Problem V. Barroga and Gonzales are partners who shares profits and losses in the ratio of 60:40, respectively. Barroga's salary is P60,000 and P30,000 for Gonzales. The partners are also paid interest on their average capital balances. In 2021, Barroga received P30,000 of interest and Gonzales, P12,000. The profit and loss allocation is determined after deductions for the salary and interest payments. If Gonzales' share in the residual profit (profit after deducting salaries and interest) was P60,000 in 2021, (8) what was the total partnership profit?

Problem V. Barroga and Gonzales are partners who shares profits and losses in the ratio of 60:40, respectively. Barroga's salary is P60,000 and P30,000 for Gonzales. The partners are also paid interest on their average capital balances. In 2021, Barroga received P30,000 of interest and Gonzales, P12,000. The profit and loss allocation is determined after deductions for the salary and interest payments. If Gonzales' share in the residual profit (profit after deducting salaries and interest) was P60,000 in 2021, (8) what was the total partnership profit?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

D nctions Question 10 Use the diagram below to find each of the following: sine of point a • cose of point b • tane of point c d e
Define Profi t and loss (P&L) statement
Can you answer part E of this qu
provide answer with explantion
Define Tagging in XBRL
Please answer G part with explanation. Answer was incoorect in previous solution
explain the fill answer
*Question:- r what is anticulation of the Pinarcial statement meons Elaborate.
Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
Q5 Distinguish between "report" and "certificate"
Teller Co. is planning to sell 900 boxes of ceramic tile, with production estimated at 870 boxes during May. Each box of tile requires 44 pounds of clay mix and a quarter hour of direct labor. Clay mix costs $0.40 per pound and employees of the company are paid $12.00 per hour. Manufacturing overhead is applied at a rate of 110% of direct labor costs. Teller has 3,900 pounds of clay mix in beginning inventory and wants to have 4,500 pounds in ending inventory.What is the total amount to be budgeted in pounds for direct materials to be purchased for the month?
Define call option