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
PLEASE HELP ME ILL MAKE YOU BRAINLIEST
Alik [6]

Answer:

xxxxxxxxxxxx

xx

xxxxxxxxxxxxxx

`

xxxxxxxxxxxxxxxx``x

Explanation:

4 0
3 years ago
Sales is $90 per unit; direct material is $30 per unit; direct labor is $12 per unit; overhead is $5 per unit and $2,100 per mon
AVprozaik [17]

Answer:

$10

Explanation:

7 0
2 years ago
In order to help their employees move from one job to another, and in order to meet the challenges of a global economy, corporat
lilavasa [31]

In order to help their employees move from one job to another, and in order to meet the challenges of a global economy, corporations must offer retraining program as part of their employee development programs.

To meet the challenges of a global economy and to help employees move from one job to another corporations must offer retraining as part of employee development programs. Training and development is considered vital because it allows employers to pinpoint skills and knowledge they want in their employees. These trainings not only educate the employees but also provide updates on existing skills to increase productivity. Every business has different needs to retain their employees to meet their internal and external challenges.

These trainings to retain the employees are proved to be fruitful

  1. When there is a talent gap in your organization.
  2. When improvement is required in certain areas.
  3. When training becomes essential in certain programs.

Therefore corporations must offer retraining to help employees move from one job to another and meet global challenges.

You can learn more about retraining at

brainly.com/question/14435353

#SPJ4

6 0
1 year ago
On September 1, Year 1, Gomez Company collected $9,000 in advance from a customer for services to be provided over a one-year pe
Margaret [11]

Answer:

d. $9,000; $9,000

Explanation:

As cash received on January 1 in advance to provide service in one year which is completed on December 31. So all the Unearned revenue is recognized because service for 12 month has been performed so whole amount will be reported in Income statement for the year ended December 31. Only cash received is from the service revenue activity so, it is also reported as $9,000. correct option is d. $9,000; $9,000.

4 0
3 years ago
______ are the relatively permanent and deeply held underlying beliefs and attitudes that help determine a person's behavior. Th
11111nata11111 [884]

Answer:

The correct answer is d. Values

Explanation:

values are sort of like the roots of our beliefs that are so deeply embedded in our mindset they almost influence and indirectly governs all aspects of our being. The values are deeply held, can be personal and acts as the foundation for morals, thoughts, ideas, innovations, etc...

7 0
3 years ago
Other questions:
  • Supporting information and materials are important to public speaking because
    15·1 answer
  • Which of the following is an example of how advanced technology has helped the modern economy ?
    14·1 answer
  • PLEASE HELP!!! What is the name for the highest amount a policyholder pays for deductibles, coinsurance, and co payments?
    11·1 answer
  • Imagine that you are a member of the band and you want to purchase some items from a music supply store. Use what you've learned
    6·2 answers
  • Buker Corporation bases its predetermined overhead rate on the estimated machine-hours for the upcoming year. Data for the upcom
    5·1 answer
  • As a certified public accountant, you have been contacted by Joe Davidson, CEO of Sports Pro Athletics, Inc., a manufacturer of
    6·1 answer
  • Which is NOT a reason companies integrate horizontally?
    13·1 answer
  • Jasmine Smith owns a condo worth $340,000, a car valued at $27,000, and miscellaneous assets worth $8,500. She owes $189,000 on
    7·1 answer
  • A project is chartered to determine new ways to extend the product life of one of the company's medium-producing products. The p
    5·1 answer
  • On Jordan's 20th birthday he decides to invest 10,000 that he has saved. He will not be adding any money to the initial investme
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!