anonymous
  • anonymous
The net income earned by the Cooper, Cross, and Crane partnership is $18,000. Their respective average capital balances are $20,000, $20,000, and $40,000. What is the closing entry to allocate the net income if no agreement was made for division of income?
Finance
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
katieb
  • katieb
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
anonymous
  • anonymous
@TorilovesVampires
anonymous
  • anonymous
A. Debit Income Summary $18,000; credit Cooper’s Capital $6,000; credit Cross’s Capital $6,000; credit Crane’s Capital $6,000 B. Debit Income Summary $18,000; credit Cooper’s Capital $4,500; credit Cross’s Capital $4,500; credit Crane’s Capital $9,000 C. Debit Cooper’s Capital $6,000; debit Cross’s Capital $6,000; debit Crane’s Capital $6,000; credit Income Summary $18,000 D. Net income cannot be allocated
anonymous
  • anonymous
i picked D

Looking for something else?

Not the answer you are looking for? Search for more explanations.

More answers

anonymous
  • anonymous
it says no agreement was made for the division of the income meaning they dont know who gets what
anonymous
  • anonymous
rite?
TorilovesVampires
  • TorilovesVampires
I was thinking a
anonymous
  • anonymous
i did too but idk
TorilovesVampires
  • TorilovesVampires
try A then
anonymous
  • anonymous
ok

Looking for something else?

Not the answer you are looking for? Search for more explanations.