Please check my answers. Which of the following is a disadvantage of a partnersh

Question

Please check my answers. Which of the following is a disadvantage of a partnership whencompared to a corporation? a. the partnership is more likely to have a netloss b. the partnership is easier to organize c. partnership is less expensive to organize d. partnership has limited life When a partnership is formed assets contributed by thepartners should be recorded on the partnership books attheir: a. book value on the partners books prior to their beingcontributed to the partnership b. fair market value at the time of thecontribution c. original cost to the parter contributing tothem d. assessed values for property purposes Fred and Ethel share income equally. During the currentyear the partnership net income was $40,000. Fred madewithdrawals of $12,000 & Ethel made withdrawals of$17,000. At the beginning of the year the capital accountbalance were Fred, Capital $42,000 Ethel, Capital $58,000. Fred capital account balance at the end of the year is: a. $76,500 b. $64,500 c. $62,000 d. $50,000 Partnership A has a capital balance of $20,000 & devotesfull time to the partnership. Parter B has a capital balanceof $30,000 & devotes 1/2 time to the partnership. In whatratio is net income to be divided. a. 3:5 b. 1:1 c. 2:3 d. 1:2 Stanley invests $10,000 for 1/3 interest in a partnership inwhich the other partners have capital totally $26,000 beforeadmitting Stanley. After distribution of the bonus, what isStanley's capital? a. $12,000 b. $10,000 c.  $ 8,667 d. $ 5,333 A change in the ownerhsip of a partnership results inthe: a. consolidating of the partnership b. liquidating of the partnership c. realization of the partnership d. dissolution of the partnership Sun & Moon are partners in a business. Suns'soriginal capital was $40,000 & Moon's was $60,000. Theyagreed to salaries of $12,000 & $18,000 for sun & moon,respectively & 10% interest on original capital. If theyagree to share remaining profits and losses on a 3:2 ratio, whatwill Sun's share of the income (loss) be if the net loss for theyear was $10,000. a. (12,600) b. (14,000) c. (6,000) d. (10,000) Patty & Pam are forming a partnership. Patty willinvest a piece of equipment w/a book value of $4,000 & a fairmarket value of $10,000. Pam will invest a building w/a bookvalue of $30,000 & a fair market value of $40,000. At what amount will the building be recored? a. $15,000 b. $25,000 c. $30,000 d. $40,000 At what amount will Patti's capital account be recored? a. $10,000 b. $4,000 c. $14,000 d. $40,000 At wha amoutn will Pam's capital account be recorded? a. $10,000 b. $4000 c. $14,000 d. $40,000 Please check my answers. Which of the following is a disadvantage of a partnership whencompared to a corporation? a. the partnership is more likely to have a netloss b. the partnership is easier to organize c. partnership is less expensive to organize d. partnership has limited life When a partnership is formed assets contributed by thepartners should be recorded on the partnership books attheir: a. book value on the partners books prior to their beingcontributed to the partnership b. fair market value at the time of thecontribution c. original cost to the parter contributing tothem d. assessed values for property purposes Fred and Ethel share income equally. During the currentyear the partnership net income was $40,000. Fred madewithdrawals of $12,000 & Ethel made withdrawals of$17,000. At the beginning of the year the capital accountbalance were Fred, Capital $42,000 Ethel, Capital $58,000. Fred capital account balance at the end of the year is: a. $76,500 b. $64,500 c. $62,000 d. $50,000 Partnership A has a capital balance of $20,000 & devotesfull time to the partnership. Parter B has a capital balanceof $30,000 & devotes 1/2 time to the partnership. In whatratio is net income to be divided. a. 3:5 b. 1:1 c. 2:3 d. 1:2 Stanley invests $10,000 for 1/3 interest in a partnership inwhich the other partners have capital totally $26,000 beforeadmitting Stanley. After distribution of the bonus, what isStanley's capital? a. $12,000 b. $10,000 c.  $ 8,667 d. $ 5,333 A change in the ownerhsip of a partnership results inthe: a. consolidating of the partnership b. liquidating of the partnership c. realization of the partnership d. dissolution of the partnership Sun & Moon are partners in a business. Suns'soriginal capital was $40,000 & Moon's was $60,000. Theyagreed to salaries of $12,000 & $18,000 for sun & moon,respectively & 10% interest on original capital. If theyagree to share remaining profits and losses on a 3:2 ratio, whatwill Sun's share of the income (loss) be if the net loss for theyear was $10,000. a. (12,600) b. (14,000) c. (6,000) d. (10,000) Patty & Pam are forming a partnership. Patty willinvest a piece of equipment w/a book value of $4,000 & a fairmarket value of $10,000. Pam will invest a building w/a bookvalue of $30,000 & a fair market value of $40,000. At what amount will the building be recored? a. $15,000 b. $25,000 c. $30,000 d. $40,000 At what amount will Patti's capital account be recored? a. $10,000 b. $4,000 c. $14,000 d. $40,000 At wha amoutn will Pam's capital account be recorded? a. $10,000 b. $4000 c. $14,000 d. $40,000 Patty & Pam are forming a partnership. Patty willinvest a piece of equipment w/a book value of $4,000 & a fairmarket value of $10,000. Pam will invest a building w/a bookvalue of $30,000 & a fair market value of $40,000. At what amount will the building be recored? a. $15,000 b. $25,000 c. $30,000 d. $40,000 At what amount will Patti's capital account be recored? a. $10,000 b. $4,000 c. $14,000 d. $40,000 At wha amoutn will Pam's capital account be recorded? a. $10,000 b. $4000 c. $14,000 d. $40,000

Explanation / Answer

=================================================================== a. the partnership is more likely to have a netloss b. the partnership is easier to organize c. partnership is less expensive to organize d. partnership has limited life Correct -When any of the partners dies,the partnership is wound up but corporation is a perpetualentity. Correct -When any of the partners dies,the partnership is wound up but corporation is a perpetualentity. When a partnership is formed assets contributed by thepartners should be recorded on the partnership books attheir: a. book value on the partners books prior to their beingcontributed to the partnership b. fair market value at the time of thecontribution    Correct    Correct c. original cost to the parter contributing tothem d. assessed values for property purposes Fred and Ethel share income equally. During the currentyear the partnership net income was $40,000. Fred madewithdrawals of $12,000 & Ethel made withdrawals of$17,000. At the beginning of the year the capital accountbalance were Fred, Capital $42,000 Ethel, Capital $58,000. Fred capital account balance at the end of the year is: a. $76,500 b. $64,500 c. $62,000 d. $50,000 d. Fred - Opening Capital ($42,000) +Share of Profit($20,000) - Withdrwal($12,000) =$50,000 Partnership A has a capital balance of $20,000 & devotesfull time to the partnership. Parter B has a capital balanceof $30,000 & devotes 1/2 time to the partnership. In whatratio is net income to be divided. a. 3:5 b. 1:1 c. 2:3 d. 1:2    Correct - In ratio oftheir capital i.e. 20,000 : 30,000 = 2:3 Stanley invests $10,000 for 1/3 interest in a partnership inwhich the other partners have capital totally $26,000 beforeadmitting Stanley. After distribution of the bonus, what isStanley's capital? a. $12,000 b. $10,000 c.  $ 8,667 d. $ 5,333           Correct A change in the ownerhsip of a partnership results inthe: a. consolidating of the partnership b. liquidating of the partnership c. realization of the partnership d. dissolution of the partnership    Correct partnershipdissolves / company liquidates    Correct partnershipdissolves / company liquidates Sun & Moon are partners in a business. Suns'soriginal capital was $40,000 & Moon's was $60,000. Theyagreed to salaries of $12,000 & $18,000 for sun & moon,respectively & 10% interest on original capital. If theyagree to share remaining profits and losses on a 3:2 ratio, whatwill Sun's share of the income (loss) be if the net loss for theyear was $10,000. a. (12,600) b. (14,000) c. (6,000) d. (10,000)    c. $10,000 x 3 /5   = $6,000 Patty & Pam are forming a partnership. Patty willinvest a piece of equipment w/a book value of $4,000 & a fairmarket value of $10,000. Pam will invest a building w/a bookvalue of $30,000 & a fair market value of $40,000. At what amount will the building be recored? a. $15,000 b. $25,000 c. $30,000 d. $40,000    Correct    Correct At what amount will Patti's capital account be recored? a. $10,000 b. $4,000 c. $14,000 d. $40,000    Correct At wha amoutn will Pam's capital account be recorded? a. $10,000 b. $4000 c. $14,000 d. $40,000    Correct
   Correct

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---