The ABC Partnership Had Net Income of $100,000 for 2009

question 33

Essay

The ABC partnership had net income of $100,000 for 2009.They allocate profits and losses in the ratio 5:3:2.After closing the 12/31/2009 books they discovered that $30,000 was spent on a piece of land in December 2009 and was expensed.What should happen?

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Definitions:

Behaviorists

Psychologists who study observable behaviors and the environmental factors that influence them, often emphasizing the role of learning.

Black Box

In psychology, this term refers to the mind or the brain where internal processes are considered unknowable or not observed directly.

Competencies

A combination of skills, abilities, and knowledge that enables a person to perform a specific task or role effectively.

Self-regulatory Plans

Strategies individuals create and implement to guide their behavior towards achieving personal goals.