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- PROBLEM 3. Glenda 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 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 Glenda would consider the choices to be equal? P1,100,000 P1,197,000 a. b. с. P650,000 d. P1.262.500Based on the above information, kindly answer the following: 1. In the profit distribution schedule, the salary allowance of Tom will be? 2. Of the P1,404,000 net profit of the partnership, the share of Rey will be? 3. In the profit distribution schedule, the total salary allowance will be? Please answer complete required1,2,3Task 2: X and Y share income of their partnership in a 2:3 ratio. X and Y receive salaries of $18,000 and $12,000, respectively. a) How would they share a net income of $30,000 (before salaries are distributed)? b) You should make the journal entry for this activity. c) In which ways will the results in a) and b) be changed if the ratio is 1:4?
- 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. 305,000Determine John's AGI using the following information: Wages 50,000 Interest income 2,000 Dividend income 3,500 Net rental income 6,000 K-1 loss from limited partnership (3,000) Group of answer choices 58,500 55,500 61,500 0 please explain in best way without plagiasrism from other sites thnkuRequired: 1. How much will Mira receive if the net income earned is P 155,000? * 2. Except that the company incurred net loss of P 9,200, compute for the share of each partner. *
- Problem: Partners Coleen and Norlyn received a salary of P150,000 and P300,000 and will share profit and loss in a 2:1 ratio, respectively. If the partnership suffered a P150,000 loss in 2020, determine how the loss will be distributed to Coleen and Norlyn. 1. Coleen's share on profit or loss 2. Norlyn's share on profit or loss 3. How much is the total amount to be distributed using the 2:1 ratio?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 bonusPartners angela and gabriel receive a salary allowance of 30,000 and 70,000, respectively, and agreed to share the remainder of profit equally. If the company earned 40,000 during the period how will the profit be distributed. Angela's?Gabriel's?
- Partners Lusteno and Advincula receive a salary of P150,000 respectively, and share profit and losses in a 2:1 ratio, respectively: if the partnership suffered a P150,000 loss in 2018, by how much would Lusterio's account decrease? a. P400,000 b. P250,000 c. P200,000 d. P100,00023. How much is the bonus of C if the bonus is based on the profit after bonus Item Nos. 23 and 24 are based on the following information: iw a1enhsq erts lle animuzaA .2 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. but before the salary allowance? P 120,000.00,08 d. P 144,000. С. а. P 75,000. b. P 90,000. 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? c. P 230,000. С. а. P 90,000. b. P 210,000. d. P 240,000. 000.002PROBLEM: John and Paul are partners who share profits and losses in the ratio of 3:2respectively. John’s salary is P180,000 and Paul’s is P140,000. The partners are paid interest on their average capital balances where John received interest of P30,000 and Paul, P 15,000. The profit and loss allocation is determined after deduction for the salary and interest payments. QUESTION: If John received P280,000 from partnership income, what was the total partnership income? (Good Accounting Form)