Cox, north, and lee form a partnership. cox contributes $180,000, north contributes $150,000, and lee contributes $270,000. their partnership agreement calls for the income or loss division to be based on the ratio of capital invested. if the partnership reports income of $150,000 for its first year, what amount of income is credited to cox's capital account?

During the current year, luis university received a $50,000 gift from an alumna who specified that it must be used to pay travel costs for faculty to attend health care conferences in foreign countries. during the year the university spent $8,000 to support travel to a health care conference in italy. the $8,000 disbursement will cause a net decrease in which class of net assets?