Alex,Brad and Carl Are Partners

question 22

Multiple Choice

Alex,Brad and Carl are partners.The profit and rule sharing rule between them is 5:2:2 in the alphabetical order.The partnership incurs a net loss of $100,000.Before preparing the closing journal entry the:

• A)Alex,capital account will have a credit balance of $55,556.
• B)Alex,capital account will have a debit balance of $55,556.
• C)Income summary account will have a debit balance of $100,000.
• D)Carl,capital account will have a debit balance of $22,222.

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Definitions:

Personality Type Theory

A psychological framework suggesting that individuals can be categorized into distinct personality types based on certain traits and behaviors.

Career Exploration

Career exploration involves researching, evaluating, and considering different job roles and career paths to find a fit for one's interests, skills, and values.

Monetary Considerations

Factors related to financial aspects, including costs, expenses, and economic benefits.

Career Success

The achievement of personal and professional goals and milestones in one's career, often measured by promotions, recognition, and personal fulfillment.