Rex and Kelsey are partners who share income in the ratio of 3:2 . Their capital balances are $95,000 and $140,000, respectively. Income Summary has a credit balance of $40,000 after the second closing entry. What is Pia's capital balance after closing Income Summary to the capital accounts?
a. $71,000
b. $119,000
c. $146,000
d. $111,000
b
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A rumor has been going around that Great Western Beef Co., Inc., is closing its packing plant in Lincoln, Nebraska. According to the rumor, a local health department official stopped a truck on its way through the front gate of the plant and discovered that it was full of dead cats. Subsequent investigation revealed that the company had been augmenting its alleged beef products with cat meat. As president of the company, Todd knows that this is absurd-all except the part about the plant closing, which is a consequence of company restructuring. He and his chief information officer have dealt with damage control internally, but the issue still needs to be addressed with the public at large. Todd should
A. do his best to ignore the rumor entirely and reply "no comment" to any questions because the plant closings are really an internal company matter. B. hold a press conference personally, announce that the plant is closing, and explain why without alluding to the rumor. C. have the chief information officer address the cat rumor through a press conference and a series of television commercials. D. put together an advertising campaign that portrays Great Western as an all-American company that has fallen on hard times and regrettably must restructure. E. arrange for one of the front-line workers to go before the media and explain that he has worked at the plant for years and never seen anything odd in the meat there.
Which of the following was identified as a notable research program within management practices?
a. MacGregor’s Theory X and Y b. Blake and Mouton’s managerial grid c. Herzberg’s studies of worker motivation d. all the above
After preparing and posting the closing entries for revenues and expenses, the income summary account has a debit balance of $28,000. The entry to close the income summary account will be:
A. Credit Retained earnings $28,000; debit Dividends $28,000. B. Debit Dividends $28,000; credit Income Summary $28,000. C. Debit Income Summary $28,000; credit Dividends $28,000. D. Debit Retained earnings $28,000; credit Income Summary $28,000. E. Debit Income Summary $28,000; credit Retained earnings $28,000.
The owner of a life estate that is measured by the life tenant's life may pass the life estate on in his or her will
Indicate whether the statement is true or false