Wallace and simpson formed a partnership with wallace contributing $60,000 and simpson contributing $40,000. their partnership agreement calls for the income (loss) division to be based on the ratio of capital investments. the partnership had income of $150,000 for its first year of operation. when the income summary is closed, the journal entry to allocate partner income is:

Which of the following best describes the economic effect that results from the government having a budget surplus? a. consumers save more and spend less, enabling long-term financial planning. b. overall demand decreases, reducing the incentive for producers to increase production. c. banks have more deposits, enabling them to make more loans to investors. d. government spending increases, increasing competition for goods and services and driving prices up.