After closing the temporary owners' equity accounts into Income Summary, and after allocating the net income and closing the partners' drawing accounts, assume the partners' capital accounts had credit balances as follows: Boswell, $40,000; Aikido, $60,000; Cooke, $55,000 . Partners share profits and losses as follows: Boswell, 20%; Aikido, 30%; and Cooke, 50%. If Cooke retired and withdrew
$65,000 in settlement of his equity and settlements are allocated according to capital interests, the amount entered in Aikido's capital account would be a
a. $4,000 debit.
b. $4,000 credit.
c. $6,000 debit.
d. $6,000 credit.
c
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Who among the following are held liable for negligence for failing to inspect and for misrepresenting the character of goods or their fitness for a particular purpose?
A. Retailers B. Distributors C. Wholesalers D. Manufacturers
Answer the following statements true (T) or false (F)
1. The equivalent units of production for direct materials and conversion costs must be the same. 2. In a process costing system, equivalent units must be calculated separately for materials and conversion costs. 3. Conversion costs include the costs of purchasing and converting raw materials into finished products. 4. In a production cost report, the number of units to account for must always be greater than the number of units accounted for. 5. A production cost report shows only the calculations for the physical flow of products.
The break-even volume is the point at which ________
A) the total revenue and total costs lines intersect B) demand equals supply C) the production of one more unit will not increase profit D) the company can pay all of its long-term debt E) a firm's profit goal is reached
During the prewriting phase of your presentation, you should
A) Gather information. B) Consider the purpose. C) Recognize the audience. D) All of the above.