All categories

2 years ago

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]2 years 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

In Q1 2018, CNA Companies reports the following transactions:

kotegsom [21]

Answer: B. ($11 million)

Explanation:

Out of the listed transactions there, these are the ones that can be taken out of Retained Earnings.

Loss on sale of equipment of $6 million

Preferred dividend of $2 million

Common dividend of $3 million

So calculating would be,

= - 6 - 2 - 3

= -$11 million

This means that Retained Earnings will reduce by -$11 million making option B correct.

4 0

3 years ago

Michael has been saving his money and wants to invest it. after doing some research, he has decided to invest $20,000 into a cer

ivolga24 [154]

Answer: Micheal will earn an interest of $600 in the first year based on nominal interest rates.

Since we need to compute the interest paid out at the end of year 1, we use the following formula in order to find the interest

$SI = P * N * R$

where

SI = Simple interest

P = Principal or initial amount invested

N = Number of years

R = Nominal interest rate

Nominal interest rate refers to the rate quoted on the CD or the rate agreed upon. In this question, the nominal interest rate is 3%.

Substituting the values in the formula above we get,

$SI = 20000 * 1 * 0.03$

$SI = 600$

8 0

3 years ago

Read 2 more answers

Sears Corporation, which has a calendar year accounting period, purchased a new machine for $40,000 on April 1, 2007. At that ti

Irina-Kira [14]

Answer:

$1,000

Explanation:

The computation of gain on sales is given below:-

Depreciation per year = $40,000 - $10,000 ÷ 10

= $3,000

Life of equipment = 5.5 years

Accumulated Depreciation on equipment = 5.5 × $3,000

= $16,500

Book value of equipment = $40,000 - $16,500

= $23,500

Gain = Proceed from sale - Book value at the time of sale

= $24,500 - $23,500

= $1,000

5 0

3 years ago

Roland is filing his federal income tax return with the 1040ez form, and he received two w-2 forms. on one, $2620 in federal inc

seropon [69]

3890 is your answer if its apex

5 0

3 years ago

Read 2 more answers

Gertie sees an ad for Ultra Tide and thinks, "Ultra Tide looks like a really good product—I think I’ll try it." This is an examp

zlopas [31]

Answer:

Support Argument.

Explanation:

Support argument is a process in which a person backs up his research or findings to prove it correct. The purpose of support argument is to sustain a product by an argument or a statement . Gertie has made a statement that she will try Ultra Tide. She has made this statement to support the ad of Ultra Tide. This is an example of support argument.

4 0

3 years ago

Read 2 more answers