Partnership Accounting, Accounting

Question: Which of the following is not a characteristic of a partnership?
A
Taxable entry

B
Co-ownership of property.

C
Mutual agency.

D
Limited life.

Note: Not available
1. Report
Question: The advantages of a partnership do not include:
A
ease of formation.

B
unlimited liability.

C
freedom from government regulation.

D
ease of decision making.

Note: Not available
1. Report
Question: Upon formation of a partnership, each partner's initial investment of assets should be recorded at their:
A
book values.

B
cost.

C
market values.

D
appraised values.

Note: Not available
1. Report
Question: The NBC Company reports net income of $60,00. If partners N, B and C have an income ratio of 50%, 30% and 20% respectively, C's share of the net income is:
A
$30,000

B
$12,000

C
$18,000

D
$15,000

Note: Not available
1. Report
Question: The NBC Company reports net income of $60,00. If partners N, B and C have an income ratio of 50%, 30% and 20% respectively. What is B's share of net income if the percentages are applicable after each partner receives a $10000 salary allowance?
A
$12000

B
$20000

C
$19000

D
$21000

Note: Not available
1. Report
Question: Which of the Following statements about partnership financial statement s is true?
A
Details of the distribution of net income are shown in the owners equity statement .

B
The distribution of net income is shown on the balance sheet.

C
Only the total of all partner capital balances is shown in the balance sheet.

D
The owner's equity statement is called the partners' capital statement.

Note: Not available
1. Report
Question: Maria Taxco purchases 50% of Louie lime's capital interest in the K & L partnership for $22000.If the capital balance of kim kanary and louie lima are $44000 and $30000 respectively. Taxco's capital balance following the purchase is:
A
$22000

B
$35000

C
$20000

D
$15000

Note: Not available
1. Report
Question: Capital balances in the DEA partnership are Don capital $60000, Ed Capital $50000 , and Amy Capital $40000, and income ratios are 5:4:3,respectively. The DEAR partnership is formed by admitting Ray to the firm with a cash investment of $600000 for a 25% capital interest . The bonus to be credited to Amy Capital in admitting Ray is:
A
$10000

B
$7500

C
$3750

D
$1500

Note: Not available
1. Report
Question: Capital balances in the TERM partnership are terry capital $50000 ,Enid Capital $40000 , Rob capital $30000, and mary capital $20000, and income ratios are 4:3:2:1, respectively. Mary withdraws from the firm following payment of $29,000 in cash from the partnership .Enid's capital balance after recording the withdrawal of Mary is:
A
$36000

B
$37000

C
$38000

D
$40000

Note: Not available
1. Report
Question: In the liquidation of a partnership it is necessary to (1) distribute cash to the partners , (2) sell the noncash assets,(3) allocate any gain or less on realization to the partners, and (4) pay liabilities. These steps should be performed in the following order:
A
(2), (3), (4), (1).

B
(2), (3), (1), (4).

C
(3), (1), (4), 2).

D
(2), (3), (1), (4).

Note: Not available
1. Report

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Question: Which of the following is not a characteristic of a partnership?

Question: The advantages of a partnership do not include:

Question: Upon formation of a partnership, each partner's initial investment of assets should be recorded at their:

Question: The NBC Company reports net income of $60,00. If partners N, B and C have an income ratio of 50%, 30% and 20% respectively, C's share of the net income is:

Question: The NBC Company reports net income of $60,00. If partners N, B and C have an income ratio of 50%, 30% and 20% respectively. What is B's share of net income if the percentages are applicable after each partner receives a $10000 salary allowance?

Question: Which of the Following statements about partnership financial statement s is true?

Question: Maria Taxco purchases 50% of Louie lime's capital interest in the K & L partnership for $22000.If the capital balance of kim kanary and louie lima are $44000 and $30000 respectively. Taxco's capital balance following the purchase is:

Question: In the liquidation of a partnership it is necessary to (1) distribute cash to the partners , (2) sell the noncash assets,(3) allocate any gain or less on realization to the partners, and (4) pay liabilities. These steps should be performed in the following order: