Certain perils, like war, are usually excluded from most insurance policies because they have the potential to adversely affect large numbers of insureds at the same time. This explains why one of the characteristics of an insurable risk is that the risk be

A business process is a set of activities that transforms materials into products

Indicate whether the statement is true or false

Patty and Paul are partners who share income in the ratio of 3:2 . Their capital balances are $90,000 and $130,000, respectively. Income Summary has a credit balance of $40,000 after the second closing entry. What is Paul's capital balance after closing Income Summary to the capital accounts?

a. $120,000 b. $146,000 c. $164,000 d. $160,000