8)ACCOUNTING PRINCIPLES II course On 01/01/2017 the capital balances in Toshiba company are Saki $130,000 andTurkic $120,000. In 2017 the partnership reports net income of $150,000. Theincome ratio provides for salary allowances of $60,000 for Saki and $50,000 toTurkic and the remainder in the ratio of 55%: 45%.the journal entry for incomedistribution is:a. Debit Income summary $150,000 and credit both Saki capital $82,500and Turkic capital S67,500b. Debit both Saki capital S82,000 and Turkic capital $68,000 and creditIncome summary S$150,000O c. Debit Income summary $150,000 and credit both Saki capital $75, 000and Turkic capital $75, 000O d. Debit Income summary $150,000 and credit both Saki capital $82, 000and Turkic capital $68,000

Under the partnership, there are two or more persons that come together and share their resources in…

On 01/01/2017 the capital balances in Toshiba company are Saki $130,000 and Turkic $120,000. In 2017 the partnership reports net income of $150,000. The income ratio provides for salary allowances of $60,000 for Saki and $50,000 to Turkic and the remainder in the ratio of 55%: 45%.the journal entry for income distribution is: O a. Debit Income summary $150,000 and credit both Saki capital $82,500 and Turkic capital $67,500 O b. Debit both Saki capital $82,000 and Turkic capital $68,000 and credit Income summary $150,000 O c. Debit Income summary $150,000 and credit both Saki capital $75, 000 and Turkic capital $75, 000 O d. Debit Income summary $150,000 and credit both Saki capital $82, 000 and Turkic capital S68,000

On 01/01/2017 the capital balances in Toshiba company are Saki $130,000 and Turkic $120,000. In 2017 the partnership reports net income of $150,000. The income ratio provides for salary allowances of $60,000 for Saki and $50,000 to Turkic and the remainder in the ratio of 55%: 45%.the journal entry for income distribution is: O a. Debit Income summary $150,000 and credit both Saki capital $82,500 and Turkic capital $67,500 O b. Debit both Saki capital $82,000 and Turkic capital $68,000 and credit Income summary $150,000 O c. Debit Income summary $150,000 and credit both Saki capital $75, 000 and Turkic capital $75, 000 O d. Debit Income summary $150,000 and credit both Saki capital $82, 000 and Turkic capital S68,000

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 3PA

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ACCOUNTING PRINCIPLES II course

On 01/01/2017 the capital balances in Toshiba company are Saki $130,000 and
Turkic $120,000. In 2017 the partnership reports net income of $150,000. The
income ratio provides for salary allowances of $60,000 for Saki and $50,000 to
Turkic and the remainder in the ratio of 55%: 45%.the journal entry for income
distribution is:
a. Debit Income summary $150,000 and credit both Saki capital $82,500
and Turkic capital S67,500
b. Debit both Saki capital S82,000 and Turkic capital $68,000 and credit
Income summary S$150,000
O c. Debit Income summary $150,000 and credit both Saki capital $75, 000
and Turkic capital $75, 000
O d. Debit Income summary $150,000 and credit both Saki capital $82, 000
and Turkic capital $68,000

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