Question: 1. AAA, BBB and CCC are partners with average capital balances during 2008 of P120,000, P60,000 and P40,000, respectively. Partners receive 10% interest on their

1. AAA, BBB and CCC are partners with average capital balances

during 2008 of P120,000, P60,000 and P40,000, respectively. Partners receive 10% interest

1. AAA, BBB and CCC are partners with average capital balances during 2008 of P120,000, P60,000 and P40,000, respectively. Partners receive 10% interest on their average capital balances. After deducting salaries or P30,000 to AAA and P20,000 to CCC, the residual profit or loss is divided equally. In 2009 the partnership sustained a P33,000 loss before interest and salaries to partners. By what amount should AAA's account change? a. P7,000 increase c. P35,000 decrease b. P11,000 decrease d. P42,000 increase

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

1. AAA, BBB and CCC are partners with average capital balances during 2008 of P120,000, P60,000 and P40,000, respectively. Partners receive 10% interest on their average capital balances. After...

AA, BBB and CCC are partners with average capital balances during 2008 of P120,000, P60,000 and P40,000, respectively. Partners receive 10% interest on their average capital balances. After deducting...

Kindly answered this with brief explanation? 1. The increase (decrease) in the capital accounts of Bong and Inday respectively, related to partnership operations, must be? Bong, Ping and are partners...

Ember and Void agreed to combine their existing resources to acquire and sell tickets for an MMA fight deemed the "fight of the century". Their agreement stipulates the following: a. Each party is...

1. Cob, Inc., a partner in TLC Partnership, assigns its partnership interest to Bean, who is not made a partner. After the assignment, Bean asserts the rights to: I Participate in the management of...

Fox, Greg, and Howe are partners with average capital balances during 20X1 of $120,000, $60,000, and $40,000, respectively. Partners receive 10% interest on their average capital balances. After...

PLEASE ANSWER ALL I NEED THIS NOW THANKYOU 11. Tanupan is trying to decide whether to accept a salary of P40,000 or a salary of P25,000 plus a bonus of 10% of profit after salaries and bonus as a way...

PLEASE ANSWER ALL 11. Tanupan is trying to decide whether to accept a salary of P40,000 or a salary of P25,000 plus a bonus of 10% of profit after salaries and bonus as a way of dividing profits...

Suppose that g is continuously differentiable on some interval (c, d) that contains the fixed point p of g. Show that if |g'( p)| 0 such that if |p0 p| , then the fixed-point iteration converges....

Compare p-toluenesulfonic acid and Amberlyst-15 as catalysts that can be used to synthesis Methyl Diantilis. In a paragraph summarize and explain the differences between these two catalysts. This...

1 . How much has DEF Co . paid for insurance this year? a . $ 1 5 , 0 0 0 b . $ 1 0 , 0 0 0 c . $ 5 , 0 0 0 d . $ 0

Compute the stiffness matrix of element 1 of the two-triangle element model of the rectangular plate in plane stress shown in the following figure. Then use it to compute the stiffness matrix of...

HB makes and sells a single product. The company operates a standard marginal costing system and a just-in-time purchasing and production system. No inventory of raw materials or finished goods is...

How is quantum mechanics related to newtonian mechanics?

Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $1,270. b. The amount of cash in the petty cash fund is $160. Issued a check to replenish the...

Why is the index of leading economic indicators useful for forecasting GDP?

Syber security! The new IRS 2FA Security Measures is all of the following except: A- Using information from your credit report to authenticate your identity, then saving this information for future...

1. The purpose of this chapter is to describe the key principles, procedures and strategies of personal communication benchmarking, as understood in this context.

1. Set a personal goal for yourself in your work situation. Examine this goal in the light of the 10 factors to achieve goals.

4. Set up at least one work role that is important for you to master. Reflect on how you can use your time more efficiently, not necessarily spend more time, to perform better in this work role.