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

question 122

Multiple Choice

Felix and Ian allocate 2/5 of the profits and losses to Felix and 3/5 to Ian. The net income of the firm is $30,000. The journal entry to close the Income Summary will include:

• A)credit to Ian, Capital for $18,000.
• B)debit to Felix, Capital for $18,000.
• C)debit to Felix, Capital for $12,000.
• D)credit to Income Summary for $30,000.

Recognize the various flows of communication within organizations.

Identify different complicating factors and contexts of communication.

Differentiate between high-context and low-context cultures.

Describe the concept of ethnocentrism and its impact on communication.

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Definitions:

Curiosity

A strong desire to know or learn something.

Workaround

An alternative method of accomplishing a task or solving a problem when the usual process is ineffective or unavailable.

Urinary Catheter

A tube inserted into the bladder to provide a continuous flow of urine, used when patients cannot urinate by themselves.

Clostridium Difficile

A bacterium that can cause symptoms ranging from diarrhea to life-threatening inflammation of the colon.