User Account

All Pages

What the total profit share of partner cri would be

Assignment Help Financial Accounting
Reference no: EM132821146

ZE, BEE and CRI are partners in the accounting firm. Their capital account balances at year-end were: AZE, P90,000; BEE, P110,000; CRI, P50,000. They share profits and losses in a 4:4:2 ratio, after the following special terms:

a. Partner CRI is to receive a bonus of 10% of the net income after bonus.

b. Interest of 10% shall be paid on that portion of a partner's capital in excess of P100,000.

c. Salaries of P10,000 and P12,000 shall be paid to partners AZE and CRI, respectively.

Problem 1: Assuming a net income of P44,000 for the year, the total profit share of partner CRI would be:

a) P16,800

b) P19,800

c) P7,800

d) P19,400

Reference no: EM132821146

Questions Cloud

What is the new amount that is withheld from her weekly pay : Next week, her boss will increase her hourly wage by 10%. What is the new amount that is withheld from her weekly pay for federal income tax after the raise
What amount should kuz and mic capital account change : By what amount should KUZ'S and MIC'S capital account change? KUZ, LONZO, and MIC are partners with average capital balances during 2013
Do you think the timbre of the piece is bright or dark : Do you think the timbre of this piece is bright or dark? Why? What instruments do you hear? You may need to look back at the list of instruments in the Baroque.
How many shares can you buy : You want to purchase OLYMPIC stock at BDT 190 from your broker using as little of your own money as possible. How many shares can you buy
What the total profit share of partner cri would be : ZE, BEE and CRI are partners in the accounting firm. Assuming a net income of P44,000 for the year, the total profit share of partner CRI would be
Cornerstones of human resource management : There is a saying that job description and job specification are the cornerstones of human resource management.
Outline of a Disaster Response Plan : Outline of a Disaster Response Plan for the chosen event - Describe the strategic approach to leadership and application of managerial functions
What is the present value of your end-of-year investment : What is the present value of your end-of-year investment of $1,000 per year, with the first cash flow received three years from today
Explain what insights related to their identity they offer : Read David Walker's book "Appeal" and compose a 4-5 page (double-spaced) analysis of the text. In your paper you should: identify the author and the context.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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