Accounting

Accounting

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
Question: Which of the following is not a major advantage of a corporation?
A
Separate legal existence.

B
Continuous life.

C
Government regulations.

D
Transferable ownership rights.

Note: Not available
1. Report
Question: A major disadvantage of a corporation is:
A
limited liability of stockholders.

B
transferable ownership rights.

C
additional taxes.

D
None

Note: Not available
1. Report
Question: Which of the following statements is false?
A
Ownership of common stock gives the owner a voting right.

B
The stockholders equity section begins with paid-in capital.

C
The authorization of capital does not result in a formal accounting entry.

D
Legal capital per share applies to par value stock but not to no-par value stock.

Note: Not available
1. Report
Question: The accounting Retained Earnings is:
A
a subdivision of paid-in capital.

B
net income retained in the corporation.

C
reported as an expense in the income statement.

D
closed to capital stock.

Note: Not available
1. Report
Question: ABC Corporation issues 1,000 shares of $10 par value common stock at $12 per share. In recording the transaction, credit are made to:
A
Common Stock $10,000 and Paid-in Capital in Excess of State Value $2000.

B
Common Stock $2000.

C
Common Stock $10,000 and Retained Earning $2000.

D
Common Stock $10,000 and Paid-in Capital in Excess of Par Value $2,000

Note: Not available
1. Report

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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:

Question: Which of the following is not a major advantage of a corporation?

Question: A major disadvantage of a corporation is:

Question: Which of the following statements is false?

Question: The accounting Retained Earnings is:

Question: ABC Corporation issues 1,000 shares of $10 par value common stock at $12 per share. In recording the transaction, credit are made to: