Felix and Ian allocate 2/5 of their partnership's profits and losses to Felix and 3/5 to Ian. The net income of the firm is $20,000. The journal entry to close the Income Summary will include ________.
A) credit to Ian, Capital for $12,000
B) debit to Felix, Capital for $12,000
C) debit to Felix, Capital for $8000
D) credit to Income Summary for $20,000
A) credit to Ian, Capital for $12,000
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a. Sales commissions expense. b. Legal expenses. c. Repairs and maintenance expense. d. Travel expense.
Which of the following is a type of industrial structure?
A) marketing economies B) subsistence economies C) laissez-faire economies D) capitalistic economies E) socialistic economies
To overcome price escalation when selling to less-affluent consumers in developing countries, companies offer their same products at lower prices
Indicate whether the statement is true or false
Consider a case in which existing shareholders do not have to invest time and effort, but still participate in the gains from a takeover, while the bidder who puts in the time and effort is forced to give up substantial profits
This situation is called ________. A) the free rider problem B) a toehold C) a leveraged buyout D) a freezeout merger