The Net Income Earned by the Cooper,Cross,and Crane Partnership Is

question 104

Multiple Choice

The net income earned by the Cooper,Cross,and Crane partnership is $18,000.Their respective average capital balances are $20,000,$20,000,and $40,000.What is the closing entry to allocate the net income if no agreement was made for division of income?

• A)Debit Income Summary $18,000; credit Cooper,Capital $6,000; credit Cross,Capital $6,000; credit Crane,Capital $6,000
• B)Debit Income Summary $18,000; credit Cooper,Capital $4,500; credit Cross,Capital $4,500; credit Crane,Capital $9,000
• C)Cannot allocate net income.
• D)Debit Cooper,Capital $6,000; debit Cross,Capital $6,000; debit Crane,Capital $6,000; credit Income Summary $18,000

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The sense of belonging and cultural identification shared among members of a native or indigenous tribe.

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