Homework Answers
11- True- The partnership got terminated or get dissolved when one of the partner get dies.
12- False- No par value of stocks, Corporation do this because they have to avoid the liablility to stockholder should the stock price.
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QUESTION 14 A partnership is automatically dissolved upon the death of one of the partners. True...
Which one of the following statemernts concerning a partnership is true? Select one: O a. A...
Which one of the following statemernts concerning a partnership is true? Select one: O a. A partnership terminates at the death of any partner. O b. Income from a limited partnership is taxed as corporate income. O c. A primary advantage of a partnership is the ease of transferring ownership. O d. Limited partners in a limited partnership should be actively involved in management decision e. Under a general partnership, only the key partner is personally liable for the business...
Question 13 1 pts When a general partnership ends, its assets will be divided in the...
Question 13 1 pts When a general partnership ends, its assets will be divided in the following order: (a) payments to creditors; (b) repayment of the partners' capital contribution; (c) repayment of loans owed to partners; and (d) profits paid according to the partnership agreement. True O False Question 14 1 pts "Joint liability" means that one partner, when sued, may insist that all partners be added to the litigation. O True O False
TRUE OR FALSE PLEASE HELP 1. A new partner cannot be admitted into a partnership without...
TRUE OR FALSE PLEASE HELP
1. A new partner cannot be admitted into a partnership without the consent of all the partners, 2. A partnership may be dissolved without being liquidated. 3. When a new partner is given 30% interest in a partnership, he will receive 30% of all future profits and losses, 4. When a partner leaves a partnership, it is possible that total assets will be unaffected. S. A person admitted as a partner into an existing partnership...
Dana owns a one-third capital and profits interest in the Spendalot Partners partnership. The partnership uses...
Dana owns a one-third capital and profits interest in the Spendalot Partners partnership. The partnership uses the calendar year. Her partnership interest had a basis to her of $240,000. This year, the partnership distributes the following assets to Dana: (1) cash of $280,000; and (2) stocks held for investment, having a basis of $60,000 to the partnership, and a fair market value of $120,000. (a) What is Dana’s recognized gain or loss on the distribution? (b) What basis does she...
Dana owns a one-third capital and profits interest in the Spendalot Partners partnership. The partnership uses...
Dana owns a one-third capital and profits interest in the Spendalot Partners partnership. The partnership uses the calendar year. Her partnership interest had a basis to her of $240,000. This year, the partnership distributes the following assets to Dana: (1) cash of $280,000; and (2) stocks held for investment, having a basis of $60,000 to the partnership, and a fair market value of $120,000. (a) What is Dana’s recognized gain or loss on the distribution? (b) What basis does she...
QUESTION 4 All partners regardless of their contribution to the firm have an equal voice in...
QUESTION 4 All partners regardless of their contribution to the firm have an equal voice in firm management, and decisions are by majority vote unless otherwise agreed. True False QUESTION 15 Directors, but not officers, of a corporation are generally liable for corporate debt. True False QUESTION 16 Any corporation by majority vote may elect Sub Chapter S status. True False QUESTION 21 A Sub Chapter S Corporation: has the advantages and disadvantages of a partnership but is taxed like...
The business concern is owned by one person. * False True If the nullity is related...
The business concern is owned by one person. * False True If the nullity is related to the public policy, then the company is void with relative nullity. * False True The buyer of a Business Concern can change the nature of the business. * True False The Commercial Representative can represent his principal in front of the court. * False True Tools and furniture are fixtures. * False True The debts of the business concern shall be automatically transferred...
QUESTION 11 Partners usually receive a draw and do not receive a “salary.” True False 4...
QUESTION 11 Partners usually receive a draw and do not receive a “salary.” True False 4 points QUESTION 12 According to the text, the paralegal occupation is projected to_______________. a. grow slower than the average for all occupations b. remain flat compared to the average for all occupations c. all of the above d. grow faster than the average for all occupations e. none of the above 4 points QUESTION 13 The Fair Labor Standards Act ___________________. a....
(13) A partnership that consists of two classes of partners, one that participates in management of the company and...
(13) A partnership that consists of two classes of partners, one that participates in management of the company and have unlimited liability, and another that does not participate in management and whose liability is limited to a stated amount is a: a. limited partnership b. general partnership c. limited liability partnership d. mutual agency (14) A partnership where all partners may participate in management of the company, but whose personal liability is limited to that resulting from their own actions...
Financial Accounting Partnership Question No. 06 ossoluton Colors partnership, owned by three partners Rose, Pink and...
Financial Accounting
Partnership Question No. 06 ossoluton Colors partnership, owned by three partners Rose, Pink and White reported the following post-closing trial balance. Colors' Partnership Post-Closing trail Balance as at 31.03.2019 Account Title Building Ace. Depreciation - Building Furniture and Fittings Acc. Depreciation - Furniture and Fittings Inventory Debtors Cash at Bank Capital - Rose Capital - Pink Capital - White Creditors (Rs.) (Rs.) Debit Credit 500,000 60.000 275,000 55.000 350,000 200.000 150,000 300,000 280,000 420,000 360,000 1,475,000 1,475,000 Additional...
Which one of the following statemernts concerning a partnership is true? Select one: O a. A partnership terminates at the death of any partner. O b. Income from a limited partnership is taxed as corporate income. O c. A primary advantage of a partnership is the ease of transferring ownership. O d. Limited partners in a limited partnership should be actively involved in management decision e. Under a general partnership, only the key partner is personally liable for the business...
Question 13 1 pts When a general partnership ends, its assets will be divided in the following order: (a) payments to creditors; (b) repayment of the partners' capital contribution; (c) repayment of loans owed to partners; and (d) profits paid according to the partnership agreement. True O False Question 14 1 pts "Joint liability" means that one partner, when sued, may insist that all partners be added to the litigation. O True O False
TRUE OR FALSE PLEASE HELP
1. A new partner cannot be admitted into a partnership without the consent of all the partners, 2. A partnership may be dissolved without being liquidated. 3. When a new partner is given 30% interest in a partnership, he will receive 30% of all future profits and losses, 4. When a partner leaves a partnership, it is possible that total assets will be unaffected. S. A person admitted as a partner into an existing partnership...
(13) A partnership that consists of two classes of partners, one that participates in management of the company and have unlimited liability, and another that does not participate in management and whose liability is limited to a stated amount is a: a. limited partnership b. general partnership c. limited liability partnership d. mutual agency (14) A partnership where all partners may participate in management of the company, but whose personal liability is limited to that resulting from their own actions...
Financial Accounting
Partnership Question No. 06 ossoluton Colors partnership, owned by three partners Rose, Pink and White reported the following post-closing trial balance. Colors' Partnership Post-Closing trail Balance as at 31.03.2019 Account Title Building Ace. Depreciation - Building Furniture and Fittings Acc. Depreciation - Furniture and Fittings Inventory Debtors Cash at Bank Capital - Rose Capital - Pink Capital - White Creditors (Rs.) (Rs.) Debit Credit 500,000 60.000 275,000 55.000 350,000 200.000 150,000 300,000 280,000 420,000 360,000 1,475,000 1,475,000 Additional...
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