Debt represents funds loaned in exchange for
A) dividend income and the repayment of the loan principal.
B) dividend income and an ownership interest in the firm.
C) interest income and a partial ownership interest in the firm.
D) interest income and the repayment of the loan principal.
Answer: D
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Most real estate disputes are adjudicated in
A. federal courts. B. superior courts. C. Court of Appeal. D. the supreme court.
After closing the temporary owners' equity accounts into Income Summary, and after allocating the net income and closing the partners' drawing accounts, assume the partners' capital accounts had credit balances as follows: Yang, $20,000; Wolfe, $30,000; Stamatis, $45,000 . Partners share profits and losses as follows: Yang, 20%; Wolfe, 30%; and Stamatis, 50%. If Yang purchased Stamatis's interest
in the partnership for $40,000 cash, the amount entered in Yang's capital account is a a. $5,000 debit. b. $40,000 debit. c. $40,000 credit. d. $45,000 credit.