Answered step by step
Verified Expert Solution
Question
1 Approved Answer
can you please solve it ASAP and correctly? Raphael and Moreno formed a partnership on June 1, 2018. Moreno invested $120.000 in cash Raphael invested
can you please solve it ASAP and correctly?
Raphael and Moreno formed a partnership on June 1, 2018. Moreno invested $120.000 in cash Raphael invested tand van at $30.000, which he had purchased for $20,000 in 2008. In addition, Raphael possessed superior managers and agreed to manage the firm. The partners agreed to the following profit and loss allocation formula a. Interest -8% on original capital investments b. Salary-- $5,000 a month to Raphael c. Bonus - Raphael is to be allocated a bonus of 20% of net income after subtracting the bonus interest and salary d. Remaining profit is to be divided equally At the end of the fiscal year May 31, 2019 the partnership reported net income before interest, salaries and bonus of $168.000 Instructions: Calculate the amount or bonus to be allocated to Raphael Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started