Viola, Iona and Paula form a joint for the sale of merchandise. Iona and Paula are...
Fantastic news! We've Found the answer you've been seeking!
Question:
![](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/08/64f01c3e21718_1693500649302.jpg)
![](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/08/64f01c4b26ec8_1693500662288.jpg)
![](https://dsd5zvtm8ll6.cloudfront.net/si.experts.images/questions/2023/08/64f01c54f3edd_1693500671977.jpg)
Transcribed Image Text:
Viola, Iona and Paula form a joint for the sale of merchandise. Iona and Paula are to contribute the merchandise, Viola is to act as the manager and is to be allowed a bonus of 25% of the profit after deduction of the bonus as expense. Iona and Paula are to be allowed 6% interest a year on their original investment. The balance of any profit on the venture is to be divided equally among the three parties. On July 1, 2020, Iona and Paula contributed merchandise of P66, 000 and P 90,000, respectively. For the period between July 1 and October 1, Viola sold Viola, Iona and Paula form a joint for the sale of merchandise. Iona and Paula are to contribute the merchandise, Viola is to act as the manager and is to be allowed a bonus of 25% of the profit after deduction of the bonus as expense. Iona and Paula are to be allowed 6% interest a year on their original investment. The balance of any profit on the venture is to be divided equally among the three parties. On July 1, 2020, Iona and Paula contributed merchandise of P66, 000 and P 90,000, respectively. For the period between July 1 and October 1, Viola sold
Expert Answer:
Answer rating: 100% (QA)
Joint Venture Scenario 1 Viola Iona and Paula 1 Net Profit Loss before Bonus to Viola Net Sales P229... View the full answer
Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
Posted Date:
Students also viewed these accounting questions
-
MR. A IS A LICENSED DOCTOR HIS INCOME DID NOT REACH THE THRESHOOLD OF 3MILLION PESOS BUT HE DID NOT SUBMIT SWORN DECLARATION TO THE HOSPITAL WHERE HIS CLINIC IS LOCATED. ON THE FIRST QUARTER HE...
-
THE SHOPPES AT RIVERSIDE Fonda L. Carter, Columbus State University Kirk Heriot, Columbus State University CASE DESCRIPTION This case asks the students to recommend a decision to a group of...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Abbey Company completed the annual count of its inventory. During the count, certain items were identified as requiring special attention. Decide how each item would be handled for Abbey Company's...
-
At a recent meeting of the board of directors of Greenway Medical Equipment Corporation, the company's chief financial officer, Robert Abies, presented a draft set of financial statements for the...
-
In Problem find the indicated values of f(0, 0, 0) f(x, y, z) = 2x - 3y + 5z - 1
-
How should StuffDOT be marketed so that it becomes an integral part of everyday life?
-
Your friendly foreign exchange trader has given you the following currency cross rates. The quotes are expressed as units of the currency represented in the left-hand column per unit of currency...
-
Discuss any FOUR (4) specialized fields in accounting 40% Summarize the differences between accounting and book-keeping 20%
-
Jake claims that he can buy a $210,000 for about the same as his rent, and therefore he should definitely buy because he has heard that "renting is bad". Help him walk through this argument. a....
-
plz answer the following questions!! thx
-
1) Factor the following Expressions (Write your factors only, don't show your work) a) 2x - 32 = c) 3x-2x-8= b) 2x-6x-8=
-
Bloomfield Inc. manufactures widgets. A major piece of equipment used to make the widget is nearing the end of its useful life. The company is trying to decide whether they should lease new equipment...
-
1. a. What is network management? Illustrate network management functional flowchart. [2.5] b. What encoding and decoding mechanisms are used in fast Ethernet and gigabit Ethernet? What is meant by...
-
Project Data: Sam Parker owns and operates a consulting firm called Business Solutions. The business began operating in October 202X. Transactions for October and November 202X have been recorded and...
-
3. Use Hooke's law to predict which one out of each pair vibrates at a higher wavenumber. Explain your answer. (7 points) a) C-H and C-D* b) C-C and C=C where: 1 k v = 2, v=wavenumber c = velocity of...
-
Question 44 3 pts Determine the loan amount given the following: Project value: $17,000,000 Term: 30 years Interest Rate: 1.7% Investment Capital Requirement $700,000 Loan to Value Ratio: 83% Cap...
-
On March 31, 2018, Gardner Corporation received authorization to issue $30,000 of 9 percent, 30-year bonds payable. The bonds pay interest on March 31 and September 30. The entire issue was dated...
-
. Identify those activities in which a limited partner may engage without forfeiting limited liability
-
Titus-Will Ford Sales, Inc. appeals a judgment for replevin [repossession] of a 1990 Ford pickup truck that Titus-Will had previously sold to dealer/broker James Wilson. Upon consideration of the...
-
On November 23, Sylvia agreed to sell to Barnett her Pontiac automobile for $7,000, delivery and payment to be made on December 1. On November 26, Barnett informed Sylvia that he wished to rescind...
-
33. On January 1,2008, a rich citizen of the Town of Ristoni donates a painting valued at $300,000 to be displayed to the public in a government building. Although this painting meets the three...
-
31. The City of Lawrence opens a solid waste landfill in 2008 that is at 54 percent of capacity on December 31, 2008. The city had initially anticipated closure costs of $2 million but later that...
-
29. On January 1, 2008, the City ofVerga leased a large truck for five years and made the initial annual payment of $22,000 immediately. The present value of these payments based on an 8 percent...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App