Farrell and Jimmy Enter into a Partnership Agreement on May

question 102

Multiple Choice

Farrell and Jimmy enter into a partnership agreement on May 1,2017.Farrell contributes $30,000 and Jimmy contributes $140,000 as their capital contributions.They decide to share profits and losses in the ratio of their respective capital account balances.The net income for the year ended December 31,2017 is $40,000.Which of the following amounts should be credited to Jimmy's capital account?

• A)$70,000
• B)$40,000
• C)$32,941
• D)$7,059

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Definitions:

Translocation

The process of moving a segment of DNA from one location to another in the genome, often leading to genetic mutations or changes.

Translocation

The movement of substances, such as nutrients and hormones, within an organism, particularly within plants through the phloem.

Active Transport

The movement of substances across cell membranes against a concentration gradient, requiring energy.

Passive Transport

The movement of ions and other molecular substances across cell membranes without the need for energy input.