28) Golf and Hotel enter into a contract to speculate on the stock market, each using...

Transcribed Image Text:

28) Golf and Hotel enter into a contract to speculate on the stock market, each using approximately their personal cash. The earnings are to be divided equally, and settlement is to be made at the end of the year after securities have been sold. A summary of the monthly brokerage statements for the year follows: Golf Hotel Total of all purchases confirmations P 45,000 P 18,000 Total of all sales confirmations 48,700 16,800 50 100 Interest charged on margin accounts Dividends credited to accounts 80 40 Final settlement will require payments as follows: a. Golf pays Hotel P2,405 b. None c. Golf and Hotel receive P1,255 each d. Golf receives from Hotel P1,150 28) Golf and Hotel enter into a contract to speculate on the stock market, each using approximately their personal cash. The earnings are to be divided equally, and settlement is to be made at the end of the year after securities have been sold. A summary of the monthly brokerage statements for the year follows: Golf Hotel Total of all purchases confirmations P 45,000 P 18,000 Total of all sales confirmations 48,700 16,800 50 100 Interest charged on margin accounts Dividends credited to accounts 80 40 Final settlement will require payments as follows: a. Golf pays Hotel P2,405 b. None c. Golf and Hotel receive P1,255 each d. Golf receives from Hotel P1,150

Answer rating: 100% (QA)

Total Profits Calculation Total profits of both the concerns Total ... View the full answer