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The partnership agreement of AAA, BBB and CCC provides for the year-end allocation of net income in the following order: First, AAA is to receive 10% of net income up to P100,000 and 20% over P100,000 • Second, BBB and CCC each are to receive 5% of the remaining income over P150,000 The balance of income is to be allocated equally among the three partners The partnership's 2009 net income was P250,000 before any allocations to partners. What amount should be allocated to BBB?

The partnership agreement of AAA, BBB and CCC provides for the year-end allocation of net income in the following order: First, AAA is to receive 10% of net income up to P100,000 and 20% over P100,000 • Second, BBB and CCC each are to receive 5% of the remaining income over P150,000 The balance of income is to be allocated equally among the three partners The partnership's 2009 net income was P250,000 before any allocations to partners. What amount should be allocated to BBB?

FINANCIAL ACCOUNTING
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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The partnership agreement of AAA, BBB and CCC provides for the year-end allocation of net income in the following order: • First, AAA is to receive 10% of net income up to P100,000 and 20% over P100,000 Second, BBB and CCC each are to receive 5% of the remaining income over P150,000 • The balance of income is to be allocated equally among the three partners The partnership's 2009 net income was P250,000 before any allocations to partners. What amount should be allocated to BBB?
Transcribed Image Text:The partnership agreement of AAA, BBB and CCC provides for the year-end allocation of net income in the following order: • First, AAA is to receive 10% of net income up to P100,000 and 20% over P100,000 Second, BBB and CCC each are to receive 5% of the remaining income over P150,000 • The balance of income is to be allocated equally among the three partners The partnership's 2009 net income was P250,000 before any allocations to partners. What amount should be allocated to BBB?
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