1. Seth and Rachel have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investments at 15%; salary allowances of $24,000 and $20,000, respectively; and the remainder to be divided equally. How much of the net income of $90,000 is allocated to Seth?

a.$47,750

b.$45,000

c.$42,750

d.$43,250

2. Seth and Beth have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $27,000 and $18,000, respectively; and the remainder to be divided equally. How much of the net income of $42,000 is allocated to Seth?

a.$32,000

b.$23,000

c.$20,000

d.$0

3. Tucker and Titus are partners who share income in the ratio of 3:1 (3/4 to Tucker and 1/4 to Titus). Their capital balances are $31,500 and $61,000, respectively. The partnership generated net income of $48,000 for the year. What is Tucker's capital balance after closing the revenue and expense accounts to the capital accounts?

a.$67,500

b.$81,000

c.$40,500

d.$54,000

4. Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $27,000 and $18,000, respectively; and the remaining income (loss) equally. How much of the net loss of $(6,000) is allocated to Yolanda?

a.$(3,000)

b.$0

c.$(5,000)

d.$(1,000)

5. Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $38,000 and $28,000, respectively; and the remainder to be divided equally. How much of the net income of $77,000 is allocated to Xavier?

a.$43,000

b.$66,000

c.$36,000

d.$41,000

6. Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn). Their capital balances are $80,000 and $120,000, respectively. The partnership generated net income of $30,000. What is Saturn’s capital balance after closing the revenue and expense accounts to the capital accounts?

a.$127,500

b.$102,500

c.$112,500

d.$120,000

7. Patty and Paul are partners who share income in the ratio of 3:2 (3/5 to Patty and 2/5 to Paul). Their capital balances are $90,000 and $130,000, respectively, on January 1. The partnership generated net income of $40,000 for the year. What is Paul’s capital balance after closing the revenue and expense accounts to the capital accounts?

a.$164,000

b.$120,000

c.$160,000

d.$146,000

8. Hannah Johnson contributed equipment, inventory, and $59,900 cash to a partnership. The equipment had a book value of $25,300 and a market value of $35,300. The inventory had a book value of $58,200 but only had a market value of $13,400 due to obsolescence. The partnership also assumed a $13,300 note payable owed by Hannah that was originally used to purchase the equipment.

What amount should be recorded to Hannah's capital account?

a.$95,300

b.$130,100

c.$153,400

d.$121,900

9. Paradise Architects had total revenue of $5,400,000 and revenue per employee of $200,000 in 20Y1. In 20Y2, total revenue increased to $5,700,000 and the number of employees expanded to 30. Did employee efficiency increase or decrease with the expansion, and by how much?

a.decreased by $100,000

b.decreased by $10,000

c.increased by $10,000

d.increased by $300,000

Question

1. Seth and Rachel have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investments at 15%; salary allowances of $24,000 and $20,000, respectively; and the remainder to be divided equally. How much of the net income of $90,000 is allocated to Seth?

a.$47,750

b.$45,000

c.$42,750

d.$43,250

2. Seth and Beth have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $27,000 and $18,000, respectively; and the remainder to be divided equally. How much of the net income of $42,000 is allocated to Seth?

a.$32,000

b.$23,000

c.$20,000

d.$0

3. Tucker and Titus are partners who share income in the ratio of 3:1 (3/4 to Tucker and 1/4 to Titus). Their capital balances are $31,500 and $61,000, respectively. The partnership generated net income of $48,000 for the year. What is Tucker's capital balance after closing the revenue and expense accounts to the capital accounts?

a.$67,500

b.$81,000

c.$40,500

d.$54,000

4. Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $27,000 and $18,000, respectively; and the remaining income (loss) equally. How much of the net loss of $(6,000) is allocated to Yolanda?

a.$(3,000)

b.$0

c.$(5,000)

d.$(1,000)

5. Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%; salary allowances of $38,000 and $28,000, respectively; and the remainder to be divided equally. How much of the net income of $77,000 is allocated to Xavier?

a.$43,000

b.$66,000

c.$36,000

d.$41,000

6. Tomas and Saturn are partners who share income in the ratio of 3:1 (3/4 to Tomas and 1/4 to Saturn). Their capital balances are $80,000 and $120,000, respectively. The partnership generated net income of $30,000. What is Saturn’s capital balance after closing the revenue and expense accounts to the capital accounts?

a.$127,500

b.$102,500

c.$112,500

d.$120,000

7. Patty and Paul are partners who share income in the ratio of 3:2 (3/5 to Patty and 2/5 to Paul). Their capital balances are $90,000 and $130,000, respectively, on January 1. The partnership generated net income of $40,000 for the year. What is Paul’s capital balance after closing the revenue and expense accounts to the capital accounts?

a.$164,000

b.$120,000

c.$160,000

d.$146,000

8. Hannah Johnson contributed equipment, inventory, and $59,900 cash to a partnership. The equipment had a book value of $25,300 and a market value of $35,300. The inventory had a book value of $58,200 but only had a market value of $13,400 due to obsolescence. The partnership also assumed a $13,300 note payable owed by Hannah that was originally used to purchase the equipment.

What amount should be recorded to Hannah's capital account?

a.$95,300

b.$130,100

c.$153,400

d.$121,900

9. Paradise Architects had total revenue of $5,400,000 and revenue per employee of $200,000 in 20Y1. In 20Y2, total revenue increased to $5,700,000 and the number of employees expanded to 30. Did employee efficiency increase or decrease with the expansion, and by how much?

a.decreased by $100,000

b.decreased by $10,000

c.increased by $10,000

d.increased by $300,000

Accepted Answer

We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…