9. Milo and Nida are partners with capital balances of P100,000 and P50,000, respectively. The partnership...

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9. Milo and Nida are partners with capital balances of P100,000 and P50,000, respectively. The partnership agreement provides for the following: salary allowances of P18,000 for Milo and P15,000 for Nida, 20% bonus for Milo after salaries and bonus, remainder, if any, to be divided according to the capital ratio. Required: a) Compute for the bonus if net income before a 30% tax is P156,000 and bonus is treated as a distribution of profit. b) Compute for the bonus if net income before a 30% tax is P156,000 and that bonus is based on net income after tax, salaries and bonus. c) Compute for the bonus if net income before a 30% tax is P156,000 and that bonus is based on net income after salaries, bonus and tax. Salaries and bonus are considered deductible expenses. Asu 9. Milo and Nida are partners with capital balances of P100,000 and P50,000, respectively. The partnership agreement provides for the following: salary allowances of P18,000 for Milo and P15,000 for Nida, 20% bonus for Milo after salaries and bonus, remainder, if any, to be divided according to the capital ratio. Required: a) Compute for the bonus if net income before a 30% tax is P156,000 and bonus is treated as a distribution of profit. b) Compute for the bonus if net income before a 30% tax is P156,000 and that bonus is based on net income after tax, salaries and bonus. c) Compute for the bonus if net income before a 30% tax is P156,000 and that bonus is based on net income after salaries, bonus and tax. Salaries and bonus are considered deductible expenses. Asu

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a Net income before tax 156000 tax 30100 156000 46800 net ... View the full answer