Question
Stephen, Heath, and Clark have capital balances of $24,000, $45,000, and $85,000. The partners share the profit as 1:1:3. the partnership's net income is $150,000
Stephen, Heath, and Clark have capital balances of $24,000, $45,000, and $85,000. The partners share the profit as 1:1:3. the partnership's net income is $150,000 for the year. Journalized the closing entry to allocate net income.
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Advanced Accounting
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
11th edition
538480289, 978-0538480284
