Tucker and Titus are partners who share income in the ratio of 3:1 . Their capital balances are $40,000 and $60,000, respectively. Income Summary has a credit balance of $40,000 after the second closing entry. What is Tucker's capital balance after closing Income Summary to the capital accounts?

a. $40,000
b. $70,000
c. $10,000
d. $80,000

b

Business

You might also like to view...

Measures enacted in the South from 1877 to the 1950s legalizing segregation in public places, buses, trains, restaurants, schools, and businesses were known as Jim Crow laws.

a. true b. false

Business

The ________ is an extremely important part of the report, as this is often the only portion of the report that executives read

A) executive summary B) problem definition section C) research design section D) conclusions and recommendations section E) the invoice statement

Business