The withdrawals account of each partner is:
A) Closed to that partner's capital account.
B) Closed to the Income Summary account.
C) A permanent account that is not closed.
D) Credited with that partner's share of net income.
E) Debited with that partner's share of net loss.
A) Closed to that partner's capital account.
You might also like to view...
Which of the following tests of details of transactions can be used as a dual-purpose test in conjunction with tests of controls?
A. Obtain listing of accounts payable and compare total to general ledger. B. Review results of confirmations of selected accounts payable. C. Obtain selected vendors' statements and reconcile to vendor accounts. D. Test a sample of purchase requisitions for proper authorization.
What is competitive intelligence and how does it help companies in making their marketing decisions?
What will be an ideal response?
On January 1, the Rodrigues Corporation leased some equipment on a 2-month lease, paying $1,500 per month. The lease is considered to be a short-term lease. Prepare the general journal entry to record the second lease payment on February 1.
What will be an ideal response?
Four dollar a gallon gasoline was unimaginable when mechanical gas pumps first appeared in the United States in the 1930s. Their spinning dials cannot register sales beyond $99.99, which will not fill up many SUVs. The pumps can be modernized for about $650, but the company that provides this service has a huge backlog. This is an example of how _____ factors affect small convenience stores and service stations.
A. technological and cultural B. competitive and natural C. economic and technological D. cultural and economic E. demographic and marketing mix