The partners of RJ and AG, share profits 3:2. However, RJ is to receive a yearly bonus of 20 percent of the net income after deducting said bonus, in addition to his profit share. The partnership made a net income for the year of P24,000 before bonus. How much profit share will RJ receive? * O P16,000 O P10,000 O P15,200 O P14,400
The partners of RJ and AG, share profits 3:2. However, RJ is to receive a yearly bonus of 20 percent of the net income after deducting said bonus, in addition to his profit share. The partnership made a net income for the year of P24,000 before bonus. How much profit share will RJ receive? * O P16,000 O P10,000 O P15,200 O P14,400
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I need correct answer and correct computation. Thank you!
Transcribed Image Text:TNT & O
ON 68% I 11:15
The partners of RJ and AG, share
profits 3:2. However, RJ is to receive
a yearly bonus of 20 percent of the
net income after deducting said
bonus, in addition to his profit share.
The partnership made a net income
for the year of P24,000 before
bonus. How much profit share will RJ
receive? *
O P16,000
O P10,000
O P15,200
P14,400
Fred, Greg, and Henry are partners
with average capital balances during
2019 of P120,000 and P60,000 and
P40,000 , respectively. Partners
receive 10 percent interest on their
average capital balances. After
deducting salaries pf P30,000 to
Fred and P20,000 to Henry , the
Transcribed Image Text:TNT a
ON 68% I 11:15
Jose and Pedro are partners who
share profits and losses in the ratio of
6:4, respectively. Jose's salary is
P100,000 and Pedro is P50,000. The
partners also are paid interest on
their average capital balances. In
2019, Jose received P50,000 of
interest and Pedro, P20,000. The
profit and loss allocation is
determined after deductions for the
salary and interest payments. If
Pedro's total share of partnership
income was P200,000 in 2019, what
was the total partnership income? *
O P475,000
P500,000
P545,000
P750,000
The part
ers of RJ and AG, share
profits 3:2. However, RJ is to receive
a yearly bonus of 20 percent of the
net income after deducting said
bonus in addition to hicnrofit chare
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