Andrews share of net income is $35,000 and barbara’s share of net income is $45,000. which of the following would be included in a closing entry as a result of these allocations
a. andrews capital account would be credited for $40,000
b. andrews capital account would be debited $35,000
c. the income summary would be devoted for $80,000
d. barbara’s capital account would be credited $40,000

On july 1, oura corp. made a sale of $ 450,000 to stratus, inc. on account. terms of the sale were 2/10, n/30. stratus makes payment on july 9. oura uses the net method when accounting for sales discounts. ignore cost of goods sold and the reduction of inventory. a. prepare all oura's journal entries. b. what net sales does oura report?

Acoase solution to a problem of externality ensures that a socially efficient outcome is to

Yowell company granted a sales discount of $360 to a customer when it collected the amount due on account. yowell uses the perpetual inventory system. which of the following answers reflects the effects on the financial statements of only the discount? assets = liab. + equity rev. − exp. = net inc. cash flow a. (360 ) = na + (360 ) (360 ) − na = (360 ) (360 ) oa b. na = (360 ) + 360 360 − na = 360 na c. (360 ) = na + (360 ) (360 ) − na = (360 ) na d. na = (360 ) + 360 360 − na = 360 na