79. A, B, C andD are partners of ABCD Partnership. A is appointed as manager of the partnership while contributes money to the partnership. C is active as accountant of the partnership but not known as a partner in the community, while D does not take active part in business and not known as partner of the partnership. Which of the following kinds of partners is false. * O A. A is a managing partner. B. B is a capitalist partner C. C is a secret partner

79. A, B, C andD are partners of ABCD Partnership. A is appointed as manager of the partnership while contributes money to the partnership. C is active as accountant of the partnership but not known as a partner in the community, while D does not take active part in business and not known as partner of the partnership. Which of the following kinds of partners is false. * O A. A is a managing partner. B. B is a capitalist partner C. C is a secret partner

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 47P

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1. Mr.W, Mr.X, Mrs.Y and Ms.Z organized a general partnership with W and X as industrial partners and Y and Z as capitalist partners. Y contributed P500,000.00 and Z contributed P200,000.00 to the common fund. By a unanimous vote of the partners, W and X were appointed managing partners, without any specification of their respective powers and duties. A applied for the position of Secretary and B applied for the position of Accountant of the partnership. The hiring of A was decided upon by W and X, but was opposed by Y and Z. The hiring of B was decided upon by W and Z, but was opposed by X and Y. Who of the applicants should be hired by the partnership? 2. Joey and Ruddie formed a partnership to operate a car repair shop in Dagupan City. Joey provided the capital while Ruddie contributed his labor and industry. On one side of their shop, Joey opened and operated a coffee shop, while on the other side, Ruddie put up a car accessories store. May they engage in such…
Mr.W, Mr.X, Mrs.Y and Ms.Z organized a general partnership with W and X as industrial partners and Y and Z as capitalist partners. Y contributed P500,000.00 and Z contributed P200,000.00 to the common fund. By a unanimous vote of the partners, W and X were appointed managing partners, without any specification of their respective powers and duties. A applied for the position of Secretary and B applied for the position of Accountant of the partnership. The hiring of A was decided upon by W and X, but was opposed by Y and Z. The hiring of B was decided upon by W and Z, but was opposed by X and Y. Who of the applicants should be hired by the partnership?
5 - In the establishment of a limited partnership, the partners fulfilled their commitments in cash, promissory notes, fixtures and machinery. Accordingly, which of the following statements is false?A) 121- Notes Receivable account is debited.B) 501- Unpaid Capital account is debitedC) 255- Fixtures Account is debited.D) 253- Facility Machinery Devices account is debited.E) 100- Cash account is debited.
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Write the word or group of words that identify each of the following statements. 1. A partnership wherein all the partners have limited liability except or at least one general partner. 2. The contribution of an industrial partner 3. A partner who contributes money, property, and industry. 4. Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity. 5. A partnership which failed to comply with one or more of the legal requirements for its establishment. 6. An entry prepared when industry is contributed into the partnership. 7. A partnership organized for the purpose of rendering service. 8. A contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund with the intention of dividing profits among themselves.…
Choose the response that correctly completes the following sentence about an individual partner's outside basis in a partnership. A partner's outside basis: A) Cannot be less than zero. B) Does not change as long as the partner maintains their partnership interest. C) Is used to apply the basis limitation to losses from a partnership. D) Must be tracked by the partnership. An S corporation shareholder may carry forward unallowed loss that exceeds the basis of their stock (increased by any loans the shareholder made to the corporation) for what period of time? A) A maximum of two years. B) A maximum of ten years. C) A maximum of twenty years. D) Indefinitely, until they are allowed to deduct the entire amount. The Form 1099-A, Acquisition or Abandonment of Secured Property, gives the taxpayer the information that they need to calculate: A) The amount that they will need to pay to avoid having to give up their property. B) Gain or loss from the sale of the property. C) Their ordinary…
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11. The following are indications of partnership dissolution except: A.Two or more sold part of their interest to a third party B.A new partner is admitted to the partnership by contributing cash to the partnership C.One partner withdrew from the partnership D. One partner died and the remaining partners decided not to continue partnership operations E. Answer not given
10. Before the allocation of loss, the following items are allocated first, except:A. Salaries to managing partner C. Interest on partnership’s bank loan B. Bonuses to partners D. Interest on partner’s capital 11. Statement 1. An industrial partner is not exempted from sharing in the loss of the partnership if he is also a capital partner.Statement 2. When a new partner is admitted in the existing partnership, there is no need the consent of all existing partners. Statement- 1 Statement- 2A. True FalseB. False FalseC. False TrueD. True True 12. Mark Javier is an active partner in the Javier & Dela Rosa partnership, receives an annual bonus of 25% the partnership profit after deducting a bonus. For the year ended, December 31, 2021, partnership income before the bonus amounted to 200,000. The amount of bonus given to Mark Javier for the year 2021 would be?Answer: P______________…
Which of the following is a disadvantage of general partnerships? a) A partner who withdraws from a partnership cannot be held liable for any debts the firm had at the time of withdrawal. b) Compared to the other forms of ownership, the paperwork and costs involved in forming a general partnership are the most extensive. c) All general partners have unlimited liability for the debts and obligations of their business. d) The partners in a general partnership are exposed to double taxation.
Which of the following is a disadvantage of general partnerships? ( a) The partners in a general partnership are exposed to double taxation. ( b) Compared to the other forms of ownership, the paperwork and costs involved in forming a general partnership are the most extensive. ( c) A partner who withdraws from a partnership cannot be held liable for any debts the furm had at the time of withdrawal. ( d) All general partners have unlimited liability for the debts and obligations of their business.
The following balance sheet is for a local partnership in which the partners have become very unhappy with each other. To avoid more conflict, the partners have decided to cease operations and sell all assets. Using this information, answer the following questions. Each question should be viewed as an situation related to the partnership’s liquidation. The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated to Adams, Baker, Carvil, and Dobbs on a 2:3:3:2 basis, respectively, how will the $10,000 be divided? The $10,000 cash that exceeds the partnership liabilities is to be disbursed immediately. If profits and losses are allocated on a 2:2:3:3 basis, respectively, how will the $10,000 be divided? The building is immediately sold for $70,000 to give total cash of $110,000. The liabilities are then paid, leaving a cash balance of $80,000. This cash is to be distributed to the partners. How much of this money will each…