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cestrela7 [59]
3 years ago
12

Farmer and Taylor formed a partnership with capital contributions of $250,000 and $300,000, respectively. Their partnership agre

ement calls for Farmer to receive a $80,000 per year salary. The remaining income or loss is to be divided equally. Assuming net income for the current year is $195,000, the journal entry to allocate net income is:
Business
1 answer:
labwork [276]3 years ago
4 0

Answer:

The journal entry is made as follows;

Explanation:

Net Income $195,000

Salary of farmer ($80,000)

Net distributive income $115,000

Per partner share  $115,000/2=$57,500

Income Summary                         Dr.$115,000

Farmer Capital                               Cr.$57,500

Taylor Capital                                Cr.$57,500

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Debit postings to the individual accounts in an accounts receivable subsidiary ledger generally come from the
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2 years ago
Caliana manages the warehouse for United Processors Inc. At the beginning of each year, she determines the department goals for
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Answer: (2) Planning

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8 0
3 years ago
Ivory is listening to a manager present statistics that they believe supports a new initiative. Which type of critical thinking
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The type of Critical Thinking Questions that Ivory should ask at this point are:

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3 0
2 years ago
20% of students in a class go to professor during office hours. of those who go 30% seek minor clarification. 70% seek major cla
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a. The probability that a student goes to seek for minor clarification from the professor during office hours = 6%.

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Percentage of students in the class who do not go to the professor to seek clarifications = 80% (100% - 20%) (b)

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Thus, the probability of students seeking minor clarification is 6% while the probability of students seeking major clarification is 14%.

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