Adam, Bill, and Charlie are partners. The profit and loss sharing rule between them is 2:5:3, with Bill getting the largest share and Adam receiving the smallest. The partnership incurs a net loss of $21,000. While closing the Income Summary ________. (Do not round any intermediate calculations.)

A) Income Summary will be credited for $6300
B) Adam, Capital will be debited for $6300
C) Adam, Capital will be credited for $6300
D) Charlie, Capital will be debited for $6300


D) Charlie, Capital will be debited for $6300

Business

You might also like to view...

What is the advantage of storyboarding that makes it so effective?

a. It is shorter. b. it provokes discussion. c. The visual element gets the idea across quickly. d. all of these

Business

What is the probability of completing the project over 20 days?

Joe used a project management software package and has determined the following results for a given project: Expected completion time of the project = 22 days Variance of project completion time = 2.77 A) 0.3849 B) 0.8849 C) 0.1151 D) 0.7642

Business

Sarah is working hard on the mayoral campaign of Timothy. She thinks that just a few more votes could win the election, so she promises to pay her friend Violet $50 to register and vote. Violet does so, but Timothy loses the election, and Sarah now refuses to pay. The agreement is:

A) enforceable. B) unenforceable and opposed to public policy. C) one to obstruct the administration of justice. D) an unconscionable contract covered by the UCC.

Business

Grouping employees into a team structure guarantees that employees will automatically function as a team.

Answer the following statement true (T) or false (F)

Business