Nan Ferdinand and Misti Morris have formed a partnership. During their first year of operations, the partnership earned $50,000. Their
1. Calculate the amount of income each partner will receive under their profit and loss sharing agreement.
2. Journalize the entry to close the Income summary account for the year.
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Question Posted: March 22, 2012 07:35:57