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ACCT 2013 - Concept 1

Adam Peterson 6 preguntas

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Preguntas del test (6)

  1. 1Charlie and James form a partnership. Charlie contributes cash of $45,000 and equipment with an original cost of $50,000 and a fair market value of $26,000. James contributes cash of $12,000 and furniture with an original cost of $15,000 and a fair market value of $5,000. Which of the following is true?
    1. ACharlie, Capital is credited for $95,000
    2. BCharlie, Capital is credited for $92,000
    3. CJames, Capital is credited for $27,000
    4. DJames, Capital is credited for $17,000
  2. 2Nancy and Shane enter into a partnership agreement. Nancy contributes $40,000 in capital. Shane contributes $80,000 in capital. The agreement stipulates that profits and losses will be shared in the ratio of their respective capital account balances. The net income for the year is $51,000. Which of the following amounts should be credited to Nancy’s capital account?
    1. A$17,000
    2. B$25,500
    3. C$34,000
    4. D$51,000
  3. 3What is a disadvantage of a partnership?
    1. ALimited personal liability
    2. BUnlimited personal liability
    3. CDouble taxation
    4. DSources of capital
  4. 4Angie, Brent, and Carlos enter into a partnership. Angie contributes 25% of the capital. Brent contributes 40% of the capital. Carlos contributes 35% of the capital. The partnership agreement does not specify how profits should be divided among partners. The partnership profit is $400,000 this year. How much is Brent’s share?
    1. A$160,000
    2. B$133,320
    3. C$100,000
    4. D$140,000
  5. 5The partnership of Charlie and James splits profits 30% to Charlie and 70% James. There is no provision for losses. The partnership has a net loss of $360,000 for the current year. What is Charlie’s share of these losses?
    1. A$180,000
    2. B$108,000
    3. C$252,000
    4. D$360,000
  6. 6Which of the following is true about partnerships?
    1. AA person can become a partner by purchasing an existing partner’s interest without asking the other partners.
    2. BThe purchase of an existing partner’s share of the business is a transaction between the firm and the new partner.
    3. CWhen a new partner purchases the share of an existing partner, the partnership ceases to exist and a new partnership begins.
    4. DAdmitting a new partner does not change the structure of the partnership.

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ACCT 2013 Test sobre ACCT 2013 - Concept 1, creado por Adam Peterson el 19/01/2018.
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