Paul and Roger are partners who share income in the ratio of 3:2 . Their capital balances are $90,000 and $130,000, respectively. Income Summary has a credit balance of $50,000 after the second closing entry. What is Paul's capital balance after closing Income Summary to the capital accounts?
a. $108,000
b. $120,000
c. $115,000
d. $180,000
b
You might also like to view...
As issues across organizational contexts emerge, ______ are sometimes used by external consultants or members of the management team to describe an issue and work toward a solution.
a. helping interviews b. problem-solving interviews c. exit interviews d. performance interviews
The expected outcome of an experiment is known as
A. an experiment. B. a scientific model. C. a prediction. D. experimental results. E. a scientific theory or principle.
Payments on an installment note normally include the accrued interest expense plus a portion of the amount borrowed.
Answer the following statement true (T) or false (F)
Dissimilar cultural patterns generally necessitate changes in marketing of food and other consumer goods.
Answer the following statement true (T) or false (F)