After Closing the Temporary Owners' Equity Accounts into Income Summary

question 23

Multiple Choice

After closing the temporary owners' equity accounts into Income Summary, and after allocating the net income and closing the partners' drawing accounts, assume the partners' capital accounts had credit balances as follows: Zott, $45,000; Payne, $60,000; Tejada, $47,000. If Tejada retired and withdrew $47,000 in settlement of his equity, the debit to his capital account would be in the amount of

• A) $60,000.
• B) $58,000.
• C) $47,000.
• D) $94,000.

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Definitions:

Epithelial Tissues

Layers of cells that cover internal and external surfaces of the body, including skin, glands, and lining of organs, serving as protective barriers and involved in absorption and secretion.

Basement Membrane

The thin, non-cell layer of an epithelial membrane that attaches to the underlying tissues; consists of tiny fibers and polysaccharides produced by the epithelial cells.

Hypothalamus

A region of the brain responsible for hormonal secretion that influences growth, metabolism, temperature regulation, and many other vital bodily functions.

Ectotherm's Metabolic

Refers to the way organisms that rely on external sources to regulate body temperature control their metabolism, often resulting in fluctuating metabolic rates dependent on environmental conditions.