Adam,Bill and Charlie Are Partners

question 77

Multiple Choice

Adam,Bill and Charlie are partners.The profit and rule sharing rule between them is 3:4:4,with Bill getting the most and Adam getting the least.The partnership incurs a net loss of $18,000.While closing the Income summary:

• A)Charlie,capital will be debited for $6545.
• B)Adam,capital will be debited for $6545.
• C)Income summary will be credited for $6545.
• D)Adam,capital will be credited for $6545.

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Definitions:

Federalists

Supporters of the ratification of the U.S. Constitution, advocating for a strong federal government and the creation of a union of states with a centralized authority.

Federal Legislation

Laws passed by the national government of a federal country.

Waiver

An intentional relinquishment or surrender of some known right or privilege.

Earmark

A legislative provision that directs approved funds to be spent on specific projects, often within a particular congressional district.