Examlex
Farrell and Jimmy enter into a partnership agreement on May 1,2017.Farrell contributes $50,000 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 $60,000.Which of the following is the correct journal entry to record the allocation of profit?
Andes
A major mountain range along the western edge of South America, formed by the subduction of the Nazca Plate beneath the South American Plate.
Pyroclastic Flows
Fast-moving currents of hot gas and volcanic materials (such as ash and rock fragments) that flow down the slopes of a volcano during an explosive eruption.
Mudflows
Rapid flows of water-saturated earth material, primarily composed of mud and often triggered by heavy rains or volcanic activity.
River Valley
a long, narrow region carved by river erosion, often surrounded by hills or mountains.
Q39: For each of the following amounts paid
Q39: Dana and Emile allocate 2/3 of their
Q100: Sales revenue for a sporting goods store
Q118: On January 1,2017,Carter Sales issued $36,000 in
Q135: An expenditure that increases the capacity or
Q151: On October 1,2017,Nurix,Inc.purchased a patent for $200,000
Q155: On January 1,Ajax Corp.accepted a one-year note
Q174: On January 1,2017,Partridge Advertising Company issued $50,000
Q185: Pluto Corp.sold goods,with a selling price of
Q196: Small and large stock dividends have no