Details of this Paper

accounts data bank with all solutions

Description

solution


Question

Question;11. The JPB partnership reported net income of;$160,000 for the year ended December 31, 2008. According to the partnership;agreement, partnership profits and losses are to be distributed as follows;How should partnership net income for 2008 be allocated to J, P, and B?;A. Option A;B. Option B;C. Option C;D. Option D;The APB partnership agreement specifies that;partnership net income be allocated as follows;Average capital balances for the current year were $50,000 for A, $30,000 for;P, and $20,000 for B.;12. Refer to the information given. Assuming a current;year net income of $150,000, what amount should be allocated to each partner?;A. Option A;B. Option B;C. Option C;D. Option D;13. Refer to the information given. Assuming a current;year net income of $50,000, what amount should be allocated to each partner?;A. Option A;B. Option B;C. Option C;D. Option D;14. RD formed a partnership on February 10, 2009. R;contributed cash of $150,000, while D contributed inventory with a fair value;of $120,000. Due to R's expertise in selling, D agreed that R should have 60;percent of the total capital of the partnership. R and D agreed to recognize;goodwill. What is the total capital of the RD partnership and the capital;balance of R after the goodwill is recognized?;A. Option A;B. Option B;C. Option C;D. Option D;15. A joint venture may be organized as a;I. Partnership.;II. Corporation.;III. Undivided interest.;A. I only;B. II only;C. I or III only;D. I, II, or III;16. Refer to the above information. Which statement;below is correct if a new partner receives a bonus upon contributing assets;into the partnership?;A. B A and D = C + A;C. A = B and A = D + C;D. B > A and C = D + A;17. Refer to the above information. Which statement;below is correct if the old partners receive a bonus upon the contribution of;assets into the partnership by a new partner?;A. B C + A;C. B A and D = C + A;18. Refer to the above information. Which statement;below is correct if goodwill of the old partners is recognized upon the;contribution of assets into the partnership by a new partner?;A. B = A and D C + A;C. B A and D < C + A;19. Refer to the above information. Which statement;below is correct if a new partner purchases an interest in capital directly;from the old partners?;A. C < D;B. C = D;C. C = D and B = A;D. C C + A;B. B A and D > C + A

 

Paper#44699 | Written in 18-Jul-2015

Price : $22
SiteLock