QUESTION 11 A partnership capital account is opened for each partner to: a) Keep track of...
QUESTION 11
A partnership capital account is opened for each partner to:
a) Keep track of the partners share of profits
b) Keep track of the partners original and subsequent contributions
c) Keep track of the partners drawing from the partnership
d) All of the options avialable
QUESTION 12
Which of the following statements is NOT true in regards to partnerships?
a) Partners are not easily able to limit their liability
b) Partnerships pay a company tax rate of 30%.
c) Partners are normally involved in the management of the partnership
d) Income, losses and control of the partnership is shared among the partners
Homework Answers
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QUESTION 11
A partnership capital account is opened for each partner to:
a) Keep track of...
QUESTION 6 Which of the following statements is true in regards to partnerships? Partners are easily...
QUESTION 6 Which of the following statements is true in regards to partnerships? Partners are easily able to limit their liability • Partners cannot normally be involved in the management of the partnership Net assets contributed by partners are recorded at their current market value Partnerships are subject to the same tax rate as companies or trusts QUESTION 7 A partnership capital account is opened for each partner to: Keep track of the partners share of profits Keep track of...
People seek to form partnership to extend and maintain business operations. Each partner contributes to all...
People seek to form partnership to extend and maintain business operations. Each partner contributes to all aspects of the business including, money, property, labor or skill. The profits and losses of the business are shared among the partners. The decision-making process is important as each partner may have different opinions regarding issues, structure, ventures, and operation. Therefore, it is vital to develop a legal partnership agreement (Partnership Deed) to document how future business decisions will be made. Discussion Instructions: For...
1) In a set of partnership accounting records, the account for each partner named “withdrawals” is...
1) In a set of partnership accounting records, the account for each partner named “withdrawals” is most similar to which of the following accounts found on a corporation's records? A) Long term liabilities B) Dividends payable C) Accumulated depreciation D Dividends declared E) Additional paid in capital 2. Over the years, a number of different types of organizations have been developed to take advantage of benefits of partnerships and corporations at once including: A) multi-national corporations using IFRS accounting standards....
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...
Thank you!! ?? Problem 11-5A Partnership entries, profit allocation, admission of a partner L02,3,4 CHECK FIGURES:...
Thank you!! ??
Problem 11-5A Partnership entries, profit allocation, admission of a partner L02,3,4 CHECK FIGURES: c. Cr Bow: $245,200; Cr Amri: $134,800; d. Dr Amri: $48,000 On June 1, 2017, Jill Bow and Aisha Amri formed a partnership, to open a commercial gluten-free bak- ery, contributing $280,000 cash and s360,000 of equipment, respectively. Also, the partnership as sumed responsibility for a $40,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to...
QUESTION 2 PARTNERSHIPS (8 MARKS) 2. Donal and David have been in business as a partnership...
QUESTION 2 PARTNERSHIPS (8 MARKS) 2. Donal and David have been in business as a partnership for a number of years sharing profits in the ratio of 4:1 and entitled to annual salaries of R20 000 and R12 000 respectively. Interest on capital allowed is 3% per annum. Donal and David each take drawings from the partnership of R500 per month. The partnership accounts are prepared annually to 31 December. On 1 July 2013, Damian was admitted as a partner...
Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On June 1,...
Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On June 1, 2020, Jill Bow and Alsha Adams formed a partnership to open a gluten free commercial bakery, contributing $291,000 cash and $382,000 of equipment, respectively. The partnership also assumed responsibility for a $51,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $161.000, both are to receive an annual Interest allowance...
2. Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $259,200 and $172,800,...
2. Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $259,200 and $172,800, respectively. Determine their participation in the year's net income of $384,000 under each of the following independent assumptions: No agreement concerning division of net income. Divided in the ratio of original capital investment. Interest at the rate of 18% allowed on original investments and the remainder divided in the ratio of 2:3. Salary allowances of $68,000 and $94,000, respectively, and the balance divided equally....
Question 11 (2 points) Pat, Helma, and Diane are partners with capital balances of $50,000, $30,000,...
Question 11 (2 points) Pat, Helma, and Diane are partners with capital balances of $50,000, $30,000, and $20,000, respectively. The partners share profits and losses equally. For an investment of $50,000 cash, MaryAnn is to be admitted as a partner with a one-fourth interest in capital and profits. Based on this information, the amount of MaryAnn's investment can best be justified by which of the following? Question 11 options: The book value of the partnership's net assets was less than...
TRUE OR FALSE/ MULTIPLE CHOICE and word response questions. C. a more permanent government involvement in the ba...
TRUE OR FALSE/ MULTIPLE CHOICE and word response
questions.
C. a more permanent government involvement in the banking system, even creating a pational banking system that owns and operates most of the global and regional banks. Deshort-term increases in government spending to stimulate the economy. 20. When describing the state of the U.S. economy, reporters often refer to the nation's GDP, its unemployment rate, and the CPI. Explain what each of these terms means and why each measure is significant....
QUESTION 6 Which of the following statements is true in regards to partnerships? Partners are easily able to limit their liability • Partners cannot normally be involved in the management of the partnership Net assets contributed by partners are recorded at their current market value Partnerships are subject to the same tax rate as companies or trusts QUESTION 7 A partnership capital account is opened for each partner to: Keep track of the partners share of profits Keep track of...
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...
Thank you!! ??
Problem 11-5A Partnership entries, profit allocation, admission of a partner L02,3,4 CHECK FIGURES: c. Cr Bow: $245,200; Cr Amri: $134,800; d. Dr Amri: $48,000 On June 1, 2017, Jill Bow and Aisha Amri formed a partnership, to open a commercial gluten-free bak- ery, contributing $280,000 cash and s360,000 of equipment, respectively. Also, the partnership as sumed responsibility for a $40,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to...
Problem 11-6A Partnership entries, profit allocation, admission of a partner LO2, 3, 4 On June 1, 2020, Jill Bow and Alsha Adams formed a partnership to open a gluten free commercial bakery, contributing $291,000 cash and $382,000 of equipment, respectively. The partnership also assumed responsibility for a $51,000 note payable associated with the equipment. The partners agreed to share profits as follows: Bow is to receive an annual salary allowance of $161.000, both are to receive an annual Interest allowance...
TRUE OR FALSE/ MULTIPLE CHOICE and word response
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C. a more permanent government involvement in the banking system, even creating a pational banking system that owns and operates most of the global and regional banks. Deshort-term increases in government spending to stimulate the economy. 20. When describing the state of the U.S. economy, reporters often refer to the nation's GDP, its unemployment rate, and the CPI. Explain what each of these terms means and why each measure is significant....
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