The partnership's profit for the year amounted to P440,000. Partner A is entitled to 10% before bonus. What is the bonus that Partner A will receive?
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- Pan and Sit share profits in the ration of 3:2. However, Pan is to receive a bonus of 20% of the profits, in addition to her profit share. The partnership made a profit for the year of P24,000 before the bonus. Assuming Pan's bonus is computed in profit after deducting said bonus, how much profit share will Sit receive?1. Aristorenas, Soriano and Filamor have the following profit and loss agreement: Partners Aristorenas and Soriano will receive salaries of P40,000 each. Partner Filamor will get a bonus of 10% of profit after salaries and bonus. Remaining profits are shared by Aristorenas, Soriano and Filamor in the ratio of 3:4:3, respectively. * The partnership had a profit of P91,000. How much should be allocated to Filamor? P 4,000 b. Р 4,070 а. C. P 9,100 d. P27,300 2. A partnership showed the following account balances: sales, P70,000; cost of sales, P40,000; operating expenses, P10,000; partners' salaries, P13,000; interest paid to banks, P2,000 and partners' drawings, P8,000. The partnership profit is P20,000. с. Р 5,000. d. P(3,000). а. b. P18,000. 3. Villena, a partner in the Dulay, Villena & Co., has a 30% participation in partnership profits and losses. Villena's capital account has a net decrease of P120,000 during the calendar year 2019. During 2019, Villena withdrew P260,000 (charged…The XYZ Partnership shows a net profit of P600,000 during the year. If partners X, Y, Z has income ratios of 50%, 30%, and 20%, respectively, How much is Z's share from the net income of the partnerships?
- The XYZ Partnership shows a net profit of P600,000 during the year. If partners X, Y, Z has income ratios of 50%, 30%, and 20%, respectively, How much is Z's share from the net income of the partnerships?If the net income is P 200,000, salaries given to partners amount to 60,000, interest to partners’ capital amount to 40,000 and bonus is 20% of net income after salaries, interest, and bonus, how much is the bonus?W owes Y, the managing partner of XYZ Partnership, P50,000 due on Oct. 1, 2021. W also owes XYZ partnership P100,000 due on Oct 31, 2021. If W pays the managing partner P50,000. How will the payment be applied? Explain.
- Item Nos. 11 and 12 are based on the following information: The partnership contract of partners L and M provides that L, the managing partner is allowed a bonus of 20% of the profit after taxes. The partnership is subject to an income tax rate of 35% of the profit. During 200C, the partnership earned profit before taxes of P 113,000. 11. If the bonus is based on the profit after taxes but before bonus, how much is the bonus of L? а. Р 13,000. P 14,500. С. b. P 13,250. d. P 14,690.A partner receives a bonus of 10% of profit after deducting bonus. How much is the bonus if the profit is P 110,000?Juan and Pedro’s partnership agreement showed the following:Salaries of P 100,000 will be provided to the partners.Interest of 10% of the ending capital balances for each partnerA bonus of 20% of the income after bonus and before tax will be given to Pedro.Any remainder will be distributed 2/5 and 3/5, respectively.Ending capital of Juan and Pedro were P 600,000 and P 800,000, respectively. Income after tax is P 1,200,000. Income tax rate applied was 40%. How much is the share of Pedro?
- Under the partnership agreement, Rina is to be allowed a bonus of 20% of net income after bonus and the remainder is to be divided as follows; 35% each to Tina and Unna, and 30% to Vina. If the partnership's income is P318,000, Tina's share would be15. On January 2, 2020, BB and PP formed a partnership. BB contributed capital of P175,000 and PP, P25,000. They agreed to share profits and losses 80% and 20%, respectively. PP is the general manager and works in the partnership fulltime and is given a salary of P5,000 a month; an interest of 5% of the beginning capital (of both partner) and a bonus of 15% of net income before the salary, interest and the bonus. The profit and loss statement of the 'partnership for the year ended December 31, 2020 is as follows: P875,000 700,000 P175,000 143,000 P32,000 Net Sales Cost of goods sold Gross profits 'Expenses (including the salary, interest and the bonus) Net income The amount of bonus to PP in 2020 amounted to: a. 13,304 b. 16,456 18,000 d. 20,700 с.A and B formed a Partnership on January 1, 2020. Partner A’s contributed capital amounted to P40,000, while partner B’s contributed capital amounted to P20,000. The Partnership agreement provides for the following: Capital accounts are to be credited annually with interest at 5% of the beginning capital. Partner B is to be paid salary of P6,000 quarterly. Partner B is to receive a bonus of 10% based on the net income The Partnership's income statement for the year ended is as follows: Revenues, P105,000Expenses (including salary, interest, and bonus), 30,000Net income, 75,000 What is partner's B 2020 bonus? Group of answer choices 9,273 7,500 9,333 11,333