Find how much was the joint operation net income

Assignment Help Managerial Accounting

Reference no: EM132640847

Problem 1: OO, PP, and QQ formed a joint operation to bankroll a series of cultural shows for the Philippine Centennial celebration. OO and PP agreed to contribute cash and QQ was to manage the affairs of the joint operation. QQ was to receive a bonus of 25% of the net income before bonus, OO and PP were to be allowed interest on their capital contributions at 6% per annum, and any remainder was to be divided equally among the three partners. After a year, the joint operation was terminated and the following information was provided: original capital contributions used to purchase tickets, were P 1,815,000 and P 2,475,000, respectively, from OO and PP; QQ sold tickets worth a total of P 6,600,000; and QQ paid expenses of P 1,899,150 out of joint operation funds. How much was the joint operation's net income after the bonus to QQ?

Reference no: EM132640847

Questions Cloud

Describe the different types of clusters and techniques : Summarize cluster analysis, the different types of clusters and techniques. Provide Make sure that your submission is in APA format and at least 3 references.

Find shares contributed to the operation should be valued at : The remainder of the shares were sold for P 35 a share. T's expenses were P 4,700. The 20,000 shares contributed to the operation should be valued at

Sought the counsel of one of attorneys : You are a paralegal working for a law firm. Amber from the following scenario has sought the counsel of one of your attorneys.

Define the four parts of a swot analysis : Define the four parts of a SWOT analysis and give an example of each using a company of your choice.

Find how much was the joint operation net income : P 6,600,000; and QQ paid expenses of P 1,899,150 out of joint operation funds. How much was the joint operation's net income after the bonus to QQ?

Create a diagram of a security model for your research paper : Considering the importance of data in an organization, it is absolutely essential to secure the data present in the database. What are the strategic.

What are the cash settlement received by i and p : P 15,000, and to P, P 11,400. Cash settlement was completed by V on the same day. The cash settlement received by I and P, respectively are

How much did tan receive : P 12,000 were taken over by Tan. Reyes made cash settlement with Silva and Tan. In the final cash settlement, how much did Tan receive?

Recommended phases for reaching consensus : List the 5 recommended phases for reaching consensus.

User Account

All Pages