1 Question 12,The partnership of Fehr and Selig reports net income of $30,000. The partnersshare equally in income and losses. The entry to record the partners' share ofnet 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 13A 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 14The 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.

Distribution of Partnership Income: The most typical method partners divide net income is by the…

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.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 57P

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