Felix and Ian Allocate 2/5 of the Profits and Losses

question 74

Multiple Choice

Felix and Ian allocate 2/5 of the profits and losses to Felix and 3/5 to Ian.The net profit of the firm is $40,000.The journal entry to close the Income summary will include:

• A)credit to Income summary for $40,000.
• B)debit to Felix,capital for $16,000.
• C)credit to Ian,capital for $24,000.
• D)debit to Felix,capital for $24,000.

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Definitions:

Life Chances

The opportunities each individual has to improve their quality of life and realize their potential, heavily influenced by societal position.

Race

is a social construct used to categorize humans based on physical characteristics, ancestry, and genetics, often influencing identity and social dynamics.

Functionalists

A perspective in sociology that sees society as a complex system whose parts work together to promote solidarity and stability.

Conflict Theorists

Scholars who emphasize the role of coercion and power in producing social order, typically focusing on the conflict between different social classes or groups.