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Homework answers / question archive / On January 2, 2013, Darlene and Mark formed a partnership

On January 2, 2013, Darlene and Mark formed a partnership

Accounting

On January 2, 2013, Darlene and Mark formed a partnership. Darlene contributed capital of P175,000 and Mark contributed P25,000. They agreed to share profits and losses at 8:2 ratio. Mark is the general manager and works in the partnership full time. Mark is given salary of P5,000 a month, an interest of 5% of beginning capital of both partners, and a bonus of 15% of net income before any salary, interest, and the bonus itself. The partnership's net sales amounted to P875,000, and has a gross profit rate of 20% based on sales. Total expenses, which includes salary, interest on equity, and bonus is P143,000. 18. How much is Mark's bonus for 2013?

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