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kirill115 [55]
3 years ago
5

Which of the following statements best describes accounting for a partnership?

Business
1 answer:
svetlana [45]3 years ago
7 0

Answer:

B. A partnership may use federal income tax rules to account for transactions in their journals and ledger accounts.

Explanation:

There is a lot of difference in accounting of normal partnership firms and that of non profit organisations.

Simply a partnership firm cannot be formed as a non profit entity.

A partnership can use any federal laws in compliance and do accounting entries in accordance with them.

The partnership equity section only contains partner's capital account as there are no retained earnings section.

Partnership's do not pay dividend, and if it does it is not limited to money.

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Answer and Explanation:

The preparation of the income statement is presented below:

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Revenue           $160,000

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Rental Costs       $30,000

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3 years ago
Keisha owns a house worth $275,000 with a mortgage of $195,000. She owns a car worth $12,000 and has $7,500 in car loans. She ha
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The answer is A. $88,700

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3 years ago
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Answer:

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