The following Balance Sheet for the partnership of Apple, Sam and Sophia were taken from the books on October 1, 2018. ASSETS LIABILITIES & CAPITAL P 100,000 400,000 Liabilities Apple, capital Sam, capital Sophia, capital Total P 200,000 120,000 95,000 85,000 500,000 Cash Other Assets Total Assets P 500,000 Liabilities and Capital The partners agreed to distribute profits as follows: 1) Annual salaries to Apple and Sam of P 5,000 each Annual interest of 5% on beginning capital 2) 3) Bonus of 15% to Sophia based on income after salaries, interest and bonus Remaining profit: 25% to Apple, 35% to Sam and 40% to Sophia 4) The partnership began its operations on October 1, 2018 and net income as of December 31, 2018 is P 69,500. Which of the following is true? A. The bonus to Sophia is P 5,804 B. Net Income after salaries, interest and bonus is P 38,696. C. Sam's total share in the net income is P 21,688. D. Sophia's share on the profit after salaries, interest and bonus is P13,543.

The following Balance Sheet for the partnership of Apple, Sam and Sophia were taken from the books on October 1, 2018. ASSETS LIABILITIES & CAPITAL P 100,000 400,000 Liabilities Apple, capital Sam, capital Sophia, capital Total P 200,000 120,000 95,000 85,000 500,000 Cash Other Assets Total Assets P 500,000 Liabilities and Capital The partners agreed to distribute profits as follows: 1) Annual salaries to Apple and Sam of P 5,000 each Annual interest of 5% on beginning capital 2) 3) Bonus of 15% to Sophia based on income after salaries, interest and bonus Remaining profit: 25% to Apple, 35% to Sam and 40% to Sophia 4) The partnership began its operations on October 1, 2018 and net income as of December 31, 2018 is P 69,500. Which of the following is true? A. The bonus to Sophia is P 5,804 B. Net Income after salaries, interest and bonus is P 38,696. C. Sam's total share in the net income is P 21,688. D. Sophia's share on the profit after salaries, interest and bonus is P13,543.

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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