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PROBLEM 13. Pixel and Quiel are partners operating a chain of retail stores. The partnership agreement provides for the following: Pixel Quiel Salaries P5,000 P2,500 Interest on capital balance 10% 10% Bonus 20% of net income before interest but after bonus and salaries Remainder 30% 70% The income summary account for the year shows a credit balance of P25,500 before any deductions. Average capital balances for Pixel and Quiel are P25,000 and P37,500 respectively. 25) The share of Pixel in the P25,500 net income would be:

PROBLEM 13. Pixel and Quiel are partners operating a chain of retail stores. The partnership agreement provides for the following: Pixel Quiel Salaries P5,000 P2,500 Interest on capital balance 10% 10% Bonus 20% of net income before interest but after bonus and salaries Remainder 30% 70% The income summary account for the year shows a credit balance of P25,500 before any deductions. Average capital balances for Pixel and Quiel are P25,000 and P37,500 respectively. 25) The share of Pixel in the P25,500 net income would be:

FINANCIAL ACCOUNTING
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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PROBLEM 13. Pixel and Quiel are partners operating a chain of retail stores. The partnership agreement provides for the following: Pixel Quiel Salaries P5,000 P2,500 Interest on capital balance 10% 10% Bonus 20% of net income before interest but after bonus and salaries Remainder 30% 70% The income summary account for the year shows a credit balance of P25,500 before any deductions. Average capital balances for Pixel and Quiel are P25,000 and P37,500 respectively.

25) The share of Pixel in the P25,500 net income would be:

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