What is the total share of charize in partnership net income

Assignment Help Financial Accounting
Reference no: EM132864719

Charize, Beatrice and Janice are partners with beginning capital balances of P340,000, P280,000 and P400,000 respectively. The three partners agreed to receive 12% interest on their beginning capital balances. Charize, Beatrice and Janice will be given monthly salaries of P 10,000, P5,000 and P8,000 respectively. Charize the managing partner is given 30% bonus on net income after deducting salaries distributed to partners. Residual profit and loss is to be distributed among the three partners in the ratio of 2:4:4 respectively. The partnership earned a net income of P 410,200.( Ignore Income Tax)

Problem 1: What is the total share of Charize in the partnership net income?

Problem 2: What is the total share of Beatrice in the partnership net income?

Problem 3: What is the total share of Janice in the partnership net income?

Reference no: EM132864719

Questions Cloud

Calculating discounted payback : Calculating Discounted Payback An investment project has annual cash inflows of $2,800, $3,700, $5,100, and $4,300, for the next four years
Ethical violation between supervisor abuse of power : Can you give a workplace example of a time you or someone you know experienced an ethical violation between a supervisor's abuse of power with an employee?
Compute amount that should be expensed related to each item : Compute the amount that should be expensed related to each item for the current year. Howard Company calculates amortization to the nearest month.
Rural mental health facility : Imagine you are an administrator in a small, rural mental health facility, and you are dealing with a growing trend in mental illnesses in your community
What is the total share of charize in partnership net income : What is the total share of Charize in the partnership net income? Charize, Beatrice and Janice are partners with beginning capital balances of P340,000.
Create the most profitable pricing strategy for business : What is the difference between a penetration pricing strategy and a skimming pricing strategy? Under what circumstances would each be used?
Define the term goodwill : Define the term goodwill and distinguish between internally generated goodwill and goodwill acquired in business combination
Comprehensive project in body : Post an executive summary of your Comprehensive Project in the body of a post in this discussion.
Trade-offs between inputs for productivity improvements : Analyze the trade-offs between inputs for the productivity improvements. Analyze the advantages and disadvantages of global sourcing versus producing in the U.S

Reviews

Write a Review

Financial Accounting Questions & Answers

  Illustrate what is the apbo at december

The employee is expected to serve the company for a total of twenty-five years with five of those years already served as of January 1, 2006. Illustrate what is the APBO at December 31, 2006?

  For purposes of the accrual method of accounting

For purposes of the accrual method of accounting, the economic performance test is met when

  Can indri claim workers compensation

If Indri is the only secured creditor, will he get back his $90 000? -  Can Indri claim workers' compensation, assuming that he is otherwise entitled to it?

  Evaluate the performance of individuals and of the firm

Evaluate the performance of individuals and of the firm. Students should be able to exhibit a familiarity with these concepts and how they are used.

  Compute the no-arbitrage one-year forward exchange rate

Compute the no-arbitrage one-year forward exchange rate, explaining each of the steps in your derivation. Devise an arbitrage strategy that will deliver

  How else might the wacc be impacted

Capital structure which will mean their WACC will change. Beyond the change in SST's capital weights, how else might the WACC be impacted?

  Explain what impact this decision will have on

Management decides to increase sales for the current quarter by filling all customer orders. Explain what impact this decision will have on: Days receivable for the current quarter.

  Which instances does not preclude an entity from recognizing

Which instances does not preclude an entity from recognizing depreciation during a certain period? The asset is classified as held for sale under PFRS 5.

  Compute the ending balance in each account

Prepare a T-account for each account on the companys balance sheet and prepare new T-accounts as needed. Key your entries to the letters - Compute the ending balance in each account.

  Pension expense is recognized for the current year

A local firm sponsors a defined contribution pension plan for its full-time employees. Under the plan, the firm is obligated to contribute an amount that matches the employee’s contribution up to a maximum of 5% of gross salary. The firm often is a f..

  Compute the manufacturing overhead rate for the year

Renteria Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are expected to total $305,000 for the year, and machine usage is estimated at 125,000 hours.

  Prepare flowcharts for two business processes

As part of the planning process for your new accounting information system, your supervisor has asked that you prepare flowcharts. This graphic presents the flow of information through the accounting cycles. Using the company information provided in ..

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!

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