The partners of GWEN and JINX share profits of 60% and 40%respectively. However, GWEN is to receive a yearly bonus of 20% of the nonprofits after deducting said bonus, in addition to his profit share. The partnership made a net income for the year of P24,000 before the bonus. How much profit share will GWEN receive?

The partners of GWEN and JINX share profits of 60% and 40%respectively. However, GWEN is to receive a yearly bonus of 20% of the nonprofits after deducting said bonus, in addition to his profit share. The partnership made a net income for the year of P24,000 before the bonus. How much profit share will GWEN receive?

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

Bruce, Parker and May formed a partnership. Their capital balances showed the following. Bruce Capital P252,000; Parker, Capital-P126,000; May, Capital-P42,000. Their profit and loss ratio are 6:3:1. The partners decide to sell 20 percent of their interest to Violet for a total payment of P120,000 Violet will pay the money directly to the other partners. How much was the bonus debited or credited in partner Bruce’s capital account?
Ariel, Bambi and Cindy put up a partnership with a P120,000 capital. They agreed that Ariel will contribute 13, Bambi 38%, and Cindy for the balance. 50 a. How much is the capital contribution of each partner? b. What is the fractional part of Cindy's capital contribution? (answer should be in fraction.
how would I calculate this problem knowing they have a loss? The partnership of Chase and Chloe shares profits and losses. Chase gets 76% and Chloe gets the remainder, after Chloe receives a $37,983 salary. If the loss for the year is $5,960, what is Chloe's total share of the profits and losses?
Bruce, Parker and May formed a partnership. Their capital balances showed the following: Bruce, Capital P252,000; Parker, Capital- P126,000; May, Capital- P42,000. Their profit and loss ratio are 6:3:1. The partners decide to sell 20 percent of their interest to Violet for a total payment of P120,000. Violet will pay the money directly to the other partners. How much was the bonus debited or credited in paetner Bruce's capital accounts?
Alex and Brix are partners. A salary of P 50,000 is given to Alex and balance shall be divided equally. Assuming that profit is P 20,000, how much will Alex receive as share in the profit?
three partners, John, Jim, and Alice form a partnership. John invests $27,500; Jim invests $10,700, and Alice invests $8,400. In addition, Jim performs specific management functions for which he is paid $2,000 from the partnership proceeds. if the partnership earns $176,000, how much will jim receive?
9.You have a signed a partnership agreement distributing profits based on salary and investment with your college roommate. If profit for the first year is $45,000, how much will you receive based on the following: your original investment, $35,000; your partner's investment, $25,000; and you earn a $30,000 annual salary? LU 21-4(1) Total Invested Profit minus saleary You Partner
Katie, Berry and Betty agree to share profits and losses: Tom and Betty have $60 and $30 salary allowances Berry has a bonus of 50% of profits in excess of $500 Each have interest allowances of 10% of beginning capital Tom Capital, 1/1 $400 Betty Capital, 1/1 $350 Berry capital, 1/1 400 Remaining profits or losses are shared Tom 30%, Betty 40% and Berry 30%. Partnership profits are $800 for the year.
Ben and Carl invested P300,000 each, in a partnership. They share in the profits as follows: ● 10% interest on beginning capital balances; ● P98,000 salary allowances to both partners; and ● All remaining profits accrue to Carl. If the partnership realized a P400,000 net income during the year ended 2021, how much would Carl's share be?
Allocation of bonus to Arun and Margot: Arun Margot C. $50,000 Total capital of Arun and Margot Investment by new partner, Tammy Total capital of new partnership Tammy's capital credit Total bonus to Arun and Margot Prepare the journal entries to show the resulting each of the three partners' capital accounts. If an amount box does not require an entry, leave it blank. A. B. C. %24 %24 %24 %24
Please help me
A Lululime fashion business partnership has agreed that half of the annual profit be distributed in proportion to each partner's investment in the partnership, and that the other half be distributed in proportion to the total number of hours that each partner worked in the business during the year. In 2020 the profit of the company was $82,780. How the company should allocated this profit to its three investors if the amounts invested by Howe, Denver, and Laura are $68,000, $27,000, and $43,000, and their hours of work for the year were 420, 1170, and 1230, respectively?