Second, Armenta and Galang each are to receive 5% of the remaining profit over12. The partnership agreement of Zuniga, Armenta & Galang provided for the yyear-endallocation of profit in the following order:First, Zuniga is to receive 10% of profit up to P200,000 and 20% over P200,000.Second, Armenta and Galang each are to receive 5% of the remaining profit ove.P300,000.The balance of profit is to be allocated equally among the three partners.The partnership's 2019 profit was P500,000 before any allocations to partnersWhat amount should be allocated to Zuniga?P206,000P202,000P216,000а.C.b.d.P220,00013. Bacalso and Tenajeros have respective partnership capital balances of P48,000 andP24,000 on Jan. 1. Bacalso withdrew P6,000 on May 1 and P6,000 on July 1.Tenajeros invested an additional P12.000 on April 1 and withdrew P8,000 on Oct. 1.The average capital balances for Bacalso and Tenajeros for the year area. Bacalso, P48,000; Tenajeros, P24,000.b. Bacalso, P42,000; Tenajeros, P26,000.Bacalso, P41,000; Tenajeros, P31,000.d. Bacalso, P36,000; Tenajeros, P28,000.С.14. On Jan. 1, 2019, Anatalio, Yecyec, Guzon and Calimpusan formed Butuan TradingCo., a partnership, with contributions as follows: Anatalio, P50,000; Yecyec,P25,000; Guzon, P25,000 and Calimpusan, P20,000. The partnership contractprovided that each partner shall receive a 5% interest on contributed capital, andthat Anatalio and Yecyec shall receive salaries of P5,000 and P3,000, respectively.The contract also provided that Guzon shall receive a minimum of P2,500 perannum, and Calimpusan a minimum of P6,000 per annum, which is inclusive ofamounts representing interest 'and share of remaining profits. The balance of theprofits shall be distributed to Anatalio, Yecyec, Guzon and Calimpusan in a ratio3:3:2:2.What amount must be earned by the partnership, before any charge for interestand salaries, so that Anatalio may receive an aggregate of P12,500 includinginterest, salary and share of profits?а. Р32,333b. P30,000с. Р30,667d. P16,667

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The partnership agreement of Zuniga, Armenta & Galang provided for the year- allocation of profit in the foillowing order: First, Zuniga is to receive 10% of profit up to P200,000 and 20% over P200,000. Second, Armenta and Galang each are to receive 5% of the remaining profit P300,000. The balance of profit is to be allocated equally among the three partners. he partnership's 2019 profit was P500,000 before any allocations to partr Vhat amount should be allocated to Zuniga? P206,000 P220,000 P202,000 C. P216,000 d.

The partnership agreement of Zuniga, Armenta & Galang provided for the year- allocation of profit in the foillowing order: First, Zuniga is to receive 10% of profit up to P200,000 and 20% over P200,000. Second, Armenta and Galang each are to receive 5% of the remaining profit P300,000. The balance of profit is to be allocated equally among the three partners. he partnership's 2019 profit was P500,000 before any allocations to partr Vhat amount should be allocated to Zuniga? P206,000 P220,000 P202,000 C. P216,000 d.

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 Zuniga, Armenta & Galang provided for the year end allocation ofprofit in the following order:*First, Zubiga is to receive 10% of profit up to 200,000 and 20% over 200,000*Second, Armenta and Galang each are to receive 5% of the remaining profit over 300,000*The balance of profit is to be allocated equally among the three partnersThe partnership’s 2021 profit was 500,000 before any allocations to partners. What amount should beallocated to Zuniga? A. 202,000B. 216,000C. 206,000D. 220,000
The partnership agreement of Angela and Dawn has the following provisions: 1. The partners are to earn 10 percent on the average capital. 2. Angela and Dawn are to earn salaries of $33,000 and $13,500, respectively. 3. Any remaining income or loss is to be divided between Angela and Dawn using a 70:30 ratio. Angela's average capital is $70,000 and Dawn's is $59,000. Required: As Prepare an income distribution schedule assuming the income of the partnership is (a) $89,000 and (b) $36,000. If no partnership agreement exists, what does the UPA 1997 prescribe as the profit or loss distribution percentages? Note: Amounts that are to be deducted from an individual partner's capital balance should be entered with a minus sign.
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Xavier, Young, and Zane operate a partnership with a complex profit and loss sharing agreement. The average capital balance for each partner on December 31, 2021 is P300,000 for Xavier, P250,000 for Young, and P325,000 for Zane. An 8% interest allocation is provided to each partner based on the average capital balance on December 31, 2021. Xavier and Young receive salary allocations of P10,000 and P15,000, respectively. If partnership net income is above P25,000, after the salary allocations are considered (but before the interest allocations are considered), Zane will receive a bonus of 10% of the original amount of net income. All residual income is allocated in the ratios of 23.5 to Xavier, Young, and Zane, respectively. If the the partnership net income for 2021 is P250,000, the total share of Xavier, Young and Zane, respectively are: