1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
ra1l [238]
1 year ago
14

Record the entry to close the income summary assuming the partners agree to use plan c and net income is $460,500

Business
1 answer:
slava [35]1 year ago
4 0

The entry is record in book as

Date Particular                L.F.     Dr. Amt.        Cr. Amt.

Income summary a/c             $460,500  

To Mo a/c                                          $69,300

To Lu a/c                                          $269,500

To Barb a/c                                          $431,200

What is net income?

The total amount of firm profit after deducting all taxes, costs, and interest is referred to as "net income."

Particulars                 Mo           Lu                 Barb

Capital invested        $69,300    $269,500  $431,200

Profit sharing ratio 20/100   40/100         40/100

Profit ($460,500)         92100    184200 184200

As a result,  Mo is  92100;  Lu is 184200; Barb is 184200 as profit.

Learn more about on net income, here:

brainly.com/question/15570931

#SPJ 1

You might be interested in
Whistle Stop pays a constant annual dividend of $4 on its stock. The company will maintain this dividend for the next 3 years an
Hitman42 [59]

Answer:

P0 = $9.04279 rounded off to $9.04

Option c is the correct answer

Explanation:

Using the the dividend discount model, we calculate the price of the stock today. It values the stock based on the present value of the expected future dividends from the stock. To calculate the price of the stock today, we will use the following formula,

P0 = D1 / (1+r)  +  D2 / (1+r)^2  +  D3 / (1+r)^3

Where,

  • r is the required rate of return

P0 = 4 / (1+0.156)  +  4 / (1+0.156)^2  +  4 / (1+0.156)^3

P0 = $9.04279 rounded off to $9.04

3 0
3 years ago
Free Spirit Industries Inc.’s marketing sales director doesn’t think that the market for the firm’s goods is big enough to sell
RSB [31]

Answer:

In the attached the fixed costs is $12,000,000

selling price is $41.50

variable cost is $12.80

The price for the target EBIT of $15 million is $167.09

Explanation:

target units=fixed costs+target EBIT/selling price-variable cost

target units is 175,000

fixed costs of $12,000,000

target EBIT of $15,000,000

variable cost is $12.80

selling price is unknown,let assume is X

175,000=($12,000,000+$15,000,000)/X-12.80

175,000=27,000,000/X-12.80

175,000*(X-12.80)=27,000,000

X-12.80=27,000,000/175,000

X-12.80=154.29

X=154.29+12.80

X=$167.09

EBIT=Sales units*(selling price-variable cost)-fixed costs

Download xlsx
6 0
3 years ago
Marginal utility is equal to which of the following? (A) total income divided by the price of the product (B) the change in tota
soldi70 [24.7K]

Answer: B- the change in total utility from consuming one more unit of a good 

Explanation: Marginal utility is the change in utility that arises from consuming one more unit of a good or service.

Utility is the total satisfaction that occurs from consuming a commodity or service.

Average utility is total utility divided by the number of goods consumed.

8 0
3 years ago
What is the leading cause of sources of petroleum in north america
dedylja [7]
The leading cause of sources of petroleum in North America is because of the Exclusive Economic Zone. This has resulted in several petroleum companies queuing up in North America. Business wise economic zones are of high importance as they are given several facilities that are not available elsewhere.
6 0
3 years ago
If someone hire you today, what are some skills that you have that you can use in the workplace?
Yuliya22 [10]
Responsibility, organization, and good sportsmanship to name a few.
3 0
3 years ago
Other questions:
  • The Thematic Apperception Test (TAT) is a projective test ________. a. that is designed to be culturally relevant to minority gr
    5·2 answers
  • How to write 600,000+30,000+4,000+700+30 in word form?
    15·1 answer
  • What is the best loan option for a neighborhood Lemonade stand? Why?​
    6·1 answer
  • The Allowance for Doubtful Accounts account has a year-end credit balance, prior to adjustment, of $600. The bad debts are estim
    15·2 answers
  • On August 1, 2017, a company borrowed cash and signed a one-year interest-bearing note on which both the face value and interest
    12·1 answer
  • An individual has $20,000 invested in a stock with a beta of 0.4 and another $65,000 invested in a stock with a beta of 1.8. If
    9·1 answer
  • The question, "What are the distinguishing characteristics of effective leaders?" sparked which approach to the study of leaders
    8·1 answer
  • Which of the folloiwng is an example of direct finance?
    9·1 answer
  • International foods corporation insures its real and personal property, as well as the lives of its key employees, to protect it
    5·1 answer
  • Jan's tees aims to create t-shirts from natural materials that are fully reusable and recyclable so that the firm uses zero reso
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!