Khalid,Dina and James Are Partners with Beginning-Year Capital Balances of $400,000,$320,000

question 91

Essay

Khalid,Dina and James are partners with beginning-year capital balances of $400,000,$320,000 and $160,000,respectively.The partners agreed to share income and loss as follows: Salary of $30,000 to Khalid,$50,000 to Dina and $55,000 to James.An interest allowance of 10% on beginning-of-year capital balances.Any remaining balance is to be divided equally.If partnership net income for the year is $190,000,determine each partner's share and make the appropriate journal entry to close the Income Summary to the capital accounts.

Recognize the critical periods in development and their significance.

Identify and describe newborn reflexes and sensory capabilities.

Understand the role of maternal and environmental factors in prenatal and postnatal development.

Describe the process and stages of physical maturation from birth through adolescence.

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Definitions:

Colonialism

System by which Western nations became wealthy by taking raw materials from other societies (the colonized) and reaping profits from products finished in the homeland.

Gini Coefficient

Measure of income distribution within a given population.

Colonialism

The practice of acquiring full or partial political control over another country, occupying it with settlers, and exploiting it economically.

Peripheral Countries

Nations that are less developed economically and are often exploited by more developed, core countries in the global economic system.