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anonymous

  • one year ago

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?

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  1. anonymous
    • one year ago
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    @TorilovesVampires

  2. anonymous
    • one year ago
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    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

  3. anonymous
    • one year ago
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    i picked D

  4. anonymous
    • one year ago
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    it says no agreement was made for the division of the income meaning they dont know who gets what

  5. anonymous
    • one year ago
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    rite?

  6. TorilovesVampires
    • one year ago
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    I was thinking a

  7. anonymous
    • one year ago
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    i did too but idk

  8. TorilovesVampires
    • one year ago
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    try A then

  9. anonymous
    • one year ago
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    ok

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