2. The following are the capital balances of DoReMi Partnership as of December 31, 2018: • Domingo, Capital - P58,960 • Reyes, Capital - P63,200 • Miranda, Capital - P64,890 The partnership generated net income of P75,400 in 2019. According to the partnership contract, the profit and loss sharing ratios are as follows: Domingo (25%), Reyes (37.5%), and Miranda (37.5%). The following were transactions with the partners during the year: Domingo made additional contribution of P7,640 • Reyes withdrew P5,000 for the business Miranda contributed P12,000 but withdrew P5,430. > Prepare the partnership's SCE
2. The following are the capital balances of DoReMi Partnership as of December 31, 2018: • Domingo, Capital - P58,960 • Reyes, Capital - P63,200 • Miranda, Capital - P64,890 The partnership generated net income of P75,400 in 2019. According to the partnership contract, the profit and loss sharing ratios are as follows: Domingo (25%), Reyes (37.5%), and Miranda (37.5%). The following were transactions with the partners during the year: Domingo made additional contribution of P7,640 • Reyes withdrew P5,000 for the business Miranda contributed P12,000 but withdrew P5,430. > Prepare the partnership's SCE
Chapter21: Partnerships
Section: Chapter Questions
Problem 57P
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Question
Transcribed Image Text:2. The following are the capital balances of DoReMi Partnership as of December 31,
2018:
• Domingo, Capital – P58,960
• Reyes, Capital – P63,200
• Miranda, Capital – P64,890
The partnership generated net income of P75,400 in 2019. According to the partnership
contract, the profit and loss sharing ratios are as follows: Domingo (25%), Reyes (37.5%),
and Miranda (37.5%).
The following were transactions with the partners during the year:
• Domingo made additional contribution of P7,640
Reyes withdrew P5,000 for the business
Miranda contributed P12,000 but withdrew P5,430.
Prepare the partnership's SCE
3. The Retained Earnings of Power Inc. shows a January 1, 2018 balance of P199,760. The
Board of Directors of Power Inc. distributed cash dividends of P11,000 to the
company's stockholders. As of December 31, 2019, the retained earnings reported a
balance of P280,990.
Determine Power Inc. net income for 2019. Prepare the corporation's SCE.
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