Account: Generally Accepted Accounting Principles and Long Term Liabilities
Chapter 12 :
1/ As part of the initial investment , a partner contributes office equipment that had cost $20,000 and on which accumulated depreciation of $ 12500 had been recorded . If the partners agree on a valuation of $ 9000 for the equipment , what amount should be debited to the office equipment account? a/ 7500 c/ 12500 b/ 9000 d/ 20000
2/ Chip and Dale agree to form a partnership. Chip is to contribute $50000 in assets and to devote one half time to the partnership. Dale is to contribute 20000 and to devote full time to the partnership. How will Chip and Dale share in the division of net income or net loss? a/ 5:2 c/ 1:1 b/ 1:2 d/ 2.5:1
3/ Tracey and Hepburn invest 100,000 and 50,000 , respectively , in a partnership and agree to a division of net income that provides for an allowance of interest at 10 % on original investments , salary allowances of 12,000 and 24000 , respectively , with the remainder divided equally . What would be Tracey’s share of a net income o 45,000? a/ 22500 c/ 19,000 b/ 22000 d/ 10000
4/ Lee and Stills are partners who share income in the ratio of 2:1 and who have capital balances of 65,000 and 35,000 , respectively . If Morr , with the consent of Stills, acquired one half of lee’s interest for 40,000 for what amount would Morr’s capital account be credited ? a/ 32500 c/ 50,000 b/ 40000 d/ 72,500
5/ Pavin and abdel share gains and losses in the ratio of 2:1 . After selling all assets for cash , dividing the losses on realization , and paying liabilities , the balances in the capital accounts were as follows : Pavin , 10000 Cr , abdel , 2000 Cr. How many of the cash of 12000 would be distributed to Pavin? a/ 2000 c/ 10000 b/ 8000 d/ 12000 chapter 13:
1/ which of the following is a disadvantage of the
1/ As part of the initial investment , a partner contributes office equipment that had cost $20,000 and on which accumulated depreciation of $ 12500 had been recorded . If the partners agree on a valuation of $ 9000 for the equipment , what amount should be debited to the office equipment account? a/ 7500 c/ 12500 b/ 9000 d/ 20000
2/ Chip and Dale agree to form a partnership. Chip is to contribute $50000 in assets and to devote one half time to the partnership. Dale is to contribute 20000 and to devote full time to the partnership. How will Chip and Dale share in the division of net income or net loss? a/ 5:2 c/ 1:1 b/ 1:2 d/ 2.5:1
3/ Tracey and Hepburn invest 100,000 and 50,000 , respectively , in a partnership and agree to a division of net income that provides for an allowance of interest at 10 % on original investments , salary allowances of 12,000 and 24000 , respectively , with the remainder divided equally . What would be Tracey’s share of a net income o 45,000? a/ 22500 c/ 19,000 b/ 22000 d/ 10000
4/ Lee and Stills are partners who share income in the ratio of 2:1 and who have capital balances of 65,000 and 35,000 , respectively . If Morr , with the consent of Stills, acquired one half of lee’s interest for 40,000 for what amount would Morr’s capital account be credited ? a/ 32500 c/ 50,000 b/ 40000 d/ 72,500
5/ Pavin and abdel share gains and losses in the ratio of 2:1 . After selling all assets for cash , dividing the losses on realization , and paying liabilities , the balances in the capital accounts were as follows : Pavin , 10000 Cr , abdel , 2000 Cr. How many of the cash of 12000 would be distributed to Pavin? a/ 2000 c/ 10000 b/ 8000 d/ 12000 chapter 13:
1/ which of the following is a disadvantage of the