What Is the Closing Entry to Allocate Net Income of $48,000

question 122

Multiple Choice

What is the closing entry to allocate net income of $48,000 to Sara,Ellen,and Mary? Respective capital balances are $30,000,$40,000,and $30,000.No agreement was made for division of income.

• A)Debit Income Summary $48,000; credit Sara,Capital $16,000; credit Ellen,Capital $16,000; credit Mary,Capital $16,000
• B)Debit Income Summary $48,000; credit Sara,Capital $14,400; credit Ellen,Capital $19,200; credit Mary,Capital $14,400
• C)Debit Salary Expense $48,000; credit Salaries Payable $48,000
• D)Net income cannot be allocated.

Analyze the effect of network effects and collective intelligence in improving the quality of online services and content.

Recognize the importance of social participation through various forms of media used in marketing and identify core media types utilized for brand messaging.

Understand the concept of social media elements including microsharing, references, and embedded content.

Comprehend the role and features of social games within the online community and their impact on social networking.

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Definitions:

Pariah

An individual who is despised or avoided by others, often due to being outcast from their social group.

Fundamental Attribution Errors

A cognitive bias where people are more likely to attribute another’s actions to their character or disposition rather than to external factors.

Internal Attribution Biases

The tendency to attribute one's successes to internal factors and failures to external factors, often underestimating situational influences.

Social Facilitation

The tendency for an individual to perform differently, usually better, in the presence of others than when alone.