-2. Determine the share of profit for each partner in 2016 and 2017 under each of the following conditions: a. The partners agreed to share profit equally. b. The partners failed to agree on a profit-sharing arrangement. C. The partners agreed to share profit according to the ratio of their original investments. d. The partners agreed to share profits by allowing interest of 10% on their original investments and dividing the remainder equally. e. The partners agreed to share profits by allowing salaries of P400,000 for Marasigan and P280,000 for Asacta, and dividing the remainder equally. f. The, partners agreed to share profits by paying salaries of P400,000 to Marasigan and P280,000 to Asacta, allowing interest of 9% on their original investments, and dividing the remainder equally.

-2. Determine the share of profit for each partner in 2016 and 2017 under each of the following conditions: a. The partners agreed to share profit equally. b. The partners failed to agree on a profit-sharing arrangement. C. The partners agreed to share profit according to the ratio of their original investments. d. The partners agreed to share profits by allowing interest of 10% on their original investments and dividing the remainder equally. e. The partners agreed to share profits by allowing salaries of P400,000 for Marasigan and P280,000 for Asacta, and dividing the remainder equally. f. The, partners agreed to share profits by paying salaries of P400,000 to Marasigan and P280,000 to Asacta, allowing interest of 9% on their original investments, and dividing the remainder equally.

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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