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ra1l [238]
2 years 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]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

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4 years ago
Suppose the government is concerned about firms in the United States importing illegal caviar. As a result, the government incre
ss7ja [257]

Answer:

C

Explanation:

here are the options to this question

a. equilibrium prices and quantities will increase.

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d. all of the above are correct

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You should typically prepare at least ___ questions for the people who will host you during a job shadow.
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Genrish500 [490]

Answer:

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Answer:

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