Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Home Assignments Discussions Grades People Files What is the total amount of net income for the period if Romero's equity balance after dividing net income

image text in transcribed

image text in transcribed

Home Assignments Discussions Grades People Files What is the total amount of net income for the period if Romero's equity balance after dividing net income is P142,200 ? Syllabus Quizzes BigBlueButton 180,000 Collaborations 201,750 Office 365 163,400 Google Drive 197.000 Class Notebook Microsoft Teams 1. Romero and Parco are partners in a merchandising business. During 2021 , they withdrew their salary allowances of P34,000 and P59,000 respectively. Bonus is given to Parco based on 25\% of net income after salaries and bonus. Remaining profit or loss Time Running: Attempt due: Nov 1 at 11:59pm are shared in the ratio of 3:2 by Romero and Parco. The partners' capital accounts show the following: Home Assignments Discussions Grades People Files What is the total amount of net income for the period if Romero's equity balance after dividing net income is P142,200 ? Syllabus Quizzes BigBlueButton 180,000 Collaborations 201,750 Office 365 163,400 Google Drive 197.000 Class Notebook Microsoft Teams 1. Romero and Parco are partners in a merchandising business. During 2021 , they withdrew their salary allowances of P34,000 and P59,000 respectively. Bonus is given to Parco based on 25\% of net income after salaries and bonus. Remaining profit or loss Time Running: Attempt due: Nov 1 at 11:59pm are shared in the ratio of 3:2 by Romero and Parco. The partners' capital accounts show the following

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions