Farrell and Jimmy Enter into a Partnership Agreement on 1

question 29

Multiple Choice

Farrell and Jimmy enter into a partnership agreement on 1 May 2017.Farrell contributes $70,000 and Jimmy contributes $150,000 as their capital contributions.They decide to share profits and losses in the ratio of their respective capital account balances.The net profit for the year ended 31 December 2017 is $80,000.Which of the following is the correct journal entry to record the allocation of profit?

• A) \[\begin{array} { | l | l | l | }
• \hline \text { Farrell, capital } & 25,455 & \\
• \hline \text { jimmy, captial } & 54,545 & \\
• \hline \text { Income summary } & & 80,000 \\
• \hline
• \end{array}\]
• B) \[\begin{array} { | c | c | c | }
• \hline \text { Farrell, captial } & 54,545 & \\
• \hline \text { Jimmy, capital } & & 54,545 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | c | l | l | }
• \hline \text { Income summary } & 30,000 & \\
• \hline \text { Farrell, capital } & & 25,455 \\
• \hline \text { Jimmy, captial } & & 54,545 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | c | c | c | }
• \hline \text { Income summary } & 29,090 & \\
• \hline \text { Farrell, capital } & 25,455 & \\
• \hline \text { Jimmy, capital } & & 54,545 \\
• \hline
• \end{array}\]

Understand tools and methods for measuring hydrogen ion concentration.

Compare the effectiveness of different antacids.

Analyze the implications of blood pH changes.

Understand the process of hydrolysis and its importance in breaking down macromolecules.

---

Definitions:

Population Groups

Distinct segments of individuals within a large community, categorized by certain shared characteristics.

Statistical Inferences

The process of drawing conclusions about a population's characteristics based on a subset of data taken from that population.

Self-Selected Samples

A sample in which the participants have volunteered themselves, which may lead to bias and unrepresentative samples.

Stratified Random Samples

A sampling method that involves dividing the population into subgroups (strata) and randomly selecting samples from each stratum, aiming to ensure representation of key subgroups.