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
Karolina [17]
1 year ago
15

T. Wiley sells one-half of her partnership to L. Tims for $10,000 cash. The entry to record this transaction in the books of the

partnership will include a debit to which account
Business
1 answer:
Mandarinka [93]1 year ago
8 0

The entry to record this transaction in the books of the partnership will include a debit to T. Wiley, Capital.

How are profits and losses allocated to partners in a partnership?

The subsequent allocation of this profit or loss to each partner's capital accounts is done according to their respective percentages of ownership in the company. For instance, the allocation is a debit to the income summary account and a credit to each capital account if there is a profit in the income summary account.

<h3>Is the Wiley family still involved in the company?</h3>

The involvement of the Wiley family is ongoing, with sixth-generation members (and siblings) Peter Booth Wiley serving as the non-executive chairman of the board and Bradford Wiley II serving as a director and past chairman of the board, even though the company is run by an independent management team and Board of Directors.

<h3>How are profits and losses split in a partnership?</h3>

By definition, participants in a partnership split the gains and losses. The earnings and losses of partnerships are frequently divided evenly among the partners. The distribution will be proportionate to the partners' relative ownership shares if they are not equal.

Learn more about limited partnership:

brainly.com/question/13994286

#SPJ4

You might be interested in
The approved detail design resulting from the __________ serves as a basis for making the decision to begin production. Systems
wel

Answer: Critical Design Review

Explanation:

A Critical Design Review is referred to as a review that's fine in order o ensure that a system can be able to move into fabrication, and test and also ensure that the stated performance requirements are met.

The approved detail design resulting from the critical design review serves as a basis for making the decision to begin production.

3 0
2 years ago
A company prepares its income statement by listing all sources of revenues and gains at the top, followed by a list of all expen
lapo4ka [179]

Answer:

Single step income statement

Explanation:

The single step income statement is the simplest form in which an income statement is prepared, e.g.

Revenues:

  • Sales revenues $100
  • Interest income $20               $120

Expenses:

  • Rent expense $30
  • Utilities expense $10
  • Wages and salaries $60       <u>($100)</u>

Income before taxes                         $20

Tax expenses                              <u> ($4.20)</u>

Net income                                   $15.80

A multi-step income statement is more complex, since operating revenues and costs are reported first in order to determine operating income, then other revenues and expenses are introduced and income before taxes is calculated.

8 0
3 years ago
What is generally TRUE about earning an income?
Daniel [21]
I think it could possibly be d?
5 0
2 years ago
Read 2 more answers
scott is the chief human resource officer (CHRO) of MarkIt Inc.. In performing the tasks of aligning the HR activities with the
Crank

Answer:

leader of the HR function

Explanation:

HRM stands for Human Resource Management. It is a department in any business organization which looks after hiring, training and managing the employees of the organization.

It also deals with the issues of the employees that they face in the organization.

In the context, Scott who is the CHRO, i.e. the chief human resource officer of the organization named Marklt Inc. performs the tasks of the management and alignment of all the HR activities that is with the need of the business. In such a way, Scott is performing the role of the leader of the HR function.  

As a leader of the HR, Scott is ensuring that Marklt Inc. has the right people in the organization working to their best.

5 0
3 years ago
According to O*NET, what are common tasks performed by Tour Guides? Check all that apply. purchasing airline tickets for tour gr
alexgriva [62]

Answer:

maintaining equipment

shepherding tourists and luggage

socializing

setting up meals

Explanation:

ITS RIght i just did it good luck n e ways stan dkb and stan conan gray

6 0
2 years ago
Read 3 more answers
Other questions:
  • The stage during which goals are set is
    10·1 answer
  • During 2019, Travis purchases $13,000 of used manufacturing equipment (7-year property) for use in his business, his only asset
    10·1 answer
  • Upon graduation from​ college, Warren Roberge was able to defer payment on his ​$33 comma 000 student loan for 9 months. Since t
    15·2 answers
  • Strack Houseware Supplies, Inc. has $531 million in total assets. The other side of its balance sheet consists of $74.34 million
    10·1 answer
  • Which of the following account records would have the most current
    13·1 answer
  • Prepare journal entries to record each of the following four separate issuances of stock.
    15·1 answer
  • I WILL MARK IT AS BRAINLIEST ANSWER!!!!!
    10·1 answer
  • Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk Company.
    13·1 answer
  • Based on your reading of the following passage, to which listed careers do you think John might be suited? (Select all that appl
    12·1 answer
  • randy and debbie are in charge of training new marketing department employees at company abc. in a training session, debbie comm
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!