Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 15, 2024

On February 14, 2020, Love, Mahal and Heart agreed to form a partnership and share profits in the ratio of 40:40:20. They also agreed that

On February 14, 2020, Love, Mahal and Heart agreed to form a partnership and share profits in the ratio of 40:40:20. They also agreed that Heart shall receive a monthly salary of 5,000. If Heart receives P80,000 in the distribution of profits, determine the amount of income for the year ended December 31, 2020

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

Recommended Textbook for

Using Financial Accounting Information The Alternative to Debits and Credits

Authors: Gary A. Porter, Curtis L. Norton

7th Edition

978-0-538-4527, 0-538-45274-9, 978-1133161646

More Books

Students also viewed these Accounting questions

Question

★★★★★

A heat pump cycle is executed with R-134a under the saturation dome between the pressure limits of 1.4 and 0.16 MPa. The maximum coefficient of performance of this heat pump is (a) 1.1 (b) 3.8 (c)...

Answered: 1 week ago

Question

★★★★★

What can you do to an int that you cannot do to a string?

Answered: 1 week ago

Question

★★★★★

Psychological issues associated with officiating/refereeing

Answered: 1 week ago

Question

★★★★★

Mary Watson is 24 years old and single, lives in an apartment, and has no dependents. Last year she earned $45,000 as a sales assistant for Focused Business Analytics; $3,910 of her wages was...

Answered: 1 week ago

Question

★★★★★

2) Suppose that the price of a non-dividend-paying stock is $27, its volatility is 20%, and the risk-free rate for all maturities is 6% per annum. Provide a table showing the relationship between...

Answered: 1 week ago

Question

★★★★★

The circumference of a sphere was measured to be 84 cm with a possible error of 0.5 cm. Uselinear approximation to estimate the maximum error in the calculated surface area.Estimate the relative...

Answered: 1 week ago

Question

★★★★★

Fill in the amounts for the Norfolk Southern statement of changes in retained earnings. Note: Use negative signs with your answers, when appropriate. Norfolk Southern Inc. Consolidated Statements of...

Answered: 1 week ago

Question

★★★★★

In a sample of 3,200 registered voters, 1,440, or 45%, approve of the way the president is doing his job. A political pollster states, "Forty five percent of all voters approve of the president."...

Answered: 1 week ago

Question

★★★★★

Harris Fabrics computes its plantwide predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 30,000 direct labor-hours would be...

Answered: 1 week ago

Question

★★★★★

Inventory Microbucks Computer Company makes two computers, the Pomegranate II and the Pomegranate Classic, at two different factories. The Pom II requires 2 processor chips, 16 memory chips, and 20...

Answered: 1 week ago

Question

★★★★★

Calculate the Critical Ratios (CR): (Enter all responses rounded to two decimal places.) Job CR 1 The following jobs are waiting to be processed at Jeremy LaMontagne's machine center. Today is day...

Answered: 1 week ago

Question

★★★★★

Do you think that the Big Five Model of Personality or the MyersBriggs Type Indicator is a more effective measure of personality?

Answered: 1 week ago

Question

★★★★★

Is it ethical to judge and stereotype people based on a few seconds or minutes during first impressions? How do your first impressions help and hinder your human relations?

Answered: 1 week ago

Question

★★★★★

What about John W. Thompson made it predictable that he would probably exit retirement when offered the chairs position at Microsoft?

Answered: 1 week ago

Previous Question Next Question