IV$.$ Distribution of Net Income to partners

Use the following information for the next $3$ questions.

MEC PARTNERSHIP. The following is the statement of financial position of MEC Partnership as of June $30,2023$:

MEC Partnership

Statement of Financial Position

June $30,2023$

The partners agreed to distribute the profits as follows: $($a$)$ interest on ending capital of $10\%$; $($b$)$ Annual salaries to Cecilia and Elizabeth of P$120,000$ each; and $($c$)$ Remainder: $4$:$3$:$3$ ratio. The net income generated by the partnership during the six$-$month period ending June $30$ amounted to P$250,000.$

Questions:

$1.$ What is the share of Margaret in the net income amounting to P$250,000$ generated by the partnership during the six$-$month period ending June $30?$

$2.$ What is the share of Elizabeth in the net income amounting to P$250,000$ generated by the partnership during the six$-$month period ending June $30?$

$3.$ What is the share of Cecilia in the net income amounting to P$250,000$ generated by the partnership during the six$-$month period ending June $30?$