User Account

All Pages

How much will be share of jaime on the profit

Assignment Help Financial Accounting
Reference no: EM133184685

Question - Carlo and Jamie are partners who agreed that monthly salaries will be allowed to them as follows: Carlo for P15,00 and Jamie for P20,000.

5% bonus is given to Jamie on net income after salaries and the remainder is distributed on the ratio of 40% to Carlo and 60% to Jamie.

Assuming the partnership had net income after taxes for distribution at the end of the year amounting to P580,000.

Required - How much will be share of Jaime on the profit of the partnership business?

Reference no: EM133184685

Questions Cloud

What was national income : What was national income (NI) for 2008? What does national income tell us? What is the difference between GDP and NI? How has NI changed since 2008?
Calculate the amount of interest capitalized : New loan $1,000,000 was borrowed with 8% rate for the construction. Calculate the amount of interest capitalized for 2022
Create climate for change and encourage risk-taking : What are some of the actions a leader can take to create a climate for change and encourage risk-taking? Be specific.
Create climate of trust and facilitate relationships : How can leaders create a climate of trust and facilitate relationships among people in a work team?
How much will be share of jaime on the profit : Assuming the partnership had net income after taxes for distribution at the end of the year amounting to P580,000. How much will be share of Jaime on the profit
Human rights and trading rights : Do you think governments should consider human rights when granting preferential trading rights to countries?
Difference between positive and normative economics : Explain the difference between positive and normative economics. Give a real-time example of each that you found in doing some outside research.
Determine the market value proportions of debt : Determine the market value proportions of debt, preference shares and ordinary equity comprising the company's capital structure
Role of leadership practices and commitment behaviors : Effectively determine and summarize the role of leadership practices and commitment behaviors.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Using the new residual value

Wholesale Hardware Consultants purchased a building for 620,000 and depreciated it on a? straight-line basis over a 25?-year period. The estimated residual value is $120,000. Starting with the 16th? year, Wholesale began depreciating the building ove..

  What the principal balance

Comly Communications issues a $600,000, 10%, 20-year mortgage note on January 1. After the first installment payment, what the principal balance

  What cost should be assigned to the asset received

Aylmer paid $2,300 cash. If this transaction does not have commercial substance, what cost should be assigned to the asset received

  Calculate torrance inc current cost of preferred stock

Torrance, Inc. Calculate Torrance, Inc.'s current cost of preferred stock. calculate Torrance Inc weighted average cost of capital.

  Explain objectives and purpose of the conceptual framework

Explain objectives and purpose of the conceptual framework. With reference to the IFRS (IASB) website and associated resources, as well as relevant accounting.

  Net operating income for the month under absorption costing

Khanam Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price $121 Units in beginning inventory 800 Units produced 8,700 Units sold 8,800 Units in ending inventory 700 Va..

  Why cvp analysis is an important part of a company planning

Advise the director on why CVP analysis is an important part of a company's planning process and management decision making.

  Evaluate structures for corporate governance within stress

Evaluate the structures for corporate governance within Stress3 Ltd, recommending any amendments you consider necessary to those structures.

  What is the equity reinvestment rate

A firm's 2020 net income was $157,565, capital expenditure was $49,458, depreciation was $28,932, What is the equity reinvestment rate

  What would the amount of deferred tax to be recorded

What would the amount of deferred tax to be recorded on the consolidated balance sheet at the end of the year for the sale of inventory to X by Y

  Calculate the annual depreciation charge

Calculate the annual depreciation charge for each of the six years of the trucks life - Prepare the journal entries for the 2016 financial year.

  ACACT203A Financial Accounting Assignment

ACACT203A Financial Accounting Assignment Help and Solution, TAFE NSW - Assessment Writing Service - prepare a preliminary trial balance for Tempest Holdings

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd