true or falseHomework Answers
65.TRUE
66. FALSE . (ANSWER >> IT IS THE RESPECTIVE ASSET ACCOUNT WHICH IS DEBITED AND NOT PROVISION FOR DOUBTFUL ACCOUNTS)
67. FALSE
68 FALSE (SALARY TO PARTNERS IS MENTIONED IN THE PARTNERSHIP DEED & BASED ON SKILLS AND INDIVIDUAL TIME DEVOTION. THIS IS PRE-AGREED. NTHING TO DO WITH PROFITS).
69 TRUE
70. TRUE
71 TRUE SINCE DEBTORS ARE REVALUED AFTER CONSDIDERING THEIR REAL WORTH
72 FALSE (BONUS TO PARTNERS IS GENERALLY BASED ON PROFITS MADE)
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true or false
65. A ratio expressed in fraction, proportion, or percentage which guides the partners...
true or false 1 UU IJU UJII UI Lupe pour 73. Total Agreed Capital refers to...
true or false
1 UU IJU UJII UI Lupe pour 73. Total Agreed Capital refers to the aggregate capitalization of the partnership after taking into account any bonus to either the old partners or to the new partner. 74. Accrued Interest Expense is debited when accruing additional liability from a promissory note issued by the partnership to one of its creditors. 75. The Office Supplies account is credited when the revaluation agreement is to increase its value. 76. Nominal accounts...
true it falser 46. 47. This is a valid revaluation entry for fixed asset: Debit Joel...
true it falser
46. 47. This is a valid revaluation entry for fixed asset: Debit Joel Santos, capilar al IVUITOR Gain on realization means the carrying amount of fixed assets sold is exceeded by the selling price, 48. When a sole proprietor has Accounts Receivable as part of his investment in the newly-formed partnership, the account is recorded in the partnership books at an amount net of the allowance for doubtful accounts. 49. A partnership usually has greater capitalization than...
2. 1. The partnership contract of A and B provides that net income or losses are...
2. 1. The partnership contract of A and B provides that net income or losses are to be distributed in the ratio of partner's capital account balances. The appropriate interpretation of this provision is that net income or losses should be distributed in: a. The ratio of the beginning capital account balances b. The ratio of the average capital account balances C. The ratio of ending capital account balance d. One of the foregoing methods to be specified by partners...
17. A deficient partner A s assumed to be always insolvent B who is solvent and...
17. A deficient partner A s assumed to be always insolvent B who is solvent and has a loan to the st a tes the right of C should inmediately withdraw from the partnership D may invest additional cash The partners did not agree is to how t h e guided then ch should be divided among partners A based on original capital to B arbitrary ratio C equally D. based on ending capital ratio 19. The total partners' equity...
true our false 55. The revaluation entries during partnership formation will involve real acwins UINJ! 56....
true our false
55. The revaluation entries during partnership formation will involve real acwins UINJ! 56. The partner's drawing account should be closed to the partner's capital account balance when he or she withdraws from the partnership. 57. Each partner has the authority to act for the partnership and enter into contracts binding upon it because of the mutual agency characteristic of the partnership. 58. If the interest of a partner is purchased in part by another partner, the partnership...
Admitting New Partner Brian Caldwell and Adriana Estrada have operated a successful firm for many years,...
Admitting New Partner Brian Caldwell and Adriana Estrada have operated a successful firm for many years, sharing net income and net losses equally. Kris Mays is to be admitted to the partnership on September 1 of the current year, in accordance with the following agreement: Assets and liabilities of the old partnership are to be valued at their book values as of August 31, except for the following: Accounts receivable amounting to $2,200 are to be written off, and the...
After the tangible assets have been adjusted to current market prices, the capital accounts of Brad...
After the tangible assets have been adjusted to current market prices, the capital accounts of Brad Paulson and Drew Webster have balances of $48,250 and $55,900, respectively. Austin Neel is to be admitted to the partnership, contributing $32,770 cash to the partnership, for which he is to receive an ownership equity of $37,520. All partners share equally in income. Required: A. On December 31, journalize the entry to record the admission of Neel, who is to receive a bonus of...
Admitting New Partner Brian Caldwell and Adriana Estrada have operated a successful firm for many years,...
Admitting New Partner Brian Caldwell and Adriana Estrada have operated a successful firm for many years, sharing net income and net losses equally. Kris Mays is to be admitted to the partnership on September 1 of the current year, in accordance with the following agreement: a. Assets and liabilities of the old partnership are to be valued at their book values as of August 31, except for the following: 1. Accounts receivable amounting to $2,200 are to be written off,...
9 Which of the following statements is NOT true with regards to the division of proft...
9 Which of the following statements is NOT true with regards to the division of proft that aliows interest allowance, salary alowance, and bonus? A Interest allowance is allowed regardiess of the result of operation B. Regardiess of the date when the partnership started ts operation, the amount of interest computed for the whole year must be allowed to the partners C. The amount of salary alowance will depend upon the partner's expertise and time devoted to the partnership D....
ANSWER TRUE OR FALSE: 15-The entry to increase the balance in petty cash from $50 to...
ANSWER TRUE OR FALSE: 15-The entry to increase the balance in petty cash from $50 to $75 would include a credit to Petty Cash of $25. 16-.outstanding checks are checks that the company has written and distributed, yet the bank paid and o deducted from the customer's bank account during the month. 17-A bank reconciliation explains any differences between the balance of a checking account on the depositor's records and the balance reported on the bank statement. 18-A company borrowed...
true or false
1 UU IJU UJII UI Lupe pour 73. Total Agreed Capital refers to the aggregate capitalization of the partnership after taking into account any bonus to either the old partners or to the new partner. 74. Accrued Interest Expense is debited when accruing additional liability from a promissory note issued by the partnership to one of its creditors. 75. The Office Supplies account is credited when the revaluation agreement is to increase its value. 76. Nominal accounts...
true it falser
46. 47. This is a valid revaluation entry for fixed asset: Debit Joel Santos, capilar al IVUITOR Gain on realization means the carrying amount of fixed assets sold is exceeded by the selling price, 48. When a sole proprietor has Accounts Receivable as part of his investment in the newly-formed partnership, the account is recorded in the partnership books at an amount net of the allowance for doubtful accounts. 49. A partnership usually has greater capitalization than...
2. 1. The partnership contract of A and B provides that net income or losses are to be distributed in the ratio of partner's capital account balances. The appropriate interpretation of this provision is that net income or losses should be distributed in: a. The ratio of the beginning capital account balances b. The ratio of the average capital account balances C. The ratio of ending capital account balance d. One of the foregoing methods to be specified by partners...
17. A deficient partner A s assumed to be always insolvent B who is solvent and has a loan to the st a tes the right of C should inmediately withdraw from the partnership D may invest additional cash The partners did not agree is to how t h e guided then ch should be divided among partners A based on original capital to B arbitrary ratio C equally D. based on ending capital ratio 19. The total partners' equity...
true our false
55. The revaluation entries during partnership formation will involve real acwins UINJ! 56. The partner's drawing account should be closed to the partner's capital account balance when he or she withdraws from the partnership. 57. Each partner has the authority to act for the partnership and enter into contracts binding upon it because of the mutual agency characteristic of the partnership. 58. If the interest of a partner is purchased in part by another partner, the partnership...
Admitting New Partner Brian Caldwell and Adriana Estrada have operated a successful firm for many years, sharing net income and net losses equally. Kris Mays is to be admitted to the partnership on September 1 of the current year, in accordance with the following agreement: a. Assets and liabilities of the old partnership are to be valued at their book values as of August 31, except for the following: 1. Accounts receivable amounting to $2,200 are to be written off,...
9 Which of the following statements is NOT true with regards to the division of proft that aliows interest allowance, salary alowance, and bonus? A Interest allowance is allowed regardiess of the result of operation B. Regardiess of the date when the partnership started ts operation, the amount of interest computed for the whole year must be allowed to the partners C. The amount of salary alowance will depend upon the partner's expertise and time devoted to the partnership D....
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