What should Figueroa's total profit share befor the year ended December 31, 2016? *Figueroa and Aguhob are partners in a CPA Review School. They share profits in theratio of 2:1. On July 1, 2016 they admitted Figueroa's son Doblas as a partner.Figueroa guaranteed that Doblas' profit share would not be less than P25,000 forthe six months to Dec. 31, 2016. The profit sharing arrangements after Doblas'admission is as follows: Figueroa 50%, Aguhob 30% and Doblas 20%. The profit forthe year ended Dec.31, 2016 was P240,000 accruing evenly over the year. Whatshould Figueroa's total profit share be for the year ended Dec. 31, 2016?Your answerShare premiumEffective April 27, 2016, the shareholders of Fernando Corp, approved a 2-for-1 soluof the corporation's ordinary shares, and an increase in authorized ordinary shatefrom 100,000 shares to 200,000 shares. Fernando's shareholders' equity accounteimmediately before issuance of the share split shares were as follows:Ordinary Shares, P20 par value, 100,000 sharesauthorized, 50,000 shares outstandingShare PremiumP1,000,000150,0001,350,000Retained EarningsThe share split shares were issued on June 30, 2016. In Fernando's June 30, 2016statement of changes in shareholders' equity, the balances of share premium andretained earnings areYour answer

Solving Ques Number 1 Profit-Sharing Ratio is given- Figueroa - 50% Aguhob- 30% Doblas - 20% Total…

What should Figueroa's total profit share be for the year ended December 31, 2016? * Figueroa and Aguhob are partners in a CPA Review School. They share profits in the ratio of 2:1. On July 1, 2016 they admitted Figueroa's son Doblas as a partner. Figueroa guaranteed that Doblas' profit share would not be less than P25,000 for the six months to Dec. 31, 2016. The profit sharing arrangements after Doblas admission is as follows: Figueroa 50%, Aguhob 30% and Doblas 20%. The profit for the year ended Dec.31, 2016 was P240,000 accruing evenly over the year. What should Figueroa's total profit share be for the year ended Dec. 31, 2016?

What should Figueroa's total profit share be for the year ended December 31, 2016? * Figueroa and Aguhob are partners in a CPA Review School. They share profits in the ratio of 2:1. On July 1, 2016 they admitted Figueroa's son Doblas as a partner. Figueroa guaranteed that Doblas' profit share would not be less than P25,000 for the six months to Dec. 31, 2016. The profit sharing arrangements after Doblas admission is as follows: Figueroa 50%, Aguhob 30% and Doblas 20%. The profit for the year ended Dec.31, 2016 was P240,000 accruing evenly over the year. What should Figueroa's total profit share be for the year ended Dec. 31, 2016?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Figueroa and Aguhob are partners in a CPA Review School. They share profits in the ratio of 2:1. On July 1, 2016 they admitted Figueroa's son Doblas as a partner. Figueroa guaranteed that Doblas' profit share would not be less than P25,000 for the six months to Dec. 31, 2016. The profit sharing arrangements after Doblas admission is as follows: Figueroa 50%, Aguhob 30% and Doblas 20%. The profit for the year ended Dec.31, 2016 was P240,000 accruing evenly over the year. What should Figueroa's total profit share be for the year ended Dec. 31, 2016? a. P140,000 b. P139,000 c. P114,000 d. P139,375
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Figueroa and Aguhob are partners in a CPA Review School. They share profits in the ratio of 2:1. Only July 1, 2018 they admitted Figueroa’s son Doblas as a partner. Figueroa guaranteed that Doblas’ profit share would not be less than P25,000 for the six months to Dec. 31, 2018. The profit sharing agreements after Doblas’ admission is as follows: Figueroa 50%, Aguhob 30% and Doblas 20%. The profit for the year end Dec. 31, 2018 was P240,000 accruing evenly over the year. What should Figueroa’s total profit share be for the year ended Dec. 31, 2018?
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