Jungkookand Jimin are considering forming a partnership whereby profits will beallocated through the use of salaries and bonuses. Bonuses will be 10% of netincome after total salaries and bonuses. Jungkook will receive a salary ofP30,000 and a bonus. Jimin has the option of receiving a salary of P40,00 and a10% bonus or simply receiving a salary of P52,000. Both partners will receivethe same amount of bonus. Determine the level of net income that would be necessary so that Jimin would be indifferent to the profit sharing option selected. * O O 94,000 O 70,000 O 52,000 60,000

Jungkookand Jimin are considering forming a partnership whereby profits will beallocated through the use of salaries and bonuses. Bonuses will be 10% of netincome after total salaries and bonuses. Jungkook will receive a salary ofP30,000 and a bonus. Jimin has the option of receiving a salary of P40,00 and a10% bonus or simply receiving a salary of P52,000. Both partners will receivethe same amount of bonus. Determine the level of net income that would be necessary so that Jimin would be indifferent to the profit sharing option selected. * O O 94,000 O 70,000 O 52,000 60,000

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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