Question 2 The accounting procedures are the same for sole proprietorships as for partnerships with the exception of: The asset section includes more than one cash a account. The liability section b The revenue section C The capital section is now divided per the number of partners d Question 1 Partner A has a capital balance of $120,000; Partner B has a capital balance of $80,000; Partner C has a capital balance of $100,000; Net income for the year totaled $24,000 and the partnership agreement allocates income equally. How much net income is allocated to Partner A? $6,200 $8,000 b $8,500 C $9,600 d