Direction: Answer the following questions in problem 3: [1,2,3,4,] P2PROBLEM 3: EXERCISES1. Partners A and B share in profits and losses equally aftersalaries of P100,000 for A and P60,000 for B. The businessearned profit of P200,000 before deduction for the salaries.Requirthe pr5. ARequirements:a. Compute for the partners' respective shares in the profit.b. Provide the journal entries (the salaries are withdrawnperiodically).ina2. A and B's partnership agreement provides for annual salaryallowances of P160,000 for A and P80,000 for B. Profits areshared equally, while losses on a 60:40 ratio. The partnershipearned profit of P200,000.AprilJuneSepteDece Requirement: Compute for the respective shares of the partners inr 2Partnership Operations47the profit.ed,A and B's partnership agreement states the following:Annual salaries of P96,000 for A and P60,000 for B.10% bonus to A, based on profit after salaries and bonus.P/L ratio of 60:40.alangThe partnership earned profit of P200,000 before salaries andbonus.Requirement: Compute for the respective shares of the partners inthe profit.of4. A and B's partnership agreement provides for an annualsalary allowance of P100,000 for A and 10% interest on theweighted average capital balance of B. The remainder isshared on a 60:40 ratio, respectively. During the period, thepartnership earned profit of P200,000. B's capital account hada beginning balance of P120,000. B made additionalinvestments of P40,000 on April 1, P80,000 on Sept. 30, andP20,000 on Dec. 31, and made drawings of P60,000 on July 31.nerfterRequirement: Compute for the respective shares of the partners inthe profit.ess5. A&B Co. started operations on April 1, 20x1. Mr. A, a partnerin A&B Co., is entitled to 12% interest on the weightedaverage balance of his capital account. Mr. A's ledger showsthe following:wnA, CapitalDebitRef.001CreditBalanceDateApril 1,20x1June 30, 20x1September 30, 20x1December 1, 20x1100,000.0079,000.0087,000.0083,000.00100,000.00lary09821,000.00are8,000.00146ship2114,000.00

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PROBLEM 3: EXERCISES 1. Partners A and B share in profits and losses equally after salaries of P100,000 for A and P60,000 for B. The business earned profit of P200,000 before deduction for the salaries. Requirements: a. Compute for the partners' respective shares in the profit. b. Provide the journal entries (the salaries are withdrawn periodically).

PROBLEM 3: EXERCISES 1. Partners A and B share in profits and losses equally after salaries of P100,000 for A and P60,000 for B. The business earned profit of P200,000 before deduction for the salaries. Requirements: a. Compute for the partners' respective shares in the profit. b. Provide the journal entries (the salaries are withdrawn periodically).

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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Required information [The following information applies to the questions displayed below.] Consider the following narrative describing the process of filling a customer's order at a Starbucks branch: Identify the start and end events and the activities in the following narrative, and then draw the business process model using BPMN: the Starbucks customer entered the drive-through lane and stopped to review the menu. He then ordered a Venti coffee of the day and a blueberry muffin from the barista. The barista recorded the order in the cash register. While the customer drove to the window, the barista filled a Venti cup with coffee, put a lid on it, and retrieved the muffin from the pastry case and placed it in a bag. The barista handed the bag with the muffin and the hot coffee to the customer. The customer has an option to pay with cash, credit card, or Starbucks gift card. The customer paid with a gift card. The barista recorded the payment and returned the card along with the…
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