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Question - On January 2, 2018, Davis and Caruso formed a partnership. On December 31, 2019, Davis has a capital balance of P 175,000 and Caruso P 25,000. Profits and losses are 80% and 20% respectively where Caruso, as the general partner, will receive a monthly salary of P 5,000, an interest of 5% to both partners based on their beginning capital and a bonus of 15% of profit before the salary, interest and bonus.
The Statement of Comprehensive Income of the partnership for the year ended December 31, 2020 is as follows:
Net Sales P 875,000
Cost of Sales 700,000
Gross Profit P 175,000
Expenses (including salary, interest and the bonus) 143,000
Net income P 32,000
Required - Compute the amount of bonus for 2020?
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