On January 1, Carlo, Jamie, Roma, and Fe, formed CABLES Trading, a local partnership, with capital contributions of P500,000, P250,000, P350,000, and P200,000, respectively. The articles of co-partnership provided that: • Each partner shall receive a 6% interest on contributed capital; • Carlo and Jamie shall receive monthly salaries of P15,000 and $13,000, respectively; • The balance of the profits shall be distributed to Carlo, Jamie, Roma, and Fe in 3:3:2:2 ratio, respectively. If the net income after tax for one quarter is P300,000, what is the share in the profit of Fe?
On January 1, Carlo, Jamie, Roma, and Fe, formed CABLES Trading, a local partnership, with capital contributions of P500,000, P250,000, P350,000, and P200,000, respectively. The articles of co-partnership provided that: • Each partner shall receive a 6% interest on contributed capital; • Carlo and Jamie shall receive monthly salaries of P15,000 and $13,000, respectively; • The balance of the profits shall be distributed to Carlo, Jamie, Roma, and Fe in 3:3:2:2 ratio, respectively. If the net income after tax for one quarter is P300,000, what is the share in the profit of Fe?
Chapter14: Choice Of Business Entity—operations And Distributions
Section: Chapter Questions
Problem 47P
Related questions
Question
Transcribed Image Text:On January 1, Carlo, Jamie, Roma, and Fe, formed CABLES Trading, a local partnership, with capital contributions of P500,000, P250,000, P350,000, and P200,000, respectively.
The articles of co-partnership provided that:
• Each partner shall receive a 6% interest on contributed capital;
Carlo and Jamie shall receive monthly salaries of P15,000 and P13,000, respectively;
• The balance of the profits shall be distributed to Carlo, Jamie, Roma, and Fe in 3:3:2:2 ratio, respectively.
If the net income after tax for one quarter is P300,000, what is the share in the profit of Fe?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,