true or falseHomework Answers
36. The statement is false. Industrial partner is a is a partner who contributes his expertise as investment rather than money In this case Cara invest 120000 therefore the statement is not correct she has to invest more in case of loss.
37. The statement is true. As when partner withdraws the operations of the firm terminates because new partnership deed is formed between the remaining partner's.
38. The statement is true as co-ownership characterstic means when two or more person hold title to the same property weather right to common position and use, therefore in partnership firm all the property is used by all the members and the interest or share is Transferable.
39. The statement is true. As selling of a whole share will lead to retirement of old partner and admission of a new partner this all will require a new partnership deed therefore the existing relationships between the partner will dissolved but the firm continuous to be active.
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true or false statement is TRUE or the letter bubble B if the statement is FALSE. 36. Cara Rosales has a capital cre...
40. This is a valid revaluation entry: Debit Interest Receivable, Credit Interest Income. 41. When the...
40. This is a valid revaluation entry: Debit Interest Receivable, Credit Interest Income. 41. When the results of operation is favorable, the entry is to debit the drawing accounts of the partners and credit Income Summary. 42. An overstatement in merchandise inventory is corrected by debiting the capital accounts of the partners and crediting Merchandise Inventory. 43. If agreed upon, interest and salary allowance are still given to the partners even if the business operation resulted in a net loss....
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...
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...
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...
On December 31, the capital balances and income ratios in Pharoah Company are as follows. Capital...
On December 31, the capital balances and income ratios in Pharoah Company are as follows. Capital Balance Income Ratio Partner Trayer Emig Posada $59,500 38,500 35,000 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not ind (1) Each of the continuing partners agrees to pay $17,200 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity. (2)...
true or false 65. A ratio expressed in fraction, proportion, or percentage which guides the partners...
true or false
65. A ratio expressed in fraction, proportion, or percentage which guides the partners in allocating the final result of operation of the business is called profit and loss ratio. 66. Allowance for Doubtful Accounts is debited when the partners want to increase the fair value of various fixed asset accounts 67. In revaluation transactions, Accumulated Depreciation is debited to increase the carrying amount of a mixed asset. T 68. Giving salary allowance to all partners is a...
Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as...
Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as follows. Partner Trayer Emig Posada Capital Balance $60,000 40,000 30,000 Income Ratio 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent mane (1) Each of the continuing partners agrees to pay $18,000 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of...
If Emig’s capital balance after Posada’s withdrawal is $48,250, what were (1) the total bonus to...
If Emig’s capital balance after Posada’s withdrawal is $48,250,
what were (1) the total bonus to the remaining partners and (2) the
cash paid by the partnership to Posada?
(1)
Total bonus
$
(2)
Cash paid to Posada
$
On December 31, the capital balances and income ratios in Carla
Vista Company are as follows.
Partner
Capital Balance
Income Ratio
Trayer
$64,500
50%
Emig
44,500
30%
Posada
29,500
20%
Your answer is correct.
Journalize the withdrawal of Posada under each...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership in the form of cash and other assets Withdrawals of cash by the partners are called "drawings." The partnership income statement includes revenues and expenses but not salary paid to partners A) B) C) D) All of the above are true 69. Which of the following statements about the allocation of partnership profit or loss is false? A) Partnership agreements sometimes allow for a...
A new incoming partner’s contribution may suggest either the presence of previously unrecorded go...
A new incoming partner’s contribution may suggest either the presence of previously unrecorded goodwill or the appreciation of existing assets but not both. True False Use of the bonus method and use of the goodwill method are mutually exclusive choices True False Under the bonus method, the mew incoming partner’s initial capital balance is equal to that partner’s percentage interest in capital times the book value of the old partnership. True False The goodwill method recognizes increases in asset values...
40. This is a valid revaluation entry: Debit Interest Receivable, Credit Interest Income. 41. When the results of operation is favorable, the entry is to debit the drawing accounts of the partners and credit Income Summary. 42. An overstatement in merchandise inventory is corrected by debiting the capital accounts of the partners and crediting Merchandise Inventory. 43. If agreed upon, interest and salary allowance are still given to the partners even if the business operation resulted in a net loss....
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...
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...
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...
On December 31, the capital balances and income ratios in Pharoah Company are as follows. Capital Balance Income Ratio Partner Trayer Emig Posada $59,500 38,500 35,000 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not ind (1) Each of the continuing partners agrees to pay $17,200 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity. (2)...
true or false
65. A ratio expressed in fraction, proportion, or percentage which guides the partners in allocating the final result of operation of the business is called profit and loss ratio. 66. Allowance for Doubtful Accounts is debited when the partners want to increase the fair value of various fixed asset accounts 67. In revaluation transactions, Accumulated Depreciation is debited to increase the carrying amount of a mixed asset. T 68. Giving salary allowance to all partners is a...
Problem 12-5A On December 31, the capital balances and income ratios in TEP Company are as follows. Partner Trayer Emig Posada Capital Balance $60,000 40,000 30,000 Income Ratio 50% 30% 20% Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent mane (1) Each of the continuing partners agrees to pay $18,000 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of...
If Emig’s capital balance after Posada’s withdrawal is $48,250,
what were (1) the total bonus to the remaining partners and (2) the
cash paid by the partnership to Posada?
(1)
Total bonus
$
(2)
Cash paid to Posada
$
On December 31, the capital balances and income ratios in Carla
Vista Company are as follows.
Partner
Capital Balance
Income Ratio
Trayer
$64,500
50%
Emig
44,500
30%
Posada
29,500
20%
Your answer is correct.
Journalize the withdrawal of Posada under each...
68. Which of the following statements is false? Partners may contribute additional capital to the partnership in the form of cash and other assets Withdrawals of cash by the partners are called "drawings." The partnership income statement includes revenues and expenses but not salary paid to partners A) B) C) D) All of the above are true 69. Which of the following statements about the allocation of partnership profit or loss is false? A) Partnership agreements sometimes allow for a...
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