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Compute the amount of the bonus

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Reference no: EM133105974

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.

Reference no: EM133105974

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