Instructions: 1. Do not use comma and peso sign (i.e. if your answer is P200,500, encode it as 200500) 2. If your answer is loss use the open and close parenthesis to denote negative, i.e. if your answer is -50,000, encode it as (50000) Problem: Partners Coleen and Norlyn received a salary of P150,000 and P300,000 and will share profit and loss in a 2:1 ratio, respectively. If the partnership suffered a P150,000 loss in 2020, determine how the loss will be distributed to Coleen and Norlyn. 1. Coleen's share on profit or loss 2. Norlyn's share on profit or loss 3. How much is the total amount to be distributed using the 2:1 ratio?

Instructions: 1. Do not use comma and peso sign (i.e. if your answer is P200,500, encode it as 200500) 2. If your answer is loss use the open and close parenthesis to denote negative, i.e. if your answer is -50,000, encode it as (50000) Problem: Partners Coleen and Norlyn received a salary of P150,000 and P300,000 and will share profit and loss in a 2:1 ratio, respectively. If the partnership suffered a P150,000 loss in 2020, determine how the loss will be distributed to Coleen and Norlyn. 1. Coleen's share on profit or loss 2. Norlyn's share on profit or loss 3. How much is the total amount to be distributed using the 2:1 ratio?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter10: Partnerships: Formation, Operation, And Basis

Section: Chapter Questions

Problem 52P

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THIS QUESTION REQUIRES AN ESSAY STYLE ANSWER Maddy and Maxie are running a coffee shop.. They agree that Maddy will receive a wage for operating the shop whilst Maxie will contribute $50,000 to finance the start up and the balance of the profits and losses thereafter is to be split 40% to Maddy and 60% to Maxie. The accounts for the year ended 30 June 2020 were as follows: Sale of Food and drinks received $250,000 Cost of consumables $80,000 Cost of rent $50,000 Wages to Maddy $40,000 There are no other relevant transactions. What is the net income of the partnership? What is the distribution from the partnership to Maddy? What is the taxable income of Maddy? Your Answer Should Reference Relevant Legislation
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4) What's More BC Activity 1.1 Try this! Solve the following problems. Write your answers on your notebook. Don't forget to show your complete solution. 1. Sonny works as a furniture salesman and earns a base salary of P1,550 per week plus 6% comnmission on sales. What was Sonny's weekly gross salary if his total sales were P57,000? 2. Veronika works at Future Shop and earns P350 per hour plus 6% commission on sales. Last week Veronika worked 40 hours. What was Veronika's weekly gross salary if her total sales were P25,000? 3. William earns straight commission as a real-estate agent. Last month his total sales were P971,168.00. If William earns a 3% rate of commission, what was his gross income last month? 4. Sophia earns straight commission selling cell phone contracts. Last month she sold 341 cell phone contracts worth a total of P238,192.00. If Sophia earns a 5% rate of commission, what was her gross income last month? 5. Brian is a salesman for a wholesale computer parts company.…
Brian, the owner of a local poster shop, comes to you for help. "We've only been breaking even the past two years, and I'm getting very frustrated! I don't know what to do because I feel like I've already tried to improve our processes as much as possible, but we still haven't been able to generate a profit. Do you have any suggestions as to how we can turn things around? I just don't think we can even consider moving forward with this business unless we can earn $11,000 in operating income next year. Even then, we'll have to think long and hard about what the future holds." Brian shares the following information with you, as you ponder different scenarios to help your friend. Selling price Cost for paper, per unit Cost for printing, per unit Cost for film, per unit Staff salaries Other operating costs 1. 2. 3. $6.60 0.80 After thinking about it for a while, you suggest the following possibilities to help him turn things around. 4. 0.85 0.55 45,000 11,320 Lower the selling price by 10%…
Read the following information and answer questions that follow.Brian Ndlovu is employed as a manager in Gaborone. During the year ended 30 June 2020, hehad the following incomes and expenditures:Amount (P)Salary 1,40,000Performance related award 50,000Entertainment allowance 60,000Barclays Bank Interest 40,000Commission 70,000Interest from BBS Subscription shares 10,000Other Investment Income 20,000Medical aid contributions from the employer 5,000Compensation for injury at work 6,000Rental Income 1,60,000Expenses incurred during the year:Approved Pension contributions 10,000Contributions to approved retirement annuity fund 15,000Annual subscriptions to ACCA 1,500Contributions to an unapproved fund 20,000Contributions to life assurance policy 15,000P.A.Y.E. deducted 40,000Additional Information:(1) During the year, the company paid a total of P10 000 to Brian for private telephone andelectricity bills(2) Brian had the use of a company car that cost P100 000 for which he paid for his…
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The correct answer is letter B. How did they get the 7,500,000 answer?
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For every P500 worth of services rendered to customers, Beauty has to pay P300 salary expense, and P6 supplies. Beauty’s service income is P250,000. Its operating income is: a. P100,000 b. P153,000 c. P 3,000 d. P 97,000
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