On January 1, Carlo, Jamie, Roma, and Fe, formed CABLES Trading, a local partnership, with capital contributions of P500,000, P250,000, P350,000, and P200,000, respectively. The articles of co-partnership provided that: • Each partner shall receive a 6% interest on contributed capital; • Carlo and Jamie shall receive monthly salaries of P15,000 and $13,000, respectively; • The balance of the profits shall be distributed to Carlo, Jamie, Roma, and Fe in 3:3:2:2 ratio, respectively. If the net income after tax for one quarter is P300,000, what is the share in the profit of Fe?

On January 1, Carlo, Jamie, Roma, and Fe, formed CABLES Trading, a local partnership, with capital contributions of P500,000, P250,000, P350,000, and P200,000, respectively. The articles of co-partnership provided that: • Each partner shall receive a 6% interest on contributed capital; • Carlo and Jamie shall receive monthly salaries of P15,000 and $13,000, respectively; • The balance of the profits shall be distributed to Carlo, Jamie, Roma, and Fe in 3:3:2:2 ratio, respectively. If the net income after tax for one quarter is P300,000, what is the share in the profit of Fe?

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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