A. Hunt, P41,450; Rob; P29,950; Turman, P15,450; Kelly, P18,150 B. Hunt; P28,000; Rob, P16,500; Turman, P2,000; Kelly, P4,700 C. Cannot be determined D. Hunt, P39,700; Rob, P29,200; Turman, P16,700; Kelly, P19,400 Hunt, Tob, Turman and Kelly own a publishing company that they operate as a partnership. Thepartnership agreement includes the following:• Hunt receives a salary of P20,000 and a bonus of 3% of income after all bonuses.• Rob receives a salary of P10,000 and a bonus of 2% of income after all bonuses.• All partners are to receive 10% interest on their average capital balances.The average capital balances are Hunt, P50,000; Rob, P45,000; Turman, P20,000, and Kelly,P47,000. Any remaining profits and losses are to be allocated equally among the partners.Determine how a profit of P105,000 would be allocated among the partners.

Partnership means where two or more person comes together to do some common business activity and…

Hunt, Tob, Turman and Kelly own a publishing company that they operate as a partnership. The partnership agreement includes the following: • Hunt receives a salary of P20,000 and a bonus of 3% of income after all bonuses. • Rob roceives a salary of P10,000 and a bonus of 2% of income after all bonuses. • All partners are to receive 10% interest on their average capital balances. The average capital balances are Hunt, P50,000; Rob, P45,000; Turman, P20,000, and Kelly, P47,000. Any remaining profits and losses are to be allocated oqually among the partners. Determine how a profit of P105,000 would be allocated among the partners.

Hunt, Tob, Turman and Kelly own a publishing company that they operate as a partnership. The partnership agreement includes the following: • Hunt receives a salary of P20,000 and a bonus of 3% of income after all bonuses. • Rob roceives a salary of P10,000 and a bonus of 2% of income after all bonuses. • All partners are to receive 10% interest on their average capital balances. The average capital balances are Hunt, P50,000; Rob, P45,000; Turman, P20,000, and Kelly, P47,000. Any remaining profits and losses are to be allocated oqually among the partners. Determine how a profit of P105,000 would be allocated among the partners.

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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