Solution-How much was the joint operation net income after

How much was the joint operation net income after the bonus

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Reference no: EM132562659

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.

Question 1: How much was the joint operation's net income after the bonus to QQ?

Reference no: EM132562659

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How much was the joint operation net income after the bonus

Reference no: EM132562659

Reference no: EM132562659

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