Problem #3 Rules for the Distribution of Profits or Losses 44 Elisa Diaz and Ma. Concepcion Manalo formed a partnership, investing P330,000 and Vy P110,000, respectively. Determine the partners' participation in the 2016 profit of P420,000 under each of the following independent assumptions: a. No agreement concerning division of profit. b. Divided in the ratio of original capital investment. c. Interest at the rate of 8% allowed on original investments and the remainder divided in the ratio of 2:3.

Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800