If a Partnership's Net Income Is in Excess of the Salary

question 22

Short Answer

If a partnership's net income is in excess of the salary and interest allowances, the entry to close Income Summary after the allowances are recorded will include a(n)-----------to Income Summary.

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Definitions:

Criminally Liable

The legal responsibility one holds for committing an act that is prohibited by law, potentially resulting in criminal prosecution and penalties.

Prosecutor

An attorney who conducts the case against a defendant in a criminal court.

Imputed

Attribute something, especially a thought or action, to a person or entity based on the actions or thoughts of another related or connected person or entity.

Computer Fraud

The act of using computers or digital devices to commit fraudulent activities such as identity theft, embezzlement, or unauthorized access to data.