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  3. in a paitnefihip, the entry to closc net income: a

In a paitnefihip, the entry to closc net income: A) Increase* assets U) Incrcasca liabilities...

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Accounting

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In a paitnefihip, the entry to closc net income: A) Increase* assets U) Incrcasca liabilities (') decrease* partners' capital accounts. D) decroaaca the Income Summary account. 17) Nancy ami Hetty enter into a partnership agreement whereby they undertake to share profits acconling to the following rules: (a) Nancy ami Hetty will reccivc a salary of $1,500 and $13,500 respectively, (h) The next allocation is basal on 20% of the partner's capital balances, (c) Any remaining profit or km is to be borne completely by Betty. I be partnership's net income for the first year is $40,000. Nancy's capital balancc is $90,000 and Hetty's capital balance is $10,000 as at the end of the year. Calculate the share of profit/loss to be home by Hetty. A) $19,500 B) $20,500 C) $4,000 D) $17,500

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