____ 58. When a corporation completes a 3-for-1 stock split a. the ownership interest of current stockholders is decreased b. the market price per share of the stock is decreased c. the par value per share is decreased d. b and c
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____ 58. When a corporation completes a 3-for-1 stock split
|
a. |
the ownership interest of current stockholders is decreased |
|
b. |
the market price per share of the stock is decreased |
|
c. |
the par value per share is decreased |
|
d. |
b and c |
____ 59. When a new partner is admitted, this change in the ownership of a
|
a. |
consolidation of the partnership |
|
b. |
liquidation of the partnership |
|
c. |
realization of the partnership |
|
d. |
dissolves the old partnership |
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- ____ 44. A corporation purchased 1,000 shares of its own $5 par common stock at $10 and subsequently sold 500 of the shares at $20. What is the amount of income realized from the sale? a. $0 b. $5,000 c. $2,500 d. $10,000 ____ 45. A partner withdraws from a partnership by selling her interest to another person who currently is not associated with the firm. As a result of this transaction, the capital account balance of the other partners in the partnership a. will increase b. will decrease c. will remain the same d. may increase, decrease, or remain the same ____ 46. What is the total stockholders' equity based on the following account balances? Common Stock $400,000 Paid-In Capital in Excess of Par 40,000 Retained Earnings 190,000 Treasury Stock 20,000 a. $640,000 b. $630,000 c. $610,000 d. $650,000 ____ 47. X and Y have original…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…A, one of the partners in the ABC Partnership, decided to buy the share of B in the partnership. Which of the following statements is not true? a. Partners’ equity in total amount will not change. b. Partnership assets will remain the same. c. There is no need to revise the partners’ equity. d. Partnership profit and loss ratio will change.
- A, one of the partners in the ABC Partnership, decided to buy the share of B in the partnership. Which of the following statements is not true? a. Partners’ equity in total amount will not change. b. Partnership assets will remain the same. c. Partnership profit and loss ratio will change. d.There is no need to revise the partners’ equity.In applying the Sec. 318 attribution rules to a stock redemption, the stock of a partnership is only deemed to be proportionately owned by the partner when the partner owns more than 50% of the partnership interest. Question 10 options: True FalseBefore liquidation, the following is the financial position of the partnership W, X, Y and Z: W, capital 275,000 W, loan 50,000 X, capital 225,000 Y, capital 257,500 Z, capital 342,500 P&L ratio is 4:3:2:1, respectively. 300,000 was received from certain assets are sold and are distributed to partners. What cash amount should Z receive? a. 300,000 b. 0 c. 135,834 d. 166,166
- A, one of the partners in the ABC Partnership, decided to buy the share of B in the partnership. Which of the following statements is not true? Group of answer choices Partnership profit and loss ratio will change. Partnership assets will remain the same. Partners’ equity in total amount will not change. There is no need to revise the partners’ equity.In the liquidation of a limited partnership, which of the following credits shall be paid last? Those owning to partners for their share in profits. Those owning to partners other than capital and profits. Those owning to partners for their capital contribution. Those owning to third persons. Clear selection After the date of corporate dissolution, what is the maximum period allowed by law to a dissolved corporation to complete its liquidation process? 2 years 4 years 1 year 3 years Clear selection In case of admission of a new partner in an existing partnership through investment to the partnership, which of the following scenario will result to bonus to new partner and asset revaluation? The total contributed capital of all partners is more than the total agreed capital of new partnership while the total agreed capital of old partners is equal to the amount they contributed. The total contributed capital of all partners is less than the total agreed capital of new partnership while…TRUE or FALSE The accounting for partnerships differs from the accounting for sole proprietorships, corporations and cooperatives in regard to the accounting for equity but not for assets and liabilities. A partnership is relatively easy to form but also easy to dissolve. Ms. A contributed equipment with carrying amount of P100 and fair value of P200 to a partnership. If no bonus is given to any partner, Ms. A's capital account should be credited for P200. Fact pattern: Mr. Debinsky contributed inventory with purchase cost of P300 and net realizable value of P350 to a partnership. Mr. Debinsky acquired the inventory on account and the partnership will assume the unpaid balance of P80. 4. The partnership will record the inventory at P350. 5. Mr. Debinsky's capital account in the partnership books will be credited for P270. Fact pattern: Mr. B and Ms. C formed a partnership. The partners have equal interests in the partnership and their respective contributions shall reflect this…
- A, B and C, partners to a firm, have capital balances of P51,000, P26,000, and P12,000, respectively, and shareprofits in the ratio of 4:2:1. If the partnership will be liquidated, who among the partners shall be paid first?a. Ab. Bc. Cd. Cannot be determined11. 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 givenS1 - A partnership may be formed through verbal agreement, but for a corporation to exist, it requires special authority or grant by the state. S2 - A corporation can continue to exist, despite the death or withdrawal of a shareholder. a. Both statements are true b. Both statements are false c. One statement is true, and the other one is false S-1 The minimum number of incorporators is 15. S-2 The maximum number of members of a close corporation is 20. a. Both statements are true b. Both statements are false c. One statement is true, and the other one is false