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Question - Bonus Computation - Mandy and Soledad shares profit equally after providing for annual salaries of P150,000 and P180,000, respectively, and a 10% bonus after salaries and bonus to Mandy. The profit or loss statement of the partnership for whole year is shown below:
Sales P6,000,000
Cost of sales 3,000,000
Gross profit P3,000,000
Expenses 2,450,000
Net profit P550.000
Required -
1. Compute the amount of the bonus.
2. Compute the bonus assuming expenses are inclusive of the salaries.
3. Compute the bonus assuming expenses includes bonus and salaries.
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