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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

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

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.