The function should return the valid input of the user. int userGuess(); 1. Function #3: Write function decide that receives as input parameters two integers, the first parameter dice represents the dice value and the second parameter userG represents a user guess. This function should return true if userG and dice are equal; otherwise, it should return false. bool decide(int dice, int userG); Write a complete program to do the following in the main: 1. Call the function dice. 2. Call the function…
1 You x O File: X A File X Ass X Q App x 202 x Rev X O Que x [Th O ISB X - Can x .mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%2E Tube A Maps + Login - Rowan Uni. A My Drive - Google.. ID ID.me | Simple, Se.. 9 Division of Unemp.. Class Principles of. Alied C mework- Assignment 1 i Saved Help On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock dividend. Common stock-$10 par value, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock $ 600,000 250,000 685,000 $ 1,535,000 Retained earnings Total stockholders' equity (1) Prepare the updated stockholders' equity section after the distribution is made. (2) Compute the number of shares outstanding after the distribution is made. Complete this question by entering your answers in the tabs…
Reports can be directly exported from QBO to
ChatGi X Gincome X > DeepL X zto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mhe Questi X ssignment i Use the following information for the Quick Studies below. (Algo) [The following information applies to the questions displayed below.] On December 31, Hawkin's records show the following accounts. $ 5,900 1,000 3,600 14,800 Cash Accounts Receivable Supplies Equipment Accounts Payable Hawkin, Capital, December 1 Hawkin, Withdrawals Services Revenue Wages Expense Rent Expense Utilities Expense HAWKIN Statement of Owner's Equity For Month Ended December 31 Hawkin, Capital, December 1 Add: Investments by owner Hawkin, Capital, December 31 6,400 15,300 1,800 $ 16,400 8,000 1,900 1,100 QS 1-16 (Algo) Preparing a statement of owner's equity LO P2 Use the above information to prepare a statement of owner's equity for Hawkin for the month ended December 31. Hint: Owner investments are $0 for the period. 0 Copia d X 0 0 chat.op X Log…
Can someone check and tell me if my answer is correct?
I need answer typing clear urjent no chatgpt used i will give upvotes
Name three of the six major components (Tabs named in Excel) used to build the DCF model?
How DOES GIFMIS interfaces with CS- DMRS(DMD-MoF)
=U&launchmuri=nttps76253A pps76252rportal6252FITal poks Login -. Bb Module 5- Chap 1 &. H Office templates & t.. Il - Chapter 5 6 Sul Saved Help Save & Exit N FV $1 PV $1 FVA $1 PVA $1 FVAD $1 PVAD $1 1 1.03000 0.97087 1.0000 0.97087 1.0300 1.000Θ 1.06090 0.94260 2.0300 1.91347 2.0909 1.97087 1.09273 o.91514 3.0909 2.82861 3.1836 2.91347 1.12551 0.88849 1.15927 0.86261 1.19405 0.83748 4 4.1836 3.71710 4.3091 3.82861 5.3091 4.57971 5.4684 4.71710 6 6.4684 5.41719 6.6625 5.57971 1.22987 0.81309 7.6625 6.23028 7.8923 6.41719 8 1.26677 0.78941 8.8923 7.01969 9.1591 7.23028 1.30477 0.76642 10.1591 7.78611 10.4639 8.01969 10 1.34392 0.74409 11 1.38423 0.72242 11.4639 8.53020 11.8078 8.78611 12.8078 9.25262 13.1920 9.53020 14.6178 10.25262 16.0863 10.95400 12 1.42576 0.70138 14.1920 9.95400 13 1.46853 0.68095 15.6178 10.63496 17.5989 11.63496 17.0863 11.29607 18.5989 11.93794 19.1569 12.29607 20.1569 12.56110 14 1.51259 0.66112 15 1.55797 0.64186 16 1.60471 0.62317 20.7616 12.93794 Rosie's…
how do you calculat mpg in excel?
JFK Sp G Persua: BIF ANSV B which c BWILL BE M (no sub Gis engli + n/courseware-delivery//ua/69158/45467532/aHR0cHM6Ly9mMi5hcHAUZWRtZW50dW0uY29tL2xlYXJuZXItdWkvc2Vjb25kYXJ5L3VzZXItY... < ☆ Unit Activity: Mathematical Models and Consumer Finance https:// Online Task 2 Saving Money Respond to each question below in two to three complete sentences. Each question is worth four points. BIUX² X₂ 15px Space used (includes formatting): 0/ 15000 Edment A G What fa Part A How can knowing your spending habits make it easier for you to learn to save money? Give an example to illustrate your explanation. !!! 6 of 12 V Print Sav
How do you make a two-dimensional columnar chart in excel?