Answer:
C) $13,167
Explanation:
Since the sales was made FOB destination, the freight charges were included in the invoice, so the total purchase was $13,300.
Horton uses the net method of accounting for purchase discounts, so it will always record the inventory purchases with the applicable discount whether they received them or not.
$13,300 x 99% = $13,167
Since Horton was unable to pay in time, the $133 discount is recorded as a discount lost (expense account).
Changing personnel responsibilities to suit an information system is more disruptive to an organization than ordering additional hardware for the information system.
True / False.
Answer: True
Explanation:
Changing personnel responsibilities might in one way or the other enhance information risks increasing the probability of disruption and unauthorized access to information system in an organization.
A bank sent out questionnaires to a simple random sample of customers asking whether they would like the bank to extend its hours. Eighty percent of those returning the questionnaire said they would like the bank to extend its hours. Of the questionnaires, were returned.
Answer:
This is an example of non-response bias.
Explanation:
Non-response bias happens when potential participants of a study refuse to do so.
The bank carried out a voluntary response survey which is generally not very reliable since only those that have a strong opinion about the issue are likely to respond and participate in the survey. Those who really didn't care very much about the banking hours just didn't respond to the survey. That explains why such a high percentage of participants (80%) responded that they would like the bank to extend its working hours.
BC Corporation had sales of $1,000,000 and costs of goods sold of $450,000 for the year. Inventory at year end was $180,000. What is the inventory turnover?
Answer: The inventory turnover is 2.5
Explanation: Inventory turnover is calculated by dividing the cost of goods sold by the average inventory. It indicates how many times a company sells and restocks its stock of goods during a period.
Therefore, $450,000/ $180,000 = 2.5
Answer:
5.56 times (using sales as numerator), or 2.5 times (using cost of goods sold as numerator)
Explanation:
[tex]Inventory Turnover = \frac{sales}{Average Inventory}[/tex]
Average Inventory = (Opening Inventory + Closing Inventory)/2
However, since opening inventory was not given, we can derive it from the Cost of Goods Sold (COGS) formula
COGS = Opening Inventory + Purchases - Closing Inventory.
But, we do not have any figure for purchases, and as such, cannot compute opening inventory.
The proxy for Average Inventory will therefore be Closing inventory.
Thus,
[tex]Inventory Turnover = \frac{1,000,000}{180,000} = 5.56.[/tex]
Sometimes, Cost of goods sold is also used instead of sales in computing inventory turnover,
In that case, inventory turnover will be
[tex]\frac{COGS}{average inventory} = \frac{450,000}{180,000} = 2.5 times.[/tex]
Sugar Corporation wishes to purchase all of Spice Corporation's bakery equipment. Sugar Corporation does not have to:_______.
a. ensure that it has adequate funding for the purchase.
b. form a purchase contract with Spice Corporation.
c. obtain the approval of its board of directors.
d. obtain share-holder approval for the purchase.
Sugar Corporation does not have to obtain share holder approval for the purchase.
Explanation:
Share-holders elect the board of directors for management purposes which includes looking over the purchase of equipments. Since, Sugar Corporation wishes to purchase all of Spice Corporation's bakery equipment, the approval of board of directors of sugar corporation is enough to carry out the purchase. Also, ensuring existence of adequate funding for the purchase and formation of contract with spice coporation is also an important requirement. The share holders are involved in cases like mergery i.e merging of two or more companies to form one so in this case share holder approval is not required.
Final answer:
Sugar Corporation is typically required to ensure proper funding, form a purchase contract, and obtain board approval when purchasing Spice Corporation's bakery equipment. Shareholder approval is not always necessary unless required by company bylaws or if the transaction size is significant.
Explanation:
When Sugar Corporation wishes to purchase all of Spice Corporation's bakery equipment, several steps have to be taken to ensure the legality and success of the transaction. However, one step that may not be strictly necessary is obtaining shareholder approval for the purchase unless the purchase is so significant that it impacts the corporation's overall strategy or requires a disbursement of funds that requires shareholder approval under corporate bylaws or applicable law.
In most cases, the corporation would still need to ensure adequate funding for the transaction, form a purchase contract with the selling corporation, and potentially obtain the approval of its board of directors, especially if the transaction size warrants it. Shareholder approval may only be required if the purchase represents a substantial investment concerning the overall size of the company, or if explicitly required by the company's charter or bylaws.
A client arrives at the emergency department experiencing tingling and weakness in the lower extremities that started when getting out of bed. The client reports the symptoms seem to be progressing upward. Which statement by the client is most important for the nurse to pursue during the assessment process?1. "My grandfather had polio when he was young."2. "I have been a vegetarian for several months now."3. "Things have been stressful at work lately."4. "We have been in the final preparations for a trip overseas."
Answer:
4. We have been in the final preparation for a trip overseas- CORRECT
Explanation:
The information or statement that should be taken as most important will depend on relatedness, severity and possible degeneration.
Option 4 is correct because immunizations are usually given when preparing for oversea trips and the danger is that immunizations are possible triggers of the onset of the neurological symptoms of Guillain Barre syndrome.
A critical issue is that this requires further investigation because, the symptoms of the syndrome can rapidly progress. Furthermore, since it is progressing upward (which is not usually the case), it becomes an emergency case that should be treated urgently.
The greatest concern of the nurse should be to prevent respiratory compromise that may result from muscle weakness of the respiratory system
Note: Guillain Barre syndrome represents autoimmune disease that will usually affect areas such as swallowing, speech, facial expression and respiration.
There are 100 consumers, each of whom values a concert ticket at a unique whole number dollar amount between $1 and $100. One customer is willing to pay $1, a second is willing to pay $2, a third is willing to pay $3, and so on. An unlimited number of concert tickets are on sale for $15 each. Create a simple demand curve to represent this scenario and using that curve calculate the total consumer surplus. What is the total consumer surplus in this market?
A) $3,612.50
B) $4.250.00
C) $4,887.50
D) $5,000.00
Answer:
A) $3,612.50
Explanation:
There are 85 (= 100 - 15) customers willing to purchase concert tickets that will have some consumer surplus. The first 14 will not purchase the tickets since they value the concert less than $15 and the customer that values the concert at $15 wouldn't have any consumer surplus.
Consumer surplus is the difference between the amount of money a consumer is willing to pay for a good or service, and the actual price of the good or service. In this case consumer surplus goes from $1 to $85. Average consumer surplus = 1/2 x $85
We can calculate it by drawing a graph or by using the following equation:
average consumer surplus x number of consumers = (1/2 x $85) x (100 - 15) = $3,612.50
Which of the following may be a current liability? 1. Withheld Income Taxes. 2. Deposits Received from Customers. 3. Deferred Revenue. 4. All of these answers are correct.
Answer:
Option "D" is the correct answer for the following :
All of these answers are correct.
Explanation:
Withheld Income Tax: A withholding tax is a sum an individual withholds in wages of the workforce and charges directly to the state. The balance deferred is a deduction against the employee's taxes throughout the year.Deposits Receiver Form Customer: A consumer deposit is a cash charged by a buyer to a supplier for which the business has not yet purchased a product or service in return. The organization is obligated to provide products or services specified or to refund the money.Deferred Revenue: Deferred revenue is a responsibility, as it indicates non-earned sales that cover products or services due to a client. As the product or service is distributed over time, compensation on the consolidated financial statements is remembered proportionally.
Gina was recently At Panther Lighting Fixtures, employees were asked how the quality of the company's customer service could best be measured, and management then implemented a survey system based on the feedback. The company has overcome which of the following barriers to success of control systems
Answer:
To little employee participation
Explanation:
This a system of organization where the management hardly involves the the general employees in strategy formulation and it has a negative effect on the growth pace of the organisation because it reduces communication between management and employees.
__________Issued by money-centered financial firms, these short- or medium-term insured debt instruments pay higher interest than a regular savings account. They are low-risk instruments and have low returns.
Answer:
Certificate of Deposits.
Explanation:
Certificate of Deposits (CDs) as defined in the question, are time based deposits that are usually issued by banks, credit unions and other money-centered financial firms.
Because it is time based, the CDs are short to medium term and they pay higher interests than the regular saving accounts. Also CDs have low returns and low risk involved.
CDs can be done by individuals by simply walking into his/her bank and pledging to have a certain amount saved for a certain period of time. The bank then pledges to pay you more interest than you would normally get on a regular savings account and a document to that effect is written signed by both parties.
CDs are insured federally and as such returns are sure.
Cheers.
A company has the following accrual-basis balances at the end of its first year of operation: Un-earned consulting fees $ 2,000, Consulting fees receivable 3,500, Consulting fee revenue 25,000. The company’s cash-basis consulting revenue is what amount?
A. $30,500.
B. $19,500.
C. $26,500.
D. $23,500.
Answer:
D. $23,500.
Explanation:
Company’s cash-basis consulting revenue
= Consulting fee revenue - Consulting fees receivable + Unearned consulting fees
= $25,000 - $3,500 + $2,000
= $23,500
Therefore, The company’s cash-basis consulting revenue is $23,500.
Use the compound interest formula for compounding more than once a year to determine the accumulated balance after the stated period. $1200 deposit at an APR of 4% with quarterly compounding for 2 years.
Answer:
1299.43
Explanation: {'=raise to the power}
A= P(1+r/n) 'nt
A= final amount, P = principal amount, r= rate of interest per time, n =no of time periods, t = no of times interest compounds in a time period.
In this case: A= ? , P= 1200, t= year, n= no of years i.e 2, t = compounding in a year i.e 4 times (quarterly), r = APR 4%.
A= 1200 (1+ 0.04/4) '(2x4)
= 1200 (1+ 0.01) '(2x4)
= 1200 (1.01) '8
= 1200 (1.083)
= 1299.43
Ethan is engaged in sales __________ , which refers to a series of conversations between buyers and sellers that occur as salespeople attempt to initiate, develop, and enhance customer relationships
Answer: Sales dialogue.
Explanation:
Ethan is engaged in sales dialogue with his customers, in which a relationship is built that would enhance sales. Sales dialogue is a highly effective form of communication between marketer and consumer, where the marketer's aim is to build a relationship with the consumer, to make sales easier.
The healthcare home medicaid website will publish data that will enable consumers to compare the quality of long-term facilities' care. there will be links to state website, summary of complaints of facilities, and any criminal violations
Answer:
The question is incomplete, below is the complete information:
"The healthcare home medicaid website will publish data that will enable consumers to compare the quality of long-term facilities' care. there will be links to state website, summary of complaints of facilities, and any criminal violations ? True Or False''
Correct answer is True
Explanation:
It is true that the healthcare home medicaid website will publish data that will enable consumers to compare the quality of long-term facilities' care. there will be links to state website, summary of complaints of facilities, and any criminal violations
involves the actual taking of cash, inventory, information, or other assets whereas _______ involves selling stolen assets or transferring them into cash and then spending the cash.
Answer:
1. Theft 2. Conversion
Explanation:
The consequence of a dishonest action such as theft is usually dependent on the type of theft committed by the perpetrator. It is also determined by the role played by the thief.
The common type is the one actually referred to as theft and it involves taking cash, goods, information, assets. This type of theft can be physically done or virtually or electronically.
However, Conversion is also a kind of theft but it represents the transference or conversion and sales of stolen asset into cash form and conversion as a form of theft also involves the actual spending of the cash. Once an income through trade or sales is generated from stolen goods then theft by conversion is established.
This is the reason why both the thief of a good and the seller/keeper of the stolen item are implicated by the law upon discovery.
__________ is defined as a conflict of interest between the corporate shareholders and the corporate managers
Answer:
Principal Agent Problem (Agency theory)
Explanation:
Definition:
Principal agency problem is when there is a conflict of interest between the agent(corporate managers) and the principal(shareholders). It occurs when agents act in their own interest and not that of the principal.
The separation of ownership between the shareholders and mangers creates the conflict of interest between the parties.
Solutions to Principal Agency Problem:
1. Contract design - Addresses information asymmetry by insuring that managers contracts have incentives that stimulate them to act in the best interest of the shareholders.
2. Performance evaluation and compensation - In order to align interest of both parties, compensation must be linked to the performance of managers.
Which of the following are acceptable formats for reporting comprehensive income?
I. In one continuous financial statement
II. In a statement of changes in equity
III. In a separate statement of net income
IV. In two separate but consecutive financial statements
Final answer:
Comprehensive income can be reported either in one continuous financial statement combining the income statement and comprehensive income, or in two separate but consecutive financial statements. The statement of changes in equity is not a format for comprehensive income, and a separate statement of net income does not represent it fully.
Explanation:
The acceptable formats for reporting comprehensive income are:
In one continuous financial statement, which combines the income statement and comprehensive income.
In two separate but consecutive financial statements, where the first is the income statement, followed by a statement of comprehensive income which starts with net income.
Option II, 'in a statement of changes in equity,' is not a format for the comprehensive income statement itself but can include the information. Option III, 'in a separate statement of net income,' is incorrect because while the statement of net income is part of comprehensive income, it does not represent the comprehensive income in its entirety.
Final answer:
Comprehensive income can be reported either in one continuous financial statement or across two separate but consecutive financial statements; options I and IV. The statement of changes in equity and a separate statement of net income don't include comprehensive income reporting.
Explanation:
Acceptable formats for reporting comprehensive income include:
In one continuous financial statement, which may be referred to as a Statement of Comprehensive Income. This report combines both net income and other comprehensive income into one cohesive document.In two separate but consecutive financial statements. This involves presenting the traditional income statement first to show net income, followed immediately by a second statement that begins with net income and displays the components of other comprehensive income.The statement of changes in equity and a separate statement of net income are not used to report comprehensive income. The statement of changes in equity is more concerned with the changes in equity throughout the period, while a separate statement of net income only portrays net income and does not include the other comprehensive income items required to present comprehensive income fully.
The comprehensive income can be understood as the total change in equity for a period that is not caused by transactions with owners. This includes all revenues, expenses, gains, and losses that affect an entity's equity during that period, which are not the result of dividend distributions or equity capital transactions, such as the issue or buyback of shares.
What is the most recent publication of property and casualty Insurance License Exam Cram by Bisys Educational Services?
Answer and explanation:
The most recent publication of the "Property and Casualty Insurance License Exam Cram" by Bisys Educational Services was on November 12th, 2004. The book is a guide for people interested in property and casualty insurance so they can have an idea of how the exam to get their license is going to be. The book provides concepts, laws, and state regulations that could be considered for the test.
"The most recent publication of ""Property and Casualty Insurance License Exam Cram"" by Bisys Educational Services is the 6th Edition, which was published in 2017.
To determine the most recent edition of the ""Property and Casualty Insurance License Exam Cram"" by Bisys Educational Services, one would typically check the latest offerings from the publisher or look for the most recent publication date available in bookstores, libraries, or online databases.
As of the knowledge cutoff date in 2023, the 6th Edition, released in 2017, is known to be the latest edition. It is always recommended to verify with the publisher or a reliable bookseller for the most current edition, as newer versions may have been released after the knowledge cutoff date."
The Occupational Safety and Health Act (OSHA) mandated that first-aid kits be available in business establishments employing more than three people. A newly formed company was successful in developing first-aid kits that allowed companies to comply with the standards of the act. This is an example of: Select one: a. distribution channels as an excellent source for new ideas. b. existing products and services as a source for new ideas. c. potential consumers as a source for new ideas. d. government regulations as a source for new product ideas.
Answer:
The correct answer is D
Explanation:
OSHA stands for Occupational Safety and Health Act, which is passed in order to encourage the safer workplace conditions in the U.S. They set the standards as well as perform the inspections at the job sites.
OSHA made mandatary the first aid kits to be available in the business who are employing more than 3 years people. So, this newly formed company was successful in developing the kits, this is example of the government regulations as a source for the ideas of the new products.
How can a country gain from specialization and trade? A. A country can specialize in producing that for which it has an absolute advantage and then trade for other needed goods and services. B. A country can specialize by using all available resources to produce goods and services to avoid trading with other countries. C. A country can specialize in producing that for which it has a comparative advantage and then trade for other needed goods and services. D. A country can specialize by using all available resources to invest in capital goods to promote economic growth. E. A country can specialize in producing that which is most scarce and then trade for other needed goods and services
Answer:
C. A country can specialize in producing that for which it has a comparative advantage and then trade for other needed goods and services.
Explanation:
Comparative advantage is simply evaluating the opportunity cost of other benefits or costs, if the country is opting to choose for a specific category of goods for production purposes.
For example, let's say US can produce 20 Television (TV) sets and 50 Air Conditioners in a month. Here, the opportunity cost of producing 1 TV set is 50/20 i.e. 2.5 Air Conditioners. Similarly, the opportunity cost of producing 1 Air Conditioner (AC) is 20/50 i.e. 0.4 TV set. Hence, US should produce Air Conditioners over TV sets as per Comparative Advantage concept.
Take another example, let's say UK can produce 50 Television (TV) sets and 20 Air Conditioners in a month. Hence, the opportunity cost of producing 1 TV set is 20/50 i.e. 0.4 Air Conditioner. On the other hand, the opportunity cost of producing 1 AC is 50/20 i.e. 2.5 TV sets. Thus, UK should produce TV sets over AC's as per Comparative Advantage model.
Hence, US should export AC's to UK and import TV sets from UK to gain from specialization and trade.
In this way nations can gain from specialization and trade by making use of Comparative Advantage theory.
It is to be noted that Absolute Advantage model of Adam Smith is also good as it highlights production of that good by a country, which it can produce in large quantities with fewer resources and minimal time than any other nation in the world. But the Comparative Advantage Model developed by David Ricardo considers opportunity cost and is much more refined than Absolute Advantage Model.
Specialization and trade allow a country to focus on producing what it does best and then trade for other needed goods and services. Option C is correct.
Explanation:The correct answer is C. A country can specialize in producing that for which it has a comparative advantage and then trade for other needed goods and services.
Specialization refers to the concentration of a country's resources and efforts on producing a particular good or service in which it has a comparative advantage. Comparative advantage is when a country can produce a good or service at a lower opportunity cost than its trading partners.
By specializing in what it does best, a country can increase its efficiency and productivity, leading to economic growth. Trade allows countries to exchange their specialized goods or services with other countries, resulting in access to a greater variety of products, lower prices, and increased overall welfare.
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All of the following statements about decision style are true EXCEPTA) autocratic styles are authority-based.B) decision styles are consistent among top managers.C) heuristic styles can also be democratic.D) decision styles may vary among lower-level managers.
Answer:
B. decision styles are consistent among top managers
Explanation:
Decision making styles differ between managers. Many managers exercise autocratic style which is authoritative wherein very limited inputs from the subordinates are taken and there is little scope for constructive advises.
In heuristic style, the strategies help managers to take clear cut decisions in a prompt manner. In such a form, decisions are arrived at quickly.
Managerial decision making methods differ from manager to manager and are an outcome of managers own judgement and demeanor.
Hence it is evident from above points that decision styles are not consistent among top managers.
Zync Corporation offers a block of its securities for sale to the investment banker that submits the highest price of all interested investment bankers. This procedure is known as a _____.
a. competitive bid
b. financial intermediation
c. negotiated deal
d. shelf registration
e. dual listing
Answer:
A. competitive bid
Explanation:
Competitive bid -
It is a type of bid , which is basically linked to the price and the proposal by the service provider to the firm , for any type of business , is referred to as a competitive bid.
It can be associated with many other business deals.
Hence , from the question ,
The correct option is A. competitive bid .
Mackenzie has been an integral part of the feature film being shot in New Zealand, which tells the story of a king from ancient times and his armies. Her role in the film has included lining up the financing, story developers, script writers, and the major stars. What is most likely Mackenzie's role in this film?
Answer:
Producer
Explanation:
Based on the information provided within the question it can be said that the most likely Mackenzie's role in this film is that of a Producer. This is because a Producer of a play or film is the individual who gather's the finances necessary for the production as well as seeking out, preparing, and supervising the story developers, script writers, and the major stars. Such as Mackenzie is doing in this scenario.
Urfa, like much of southeast Turkey, has an economy based primarily on what economic activity?
Answer: AGRICULTURE,others include INDUSTRY(Cotton) and TOURISM.
Explanation:Urfa,also called Sanliurfa is an ancient region in Turkey people call it birth place of Agriculture,it is located about eighty(80) east of the Euphrates River. Urfa has a strong relationship with the old testament,it's population are pre-dorminantly Muslims. The major trade of the people of Urfa is Agriculture,others includes Cotton industry and tourism. Sanlıurfa accounted for about 43.3% of Turkey's cotton plantations and 40.5% of its production in 2016. Urfa has ancient history buildings and other natural endowment used for tourism.
How do bank loans help the nation’s economy? A. They ensure consumer spending and confidence.B. They ensure the success of new businesses. C. They allow businesses to expand and improve. D. They allow consumers to quickly pay off debts.
Answer:
C. They allow businesses to expand and improve.
Explanation:
The bank is a financial intermediary that makes money and financial instruments received from individuals and institutions with surplus available to individuals and institutions with deficit. This is usually at a cost to such individuals and institutions.
The bank makes loans available to business who may want to expand but lack the funds required to finance such expansion. This is of key benefit to the economy.
A bank loans can impact positively on a nation’s economy because they allow businesses to expand and improve.
What is the loan bank function?One of the function of bank is to give loan to people at interest from the depositors money with them.
The bank makes loans available to business who may want to expand but lack the funds required to finance such expansion.
Also, this allows entrepreneur to flourish and impact the economy positively in GDP and employment rate.
Therefore, the Option C is correct
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The opportunity cost of attending college is:_____________
a) tuition and books.
b) travel expenses, tuition, and books.
c) psychic costs of missing your family and friends while in school.
d) lost wages from not working full time.
Answer:
Option (d) is correct.
Explanation:
Opportunity cost refers to the benefits that would be obtained from the next best alternative. It can be measured in monetary terms as well as in non-monetary terms.
In our case, the opportunity cost of attending college is the loss of money income that a person would be earn. All the other costs in the options are consider as the explicit costs such as tuition, books, travelling expenses, psychic costs, etc.
In an economic context, the opportunity cost of attending college involves more than just tuition and book costs. It includes the lost potential gain from other alternatives, most specifically, lost wages from not working full time. Non-monetary costs like missing family and friends can also be considered.
Explanation:The opportunity cost of attending college goes beyond just monetary expenses such as tuition and books. As an economic term, opportunity cost refers to the loss of potential gain from other alternatives when one alternative is chosen. In this context, the opportunity cost of attending college would include the lost wages from not working full time. This is based on the assumption that if you were not attending college, you would be working and earning an income. As such, the wages you could have earned during this time represent a cost. Likewise, non-monetary opportunity costs like psychic costs of missing your family and friends while in school can also be included but they are more subjective and vary greatly among individuals.
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A buyer is concerned about making changes to a historic property he wants to purchase. Who should the buyer consult?
Answer:
real estate agent
Explanation:
A real estate agent is seen as a licensed professional , whose job or duties is to arrange real estate transactions, putting buyers and sellers together and acting as a representatives in negotiation. this negotiations and purchase are basically made for property procurement.
2. Which of the following headlines is more closely related to what microeconomists study than to what macroeconomists study?
a. Unemployment rate falls from 7.5 percent to 7.3 percent.
b. Real GDP falls by 0.4 percent in the third quarter.
c. Inflation was 2.4 percent last year.
d. The price of gasoline rises due to rising oil prices.
Answer: The answer is D. The price of gasoline rises due to rising oil prices
Explanation: microeconomist study is based on the interaction of individuals or firms in an economy, rather than aggregate economic factors that affect a nation as a whole. Examples are inflation rate, unemployment rates, Per capital income, GDP etc
The division of economics where behavioural research, choices of firms, and the intercommunication between the individual and firm is called microeconomics.
While macroeconomist investigates the arrangement, behaviour, and performance of the whole economy.
The correct answer is:
Option D. The price of gasoline rises due to rising oil prices.
This can be explained as:
Microeconomist study the individual or the organization's role in the economy.It does not deal with the issues that involve the economy as a whole.Microeconomist, therefore, examines and foretell the individuals or firms assets.Therefore, an increase in the gasoline price will be studied by microeconomists.
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When Alex, the marketing manager of Hartwell Inc., realized that his plan to increase sales levels was not producing the results he desired, he took quick action to make necessary adjustments. According to this scenario, Alex was exercising the management function of ______.
Answer: Controlling function.
Explanation:
Controlling function is taken by Alex the marketing manager to determine the cause of poor recorded sales and determine ways of increasing sales. Controlling function in management occurs, when a manager of an organization monitors the outcome of his organization to check if the organization's goals are being met. If the goals are being achieved the manager finds ways to maintain it and if the goals are not being met takes corrective measures.
Identify the type of planning used to develop multiple-year plans based on a situational analysis, competitive assessments, and external factors of the organization.
Answer:
Strategic Planning
Explanation:
Strategic planning are used to develop multiple year plan, and are usually generated by senior level managers based on a situational analysis, competitive assessments, and external factors of the organization.
Assume that Eric Duffy and Johnnie Gladwin operate a partnership. Their partnership agreement states that E. Duffy receives two–thirds of the partnership income or loss and J. Gladwin receives the remaining one–third. The partnership's income statement reported net income of $90,000 for the year ending December 31. Prepare the December 31 journal entry that would be required to close the Income Summary account and allocate the net income to the two partners.
Answer:
Dr Income Summary account 90,000
Cr Capital account, E. Duffy 60,000
Cr Capital account, J. Gladwin 30,000
Explanation:
The income summary account has a credit balance, and in order to close it we must debit it against capital accounts.
Since Duffy was entitled to 2/3 of the profits, then he should receive $60,000, and the remaining $30,000 would go to Gladwin.