A, B, and C of ABC Partnership have beginning capital balances of P500,000, P300,000, and P200,000 respectively. The partnership has the following information: Sales (60% credit; 40% cash) amounting to P1,200,000, Cost of Goods Sold, P920,000, and Total operating expenses is P218,000. In their profit-sharing arrangement: . Salaries of P15,000, P20,000, and P25,000 shall be given to each partner respectively . Interest at 3% of the beginning capital balances would be allowed in profit distribution. Any remaining amount will be divided among each partner at 3:1:1. ● not profit (lore) Encode as a negative amount if the answer is negative.

A, B, and C of ABC Partnership have beginning capital balances of P500,000, P300,000, and P200,000 respectively. The partnership has the following information: Sales (60% credit; 40% cash) amounting to P1,200,000, Cost of Goods Sold, P920,000, and Total operating expenses is P218,000. In their profit-sharing arrangement: . Salaries of P15,000, P20,000, and P25,000 shall be given to each partner respectively . Interest at 3% of the beginning capital balances would be allowed in profit distribution. Any remaining amount will be divided among each partner at 3:1:1. ● not profit (lore) Encode as a negative amount if the answer is negative.

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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