The Net Income Earned by the Brian, Bill, and Bob

question 126

Multiple Choice

The net income earned by the Brian, Bill, and Bob partnership is $24,000. Their respective average capital balances are $28,000, $28,000, and $56,000. What is the closing entry to allocate the net income if no agreement was made for division of income?

• A) Debit Income Summary $24,000; credit Brian, Capital $8,000; credit Bill, Capital $8,000; credit Bob, Capital $8,000
• B) Debit Income Summary $24,000; credit Brian, Capital $6,000; credit Bill, Capital $6,000; credit Bob, Capital $12,000
• C) Debit Brian, Capital $8,000; debit Bill, Capital $8,000; debit Bob, Capital $8,000; credit Income Summary $24,000
• D) Not enough information given to allocate

Describe norms and their influence on behavior within societies.

Explain the role of gratitude and its connection to prosocial actions.

Understand the concept and implications of cooperation versus competition.

Analyze the effect of external cues and contexts on behavior and attitudes.

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Definitions:

Motivational Trait

An inherent characteristic that drives an individual to act or behave in a way that leads to the achievement of personal goals.

Self-Esteem

An individual's sense of their own value and self-worth.

Core Self-Evaluations

A person's fundamental assessment of their own abilities, worthiness, and overall competence.

Learning Outcomes

Specific knowledge, skills, attitudes, or abilities that learners are expected to develop through educational activities.