Top Posters
Since Sunday
s
5
g
5
K
5
o
5
g
5
o
4
k
4
s
4
I
4
k
4
j
4
o
4
Home Q & A Board Other Fields Homework Help Business Accounting
New Topic  
mkendrick08 mkendrick08
wrote...
Go to Answer
Posts: 334
Rep: 0 0
5 years ago
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? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.)

A)
Farrell, Capital44,211
Jimmy, Capital44,211

B)
Income Summary60,000
Farrell, Capital15,789
Jimmy, Capital44,211

C)
Farrell, Capital15,789
Jimmy, Capital44,211
    Income Summary60,000

D)
Income Summary28,422
Farrell, Capital15,789
Jimmy, Capital44,211
Textbook 
Horngren's Accounting

Horngren's Accounting


Edition: 11th
Authors:
Read 27 times
1 Reply
Replies
Answer verified by a subject expert
lolawwlolaww
wrote...
#1
Posts: 125
Rep: 54 0
5 years ago
Sign in or Sign up in seconds to unlock everything for free
More solutions for this book are available here

Related Topics

mkendrick08 Author
wrote...

5 years ago
Correct Slight Smile TY
Goku935
wrote...

Yesterday
You make an excellent tutor!
carston
wrote...

2 hours ago
Helped a lot
New Topic      
Quick Reply
Explore
Post your homework questions and get free online help from our incredible volunteers
  1007 People Browsing
Start New Topic Take the Tour CoursesNew Study Tools Topics Trending Browse by Textbook
Live Chat
Related Images
  
 341
  
 87
  
 83