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
Valentin [98]
2 years ago
6

Nathan, George, and Bill have formed a partnership and the partnership agreement states that Nathan will receive 40% of the prof

its and George and Bill will share the remainder equally. During the current year, the partnership earns $120,000. What is the closing entry to record the allocation of partnership income
Business
1 answer:
WARRIOR [948]2 years ago
4 0

Answer:

Profits will be distributed in the following way:

Nathan will receive $120,000 x 40% = $48,000

George will receive $120,000 x 30% = $36,000

Bill receive $120,000 x 30% = $36,000

Total = $120,000

<u>Journal entry</u>

Dr Income summary 120,000

    Cr Capital, Nathan 48,000

    Cr Capital, George 36,000

    Cr Capital, Bill 36,000

You might be interested in
Amanda has always been inclined toward baking and wants to open her own bakery. She takes a loan of $20,000 from the bank and st
Orlov [11]
Limited Liability Company (LLC): This is a 'mix' between a corporation and a sole proprietorship. Most businesses that have an LLC are partnerships but sole owners can have this as well. There are tax break advantages with an LLC that are more comparable to a sole proprietorship. 
Sole Proprietorship: The most common type of business practice, one sole owner. 
Statutory Close Corporation: Stockholders are actively involved in managing the business.
General Partnership: Two or more people agree to share assets, profits and all legal matters within a business. 

Based on the differences between these types of business practices Amanda most likely has a Sole Proprietorship.

8 0
3 years ago
An HR manager asked every candidate during an interview to describe a situation in the past in which they had to display their l
Komok [63]

Answer:

Situational interview.

Explanation:

In this scenario, an Human Resource (HR) manager asked every candidate during an interview to describe a situation in the past in which they had to display their leadership abilities even though they were not a formal leader, discuss what they did, and describe the result. This is an example of situational interview.

Situational interview can be defined as the process in which job applicants are made to describe or narrate how they acted in the past in a circumstance or conflict situation and how they were able to overcome the challenges.

5 0
3 years ago
Diversification is important in investing because…A. It helps you to balance your risk across different types of investments.B.
Phantasy [73]
<span>A. It helps you to balance your risk across different types of investments</span>
5 0
3 years ago
Read 2 more answers
Obeying the law is what kind of <br> Ethical Behavior
Lapatulllka [165]

Answer:

Basic level

Explanation:

Obeying the law is the basic demand of constitution of any country from its citizens. It is basically following the general rules of being the citizen of country.

Ethical behavior is about being morally right in your actions, it is no where defined properly what is ethical, sometimes even unethical behavior does not count in illegal behavior.

As for example if my colleague asks for a pen, and I do not help him, even though I have extra pen, is unethical behavior but it is not illegal.

But since it is unethical it is not correct morally, although all the legal actions are ethical.

4 0
3 years ago
A leftward shift in the long-run aggregate supply curve is most likely going to cause which of the following?
denpristay [2]
I whould say A have a bless day
5 0
3 years ago
Other questions:
  • Wayfair sent five different versions of their email to customers to determine which message was most effective at getting custom
    10·1 answer
  • Keyser Materials has 8 percent coupon bonds on the market with 19 years to maturity. The bonds make semiannual payments and curr
    5·1 answer
  • Krumple Inc. produces aluminum cans. Production of 12-ounce cans has a standard unit quantity of 4.7 ounces of aluminum per can.
    7·1 answer
  • During 20X1, Sloan, Inc., began a project to construct new corporate headquarters. Sloan purchased land with an existing buildin
    7·1 answer
  • 13. The work day has just started and you receive reports that the inventory management server is not accessible on your company
    5·1 answer
  • PDQ Corporation has declared a rights offering to stockholders of record. The company has 5,000,000 shares outstanding and is se
    14·1 answer
  • Calculate the following financial ratios for Phone Corporation: (Use 365 days in a year. Do not round intermediate calculations.
    6·1 answer
  • Division X makes a part with the following characteristics:
    11·1 answer
  • For Accounting, I need help knowing how to journalize the following transaction:
    6·1 answer
  • A perfectly competitive apple farm produces 1,000 bushels of apples at a total cost of $36,000. The price of each bushel is $50.
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!