Jpea, Jic, and Jfenix formed a partnership and named it ESBIEYEY. At the end of the year, the partnership earned a profit of P 1,000,000. The capital balances areP 250,000, P 280,000, and P 270,000 for Jpea, Jic, and Jfenix, respectively. The partners agreed to distribute the profit as follows: • Interest to ending capital of 10% will be given • Jpea and Jic will be given a salary amounting to P 150, 000 each • Jfenix will be given a bonus of 10% of net income after interest, salary and bonus • Remaining profit is to be distributed equally 26. How much is the bonus given to Jfenix? a. P 62,000 b. P 56, 364 c. P 67,000 d. P 60,909 How much is Jpea's share in net income? a. P 364,879 b. P 360,879 27. c. P 365, 879 d. P 362,879 28. How much is Jic's share in net income? a. P 364, 879 b. P 360,879 c. P 365, 879 d. P 362, 879

Jpea, Jic, and Jfenix formed a partnership and named it ESBIEYEY. At the end of the year, the partnership earned a profit of P 1,000,000. The capital balances areP 250,000, P 280,000, and P 270,000 for Jpea, Jic, and Jfenix, respectively. The partners agreed to distribute the profit as follows: • Interest to ending capital of 10% will be given • Jpea and Jic will be given a salary amounting to P 150, 000 each • Jfenix will be given a bonus of 10% of net income after interest, salary and bonus • Remaining profit is to be distributed equally 26. How much is the bonus given to Jfenix? a. P 62,000 b. P 56, 364 c. P 67,000 d. P 60,909 How much is Jpea's share in net income? a. P 364,879 b. P 360,879 27. c. P 365, 879 d. P 362,879 28. How much is Jic's share in net income? a. P 364, 879 b. P 360,879 c. P 365, 879 d. P 362, 879

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter10: Partnerships: Formation, Operation, And Basis

Section: Chapter Questions

Problem 39P

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The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.
Jpea, Jic, and Jfenix formed a partnership and named it ESBIEYEY. At the end of the year, the partnership earned a profit of P 1,000,000. The capital balances are P250,000, P280,000, and P270,000 for Jpea, Jic, and Jfenix, respectively. The partners agreed to distribute the profit as follows: Interest to ending capital of 10% will be given Jpea and Jic will be given a salary amounting to P 150,000 each Jfenix will be given a bonus of 10% of net income after interest, salary and bonus Remaining profit is to be distributed equally How much is the bonus given to Jfenix? A. P 67,000 B. P 62,000 C. P 56,364 D. P 60,909 How much is Jpea’s share in net income? A. P 365,879 B. P 360,879 C. P 362,879 D. P 364,879 How much is Jic’s share in net income? A. P 360,879 B. P 362,879 C. P 364,879 D. P 365,879
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