How much will Atty. Diokno receive?
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Atty. Diokno owns 30% of the capital and profits of his law office. The law office reported P5,000,000 profits in 2021. The partnership is engaged in business processing outsourcing. How much will Atty. Diokno receive?
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- Atty. Guazon owns 30% of the capital and profits of his law office. The law office reported P5,000,000 profits in 2021. a.) How much final tax will be withheld from Atty. Guazon if the law office distributed 50% of its 2021 net income? b.) What if the partnership is engaged in business processing outsourcing. How much will Atty. Guazon receive?Victoria, Wilda and Xenia are partners in a consultancy firm which commenced its operation on July 1, 2018. Victoria is the managing partner. As per agreement for sharing profits, the managing partner will receive a salary of P12,000 per month and the remaining profit will be shared by the partners equally. On December 31, 2018, the firm determined that its income was P 300,000. How much will Wilda receive as her share in the profit? A. P 76,000 B. P 96,000 C. P 52,000 D. P 84,0001. Jack and Tony are partners in a software engineering company. Jack and Tony have capital balances of S75,000 and $62,000 respectively. In 2020, the two partners made a profit of $240,000. How much should each receive from the profit in the absence of a partnership agreement? 2. Jack will get...$ 3. Tony will get...S
- On October 1, 2024, Apollo, Brett, and Clark formed the A, B and C partnership. Apollo contributed $27,300; Brett, $42,900; and Clark, $59,800. Apollo will manage the store; Brett will work in the store three-quarters of the time; and Clark will not work in the business. Read the requirements LOADING... . Requirement 1. Compute the partners' shares of profits and losses under each of the following plans: a. Net loss for the year ended September 30, 2025, is $55,000, and the partnership agreement allocates 70% of profits to Apollo, 15% to Brett, and 15% to Clark. The agreement does not discuss the sharing of losses. (Use parentheses or a minus sign for loss amounts. Complete all answer boxes. For amounts that are $0, make sure to enter "0" in the appropriate cell.) A, B and C Allocation of Profits and Losses Apollo Brett Clark Total a. Net income (loss) Capital allocation:…Jose and Willa are partners and together have equity of $140,000 in the partnership. Buck wishes to become a partner with ¼ interest in the firm. If her investment reflects the cash paid, how much will she contribute to the partnershipthree partners, John, Jim, and Alice form a partnership. John invests $27,500; Jim invests $10,700, and Alice invests $8,400. In addition, Jim performs specific management functions for which he is paid $2,000 from the partnership proceeds. if the partnership earns $176,000, how much will jim receive?
- Jill and Angela are partners in a clothing company. In 2020, if Jill and Angela made a profit of $176,000, how much should each receive from the profit in the absence of a partnership agreement? Jill: $ ; Angela: $Amy and Jeff Barnes are going to operate their florist shop as a partnership or as an S corporation. After paying salaries of $45,000 to each of the owners, the shop’s earnings are projected to be about $60,000. The earnings are to be invested in the growth of the business. What would you advise them as to which of the two entity forms they should select.Jack and Tony are partners in a software engineering company. Jack and Tony have capital balances of $75,000 and $62,000 respectively. In 2020, the two partners made a profit of $240,000. How much should each receive from the profit in the absence of a partnership agreement? Jack will get…$ Tony will get…$
- Maria and Javier are the equal partners in MarJa, a partnership that is a qualifying trade or business. In the current year, MarJa had $350,000 of ordinary income after reporting $500,000 in guaranteed payments to Maria and Javier for their services to MarJa ($250,000 each). a. What is Maria's and Javier's qualified business income? b- What's Maria's and Javier's qualified business income if Marja had $550,000 of ordinary income after reporting $300,000 in guaranteed payments to Maria and Javier ($150,000 each)?Cedie and Sarah are partners and together have equity of P150,000 in the partnership. Remy wishes to become a partner with 14 interest in the firm. If her investment reflects the cash paid, how much will she contribute to the partnership?Sally and Andy are partners in Just Hats, LLC. Andy works in the business for an agreed salary draw of $4,000 per month. Sally has invested $200,000 in the business and Andy invested $100,000. THe net income of the business is $168,000 for the year. Income is distributed based on the investment of each partner after allocation for salary. How much net income is allocated to Sally?
