A and B's partnership agreement provides for an annual salary allowance of P100,000 for A and 10% interest on the weighted average capital balance of B. The remainder is shared on a 60:40 ratio, respectively. During the period, the partnership earned profit of P200,000. B's capital account had a beginning balance of P120,00. B made additional investments of P40,000 on April 1, P80,000 on Sept. 30, and P20,000 on Dec. 31, and made drawings of P60,000 on July 31. Requirement: Compute for the respective shares of the partners in the profit (Prepare profit distribution schedule)

Partners A and B formed a partnership on January 1, 2020 where Partner A invested P500,000 while Partner B invested P300,000. Profit and loss as agreed upon by partners is to be shared in the ratio of the original capital. The drawing accounts of Partners A and B have debit balances of P24,000 and P12,000 respectively. Net income for the period ending December 31, 2020 amounted to P180,200. What is capital balance of Partner B for the year ending December 31, 2020?

The net income of the Mohammad and Ahmed partnership is 250,000. The partnership agreement specifies that profits and losses will be shared equally after salary allowances of 200,000 (Mohammad) and 300,000 (Ahmed) have been allocated. At the beginning of the year, Mohammad's Capital account had a balance of 500,000 and Ahmed's Capital account had a balance of 650,000. What is the balance of Mohammad's Capital account at the ?end of the year after profits and losses have been distributed 825,000.a O 375,000.b O 625,000 .cO 575,000.d O

A B and C are partners with capital balances of $90,000, $70,000, and $50,000, respectively. The partners agreed to share profits and losses as follows: Salary allowances of $7,000 to A, $8,000 to B and $14,000 to C. Interest allowances of 1096 on beginning of year capital balances Balance to be divided in the ratio of 2:11. If profit for the year 15 $250,000, calculate each partner's share and prepare the appropriate journal entry close the income Summary to the capital accounts Next Page Support | PowerSchool Communit Time left for this

Which of the following are deducted from gross taxable income todetermine net taxable income? a - Severance payments b - Registered Retirement Savings Plan contributions  c - Health carepremiums d - Charitable donations

d. Fallon and Springer formed a partnership on January 1. Fallon contributed $90,000 cash and equipment with a market value of $60,000. Springer contributed $30,000 of cash and inventory with a market value of $20,000, Partnership net income for Year 1 was $75,000. Determine each partner's share of the net income for each year, assuming income is divided based on the ratio of the partners original capital investments. Allocate Net Income Net income allocated to each partner Fallon Springer

A and B agreed that they will receive annual salaries of P60,000 each. Bonus shall be given to A of 20% of the net income after partners' salaries, the bonus being treated as an expense. Balance will be divided equally. The partnership reported a net income of P360,000 after partners' salaries but before bonus. How much is the share of B in the profit?

The partnership agreement of Alix, Gise, and Bosco provides for the following income ratio: (a) Alix, the managing partner, receives a salary allowance of $108,000, (b) each partner receives 15% interest on average capital investment, and (c) remaining net income or loss is divided equally. The average capital investments for the year were: Alix $600,000, Gise $1,200,000, and Bosco $1,800,000. If partnership net income is $540,000, the amount allocated to Alix should be a. $90,000. Ch10,11,12 Principles of Accounting I b. $162,000. c. $180,000. d. $198,000.

Farmer and Taylor formed a partnership with capital contributions of $245,000 and $295,000, respectively. Their partnership agreement calls for Farmer to receive a $79,000 per year salary allowance. The remaining income or loss is to be divided equally. Assuming net income for the current year is $189,000, the journal entry to allocate net income is: dit Fo Debit Income Summary, $189,000; Credit Farmer, Capital, $94,500; Credit Taylor, Capital, $94,500. Debit Income Summary, $189,000; Credit Farmer, Capital, $166,000; Credit Taylor, Capital, $23,000. Debit Income Summary, $189,000; Credit Farmer, Capital, $48,840; Credit Taylor, Capital, $140,160. Debit Income Summary, $189,000; Credit Farmer, Capital, $134,000; Credit Taylor, Capital, $55,000. Debit Income Summary, $189,000; Credit Taylor, Capital, $134,000; Credit Farmer, Capital, $55,000.