Jpea, Jic, and Jfenix formed a partnership and named it ESBIEYEY. At the end of the year, the partnership earned a profit of P 1,000,000. The capital balances areP 250,000, P 280,000, and P 270,000 for Jpea, Jic, and Jfenix, respectively. The partners agreed to distribute the profit as follows: • Interest to ending capital of 10% will be given • Jpea and Jic will be given a salary amounting to P 150, 000 each • Jfenix will be given a bonus of 10% of net income after interest, salary and bonus • Remaining profit is to be distributed equally 26. How much is the bonus given to Jfenix? a. P 62,000 b. P 56, 364 c. P 67,000 d. P 60,909 How much is Jpea's share in net income? a. P 364,879 b. P 360,879 27. c. P 365, 879 d. P 362,879 28. How much is Jic's share in net income? a. P 364, 879 b. P 360,879 c. P 365, 879 d. P 362, 879

Jpea, Jic, and Jfenix formed a partnership and named it ESBIEYEY. At the end of the year, the partnership earned a profit of P 1,000,000. The capital balances areP 250,000, P 280,000, and P 270,000 for Jpea, Jic, and Jfenix, respectively. The partners agreed to distribute the profit as follows: • Interest to ending capital of 10% will be given • Jpea and Jic will be given a salary amounting to P 150, 000 each • Jfenix will be given a bonus of 10% of net income after interest, salary and bonus • Remaining profit is to be distributed equally 26. How much is the bonus given to Jfenix? a. P 62,000 b. P 56, 364 c. P 67,000 d. P 60,909 How much is Jpea's share in net income? a. P 364,879 b. P 360,879 27. c. P 365, 879 d. P 362,879 28. How much is Jic's share in net income? a. P 364, 879 b. P 360,879 c. P 365, 879 d. P 362, 879

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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