The partnership of Fehr and Selig reports net income of $30,000. The partners share equally in income and losses. The entry to record the partners' share of net income will include a credit to Income Summary for $30,000. debit to Selig. Capital for $15,000. credit to Fehr, Drawings for $15,000. credit to Fehr, Capital for $15,000.
The partnership of Fehr and Selig reports net income of $30,000. The partners share equally in income and losses. The entry to record the partners' share of net income will include a credit to Income Summary for $30,000. debit to Selig. Capital for $15,000. credit to Fehr, Drawings for $15,000. credit to Fehr, Capital for $15,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Question 12,
The partnership of Fehr and Selig reports net income of $30,000. The partners
share equally in income and losses. The entry to record the partners' share of
net income will include a
) credit to Income Summary for $30,000.
debit to Selig, Capital for $15,000.
credit to Fehr, Drawings for $15,000.
credit to Fehr, Capital for $15,000.
Question 13
A general partner in a partnership.
is always the general manager of the firm.
is the partner who lacks a specialization.
has unlimited liability for all partnership debts.
is liable for partnership liabilities only to the extent of that partner's capital equity.
Question 14
The partnership form of business is.
most often used in relatively large companies.
)not restricted to any particular type of business.
restricted to firms having fewer than 10 partners.
restricted to law and medical practices.
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