For no. 15-17, can you help to check if my answers are correct? If it's not visible, my answers are C, B, and D. If it's wrong, please provide a short explanation why. If it's correct, no need to explain. Thank you so much in advance? d Interest paid to partners based on the amount of their capital balances,17 Which of the following is not considered an expense of the partnership?/A partnership showed the following account balances: sales, P500,000; cost ofsales, P400,000, operating expenses excluding interest, P50,000, partnerssalaries, P40,000,; interest paid to banks, P5,000 and partners' drawings, P10,000,The partnership profit isa. P50,000b. P45,000(c P(5,000).d Not given.c Depreciation on assets contributed to the partnership by the partners.MultiplCrispinThe parregard ti Saii TI16. A partnership showed the following account balances: sales, P750,000; cost ofsales, P575,000; operating expenses including interest, P85,000; interest paid tobanks, P10,000,drawings, P30,000. The partnership profit isa. P90,000b. P80,000.c. P70,000.d. Not given.ivinterest on capital contributions, P20,000 and partners'The weig1. Howab.a. Salary for consultant hired.b. Supplies used in the partners' offices,d.e2. What isfor seven months and a P700.000

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S/A partnership showed the following account balances: sales, P500,000; cost of sales, P400,000, operating expenses excluding interest, P50,000, partners salaries, P40,000,; interest paid to banks, P5,000 and partners' drawings, PI0,000 The partnership profit is a. P50,000. b. P45,000 (c P(5,000). d Not given.

S/A partnership showed the following account balances: sales, P500,000; cost of sales, P400,000, operating expenses excluding interest, P50,000, partners salaries, P40,000,; interest paid to banks, P5,000 and partners' drawings, PI0,000 The partnership profit is a. P50,000. b. P45,000 (c P(5,000). d Not given.

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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