Cliff and Burton are partners in F Clef Co. Their partnership agreement states that Cliff is entitled to an annual salary of P100,000 and a bonus of 10% of profit after salary but before bonus. The remainder is shared in the ratio of 7:2. Burton's share in partnership profit for the year was P296,000. How much was Cliff's share? a. 1,332,894 b. 1,292,342 c. 1,284,000 d. 1,220,000

Cliff and Burton are partners in F Clef Co. Their partnership agreement states that Cliff is entitled to an annual salary of P100,000 and a bonus of 10% of profit after salary but before bonus. The remainder is shared in the ratio of 7:2. Burton's share in partnership profit for the year was P296,000. How much was Cliff's share? a. 1,332,894 b. 1,292,342 c. 1,284,000 d. 1,220,000

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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