Partners have decided on coming up with a start-up and invested a  total of Php 1,400,000; Php 700,000 in cash from the 5 partners and worth Php 300,000 of operating equipment and furnitures and fixtures from Mr. A, as well as Php 400,000 worth of land invested by Mr. B.

Original Price	2,215
Price after 25% mark-up	2,768.75
Logistical Costs	481.25
Final bag price	3,250

Account Number	Account Title
	Assets
101	Cash
102	Merchandise Inventory
103	Property, Plant and Equipment
103-A	Accumulated Depreciation-PPE
	Partner's Equity
301	Capital, Mr. A
302	Capital, Mr. B
303	Capital, Mr. C
304	Capital, Mr. D
	Revenue
401	Sales
	Expenses
501	Supplies Expense
502	Rent Expense
503	Utilities Expense
504	Depreciation Expense
505	Advertisement Expense
506	Insurance Expense

1. What is the income statement and distribute the net income among the partners.

Answer rating: 100% (QA)

INCOME STATEMENT Revenue Sales 3250 Total Revenue 3250 Expen... View the full answer