Salary allowances of P175,000 for Levy and P155,000 for Gajeel, 10% interest on their capital balance...
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Salary allowances of P175,000 for Levy and P155,000 for Gajeel, 10% interest on their capital balance at the beginning of the year, and the remainder to be divided equally. Required: 1. Prepare the profit distribution schedule for the above schemes assuming a: a. profit of P500,000 b. profit of P240,000 2. Which profit distribution scheme is most advisable? Cite reasons. Salary allowances of P175,000 for Levy and P155,000 for Gajeel, 10% interest on their capital balance at the beginning of the year, and the remainder to be divided equally. Required: 1. Prepare the profit distribution schedule for the above schemes assuming a: a. profit of P500,000 b. profit of P240,000 2. Which profit distribution scheme is most advisable? Cite reasons.
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Profit Distribution Schedule a Profit of P500000 Levy Gajeel Profit P500000 P500000 Salary Allowance ... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
Posted Date:
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