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I am Lyosha [343]
3 years ago
8

Dana and Emile allocate​ 2/3 of their​ partnership's profits and losses to Dana and​ 1/3 to Emile. The net income of the firm is

$ 30 comma 000. The journal entry to close the Income Summary will include a​ ________. ​ (Do not round any intermediate​ calculations.)
Business
1 answer:
Usimov [2.4K]3 years ago
6 0

Answer:

Debit income summary $30,00

Explanation:

Closing entries are used to move balances from temporary accounts to permanent baccounts so that a business can recognise income or loss made during an accounting period.

2/3 profit and loss is for Dana, that is (2/3)* 30,000= $20,000

1/3 of profit is assigned to Emile that is (1/3)* 30,000= $10,000

So the close out entries will be

A debit to income summary of $30,000

A credit to Dana of $20,000

A credit to Emile of $10,000

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Answer:

A - For errors or signs of identity fraud

Explanation:

That is the correct answer, good luck, and have a good day.

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2 years ago
The more​ ________ used, the greater the leverage a company employs on behalf of its owners.
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The more​ debt used, the greater the leverage a company employs on behalf of its owners.

<h3>What is financial leverage?</h3>

Financial leverage exists as the usage of borrowed money (debt) to finance the purchase of assets with the anticipation that the income or capital gain from the new asset will surpass the cost of borrowing.

<h3>What is financial leverage example?</h3>

An example of financial leverage use contains utilizing debt to buy a house, borrowing money from the bank to begin a store, and bonds issued by companies.

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8 0
1 year ago
Which of the following is not a type of fiduciary fund?
snow_tiger [21]

Answer:

The correct answer is a.Special service funds

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3 years ago
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TEA [102]

Answer:

If oligopolists engaged in some sort of collusion, industry output would be smaller_____ and price would be _higher____ than under perfect competition.

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3 years ago
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