19. Ali had a $50,000 capital balance for eight months and a $65,000 balance for four...

Transcribed Image Text:

19. Ali had a $50,000 capital balance for eight months and a $65,000 balance for four months. Barry had a $38,000 capital balance for five months and a $50,000 balance for seven months. If the net income of the year is $80,000, the entry to show the distribution of income to each partner is: a. Ali, Capital 44,000 Barry, Capital 36,000 Income Summary 80,000 b. Income Summary 80,000 Ali, Capital 44,000 Barry, Capital 36,000 c. Income Summary 80,000 Ali, Capital 36,000 Barry, Capital 44,000 d. Income Summary 80,000 Ali, Capital 45,320 Barry, Capital 34,680 19. Ali had a $50,000 capital balance for eight months and a $65,000 balance for four months. Barry had a $38,000 capital balance for five months and a $50,000 balance for seven months. If the net income of the year is $80,000, the entry to show the distribution of income to each partner is: a. Ali, Capital 44,000 Barry, Capital 36,000 Income Summary 80,000 b. Income Summary 80,000 Ali, Capital 44,000 Barry, Capital 36,000 c. Income Summary 80,000 Ali, Capital 36,000 Barry, Capital 44,000 d. Income Summary 80,000 Ali, Capital 45,320 Barry, Capital 34,680