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
Features, Advantages and disadvantages free market economy?
Tems11 [23]

Answer:

Advantage: Absence of Red Tape.

Advantage: Freedom to Innovate.

Advantage: Customers Drive Choices.

Disadvantage: Limited Product Ranges.

Disadvantage: Dangers of Profit Motive.

Disadvantage: Market Failures

Explanation:

hope it helped some :)

6 0
3 years ago
1 . Perpetuities Perpetuities are also called annuities with an extended or unlimited life. Based on your understanding of perpe
Dmitrij [34]

Answer:

(A) A perpetuity is a stream of regularly timed, equal cash flows that continues forever

(B) The value of a perpetuity is equal to the sum of the present value of its expected future cash flows

the bank offers 1.6%

in the alternative scenario it offers 1.067%

Explanation:

(A) A perpetuity is a stream of regularly timed, equal cash flows that continues forever

The perpetuity is an annuity in which time tends to infinity, to be qualified as an annuity the cash payment must be regular.

(B) The value of a perpetuity is equal to the sum of the present value of its expected future cash flows

As state above the perpetuinty is an annuity, the annuities return the present value of the expcted future cash flow.

Given the annuity formula

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

if times tends to infinity then the expression:

\lim_{n \to \infty} (1+r)^{-n} = 1

Nexti n the annuity formula we got:

C \times \frac{1-1 }{rate}= PV\\

So we end up with C / rate = PV

which s the perpetuity formula

800/50000 = 0.016       = 1.6%

800/75000 = 0.0106667 = 1.067%

7 0
3 years ago
Gremlin Industries will pay a dividend of $ 1.55 per share this year. It is expected that this dividend will grow by 7​% per yea
sasho [114]

Answer: 14%

Explanation:

We can calculate this using the Gordon Growth Model which looks like this,

P = D1 / r - g

P is the current stock price

D1 is the next dividend

r is the rate of return or the cost of capital

g is the growth rate.

We have all those figures except the cost of capital so making r the subject of the formula we can solve for it. Doing that will make the formula,

r = D/ P + g

r = 1.55 / 22.10 + 0.07

r = 0.1401

r = 14%

14% is the equity cost of capital.

If you need any clarification do react or comment.

3 0
3 years ago
Read 2 more answers
Siobhan is interested in creating a fashion line from banana husks. She is attempting to explain to her bosses how this is an en
Anettt [7]

Answer:

The correct answer is C. Bananas are already grown for consumption so no extra energy or resources will be used to create the husks.

Explanation:

Banana husks are residues that arise from the consumption of bananas by people, with which in principle they do not have a specific use, and are generated constantly given the high consumption rates of these foods.

Therefore, if the husks were to be used for the creation of changes of clothes, that is, using waste as raw material, this would be an environmentally friendly option because new resources would not be used for their elaboration, but rather they would be recycled. waste from other types of consumption.

7 0
3 years ago
Total quality management firms believe that it is the responsibility of ____ employees to serve the needs of customers.
andriy [413]

Answer:

The answer is ALL

Explanation:

8 0
1 year ago
Other questions:
  • Anthony’s debit card was stolen and someone purchased over $1,000 worth of items on it. Which law or regulation protects Anthony
    8·1 answer
  • Vesting refers to;
    15·1 answer
  • Officials argue that the government needs to reduce the national debt. Which actions are most likely to accomplish this goal?
    7·1 answer
  • Lake City Plastics currently produces plastic plates and silverware. The company is considering expanding its product offerings
    15·1 answer
  • Cado Co.'s payroll for the month ended January 31 is summarized as follows:Total wages $100,000Amount of wages subject to payrol
    14·1 answer
  • Elizabeth is an account executive for a financial services firm that specializes in employee benefits services. She is meeting w
    5·1 answer
  • Which of the following scenarios would cause inflation to occur?
    15·1 answer
  • What kind of drug test does homedepot do in the location of Johnston, rhode island
    5·2 answers
  • Which of the following claims best indicates the policy that the United States government followed toward business during World
    13·1 answer
  • Geralds manufacturing firm sold goods worth $6000 to some customers on credit in the month of January. His customers plan to pay
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!