The partnership contract for the Lebron and James Partnership provided that Lebron is to receive an...

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The partnership contract for the Lebron and James Partnership provided that Lebron is to receive an annual salary of P120,000, James is to receive an annual salary of P80,000, and the remaining profit or loss is to be divided equally between the two partners. Net income of the Lebron and James Partnership for the year ended December 31, 202A was P180,000. The closing entry for net income on December 31, 202A is a debit to Income Summary for P180,000 and credits to Lebron Capital and James Capital, respectively of You chose: A) Note: This question displayed answers in random order during the test. x A)P90,000 and P90,000 B)P108,000 and P72,000 C)P120,000 and P80,000 D)P110,000 and P70,000 Pia and Catriona are partners operating a beauty salon. Their partnership agreement requires that profits and losses be divided as follows: Pia Catriona None Salaries P20,000 Commission on None 2% gross sales 8% Interest on average 8% capital balances Bonus None 20% of net income before commission, and interest but after salaries and bonus Remainder 60% 40% Gross sales for 202A were P1,250,000. Income before deducting amounts for salary, commission, interest, and bonus were P200,000 Average capital balances of Pia and Catriona are P400,000 and P420,000, respectively. What are the profit share of Pia and Catriona, respectively? You chose: C) Note: This question displayed answers in random order during the test. A)P117,640 and P82,360 B)P117,460 and P82,540 xC)P35,460 and P23,760 D)P110,640 and P89.360 The partnership contract for the Lebron and James Partnership provided that Lebron is to receive an annual salary of P120,000, James is to receive an annual salary of P80,000, and the remaining profit or loss is to be divided equally between the two partners. Net income of the Lebron and James Partnership for the year ended December 31, 202A was P180,000. The closing entry for net income on December 31, 202A is a debit to Income Summary for P180,000 and credits to Lebron Capital and James Capital, respectively of You chose: A) Note: This question displayed answers in random order during the test. x A)P90,000 and P90,000 B)P108,000 and P72,000 C)P120,000 and P80,000 D)P110,000 and P70,000 Pia and Catriona are partners operating a beauty salon. Their partnership agreement requires that profits and losses be divided as follows: Pia Catriona None Salaries P20,000 Commission on None 2% gross sales 8% Interest on average 8% capital balances Bonus None 20% of net income before commission, and interest but after salaries and bonus Remainder 60% 40% Gross sales for 202A were P1,250,000. Income before deducting amounts for salary, commission, interest, and bonus were P200,000 Average capital balances of Pia and Catriona are P400,000 and P420,000, respectively. What are the profit share of Pia and Catriona, respectively? You chose: C) Note: This question displayed answers in random order during the test. A)P117,640 and P82,360 B)P117,460 and P82,540 xC)P35,460 and P23,760 D)P110,640 and P89.360

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Answer Question 1 Lebron James Total Salary 120000 80000 200000 But the profit of the firm is P180000 which is insufficient They will entitle salary up to P180000 Ratio between salary 12000080000 32 Lebrons share of salary 180000x35P108000 Jamess share of salary 180000x25P72000 Option B is correct Question 3 Statement of profit distribution Pia Catriona Total Net income 200000 Salary 20000 20000 ... View the full answer