rpe bsupuele M animuzaA 2S wo Item Nos. 23 and 24 are based on the following information: C, D, and E are partners sharing profits equally after allowing for bonus and salary allowances. C, the managing partner, is allowed a bonus of 20% of the profit. D and E are allowed salaries of P 120,000 and P 150,000, respectively. The partnership registered a profit of P 720,000 for the year 200C. 23. How much is the bonus of C if the bonus is based on the profit after bonus but before the salary allowance? a. P 75,000. P 120,000. С. b. P 90,000. d. P 144,000. 24. How much is the share of C in the profit if the bonus is based on the profit before bonus but after the salary allowance? P 90,000. P 230,000. a. С. b. P 210,000. d. P 240,000.

rpe bsupuele M animuzaA 2S wo Item Nos. 23 and 24 are based on the following information: C, D, and E are partners sharing profits equally after allowing for bonus and salary allowances. C, the managing partner, is allowed a bonus of 20% of the profit. D and E are allowed salaries of P 120,000 and P 150,000, respectively. The partnership registered a profit of P 720,000 for the year 200C. 23. How much is the bonus of C if the bonus is based on the profit after bonus but before the salary allowance? a. P 75,000. P 120,000. С. b. P 90,000. d. P 144,000. 24. How much is the share of C in the profit if the bonus is based on the profit before bonus but after the salary allowance? P 90,000. P 230,000. a. С. b. P 210,000. d. P 240,000.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 11MC: Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at...

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Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50% each. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should the partnership record as a bonus to Chris? A. $20,000 B. $15,000 C. $10.500 D. $5,000
16. RRR is trying to decide whether to accept a bonus of 25% of net income after salaries and bonus or a salary of P97,500 plus a bonus of 10% of net income after salaries and bonus as a means of allocating profit among the partners. Salaries traceable to the other partners are estimated to be P450,000. What amount of income would be necessary so that RRR would consider the choices to be equal? A. P1,100,000B. P1,197,500C. P650,000D. P1,262,500
The net income of X and Y Co. for the 2018. Amounted to P420,000. X, as the managing partner, is allowed a bonus of 20% of net income before the bonus is deducted. a. The amount of bonus would be b. If the bonus is 20% of net income after deduction of the bonus , the bonus would be
5. Dali is trying to decide whether to accept a salary of P80,000 or a salary of P50,000 plus a bonus of 10% of net income after salary and bonus as a means of allocating profitamong the partners. Salaries traceable to the other partners are estimated to beP200,000. What amount of income would be necessary so that Dali would consider thechoices equal?
TRUE OR FALSE, EXPLAIN Mr. C, the managing partner in ABC Co. is entitled to a 20% bonus on profit after partners' salaries and bonus. ABC Co. reported profit of P360 after deducting the partners salaries but before deducting Mr. C's bonus. ABC Co.'s profit after salaries and bonus is P300.
Romeo is trying to decide whether to accept a salary of P40,000 or a salary of P25,000 plus a bonus of 10% of net income after salary and bonus as a means of allocating profit among the partners. Salaries traceable to the other partners are estimated to be P100,000. What amount of income would be necessary so that Romeo would consider the choices equal: A. 165,000 B. 290,000 C. 265,000 D. 305,000
D, E and F agreed to share profit and losses as follows: • Salaries of P50,000, P40,000 and P20,000 to D, E and F, respectively • First P100,000 of profits after salaries, 20% bonus to D • Excess profits after salaries and the bonus to D above P100,000, 10% bonus to E • Residual profits or loss to F The partnership made P250,000 net profit. How much is E's profit sharing? Show your solution. a. P45,000 b. P43,200 c. P42,000 d. P41,200
Gerald is trying to decide wheter to accept a salary of P40,000 or a salary of P25,000 plus a bonus of 10% of net income after salary and bonus as a means of allocating profit among partners. Salaries traceable to the other partners are estimated to be P100,000. What amount of of income would be necessary so that Lancelot would consider the choices to be equal? P165,000 P290,000 P305,000d. P256,000
The partnership reports profits of P80,000, net of P20,000 salaries and P30,000 interest and a bonus. The bonus is computed as 20% of profits after salaries and interest. Compute the amount of the bonus. Show your solution. a. P16,000 b. P20,000 c. P26,000 d. P32,500
Y1 is the managing partner of PP Partnership. He is given an incentive of 5% bonus on profit The profit of the partnership is P757,250, net of income tax rate of 35%. How much is the bonus before deduction of bonus and income taxes?
17. Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a monthly salary of P10,000 to each partner and bonus of 20% to Beth. Determine the share of each partner and record the distribution on the following independent situations: (see attached image, kindly asnwer it based on you knowledge, thank you!!) a) Net income earned was P480,000 and bonus is based on net income before salaries and bonus. b) Net income earned was P480,000 and bonus is based on net income after salaries and bonus. c) Net loss for the year was P480,000 and bonus based on net income before salaries and bonus
n the year ended 31/12/2018 total income of Palestine co,20,000 if A partner received 5,000 annual salary and reaming divided equally between the two partners A and B so Finally the reamig profit should be allocated to partners will be 15,000 Select one: True False