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- Any assets invested by a particular partner in a partnership ________. A. do not become a partnership asset but instead remain with the partner B. can be used only by the investing partner C. become the property of all the partners D. are the basis for all profit sharingWhen a partnership dissolves, the last step in the dissolution process is to ________. A. allocate the gain or loss on sale based on income sharing ratio B. pay off liabilities C. sell noncash assets D. divide the remaining cash among the partnersWhen a partnership dissolves, the first step in the dissolution process is to ________. A. allocate the gain or loss on sale based on income sharing ratio B. pay off liabilities C. sell noncash assets D. divide the remaining cash among the partners
- When a partnership is liquidated, any gains or losses realized by the sale of noncash assets are allocated to the partners based on their income sharing ratio. Why?When a partnership liquidates, do partners get paid first or do creditors get paid first?Which of the following is a disadvantage of the partnership form of organization? A. limited life B. no taxation at the partnership level C. flexibility in business operations D. combining of financial resources
- Which is true regarding admission of a new partner accounted for under the bonus method? * a. The total net assets of the new partnership would be the same as that of the old partnership. b. The new partner’s initial capital would be equal to his or her initial investment. c. Assuming that the recorded assets are properly valued, the net assets of the new partnership would be equal to the net assets of the old partnership plus the investment of the new partner. d. The old partners’ capital account would be the same.When a partner withdraws from a partnership and the value of the assets paid tothe partner by the partnership is greater than the balance in his capital account, thepartnership is, in effect, paying the withdrawing partner a bonus. TRUE OR FALSE?If A is the total capital of the partnership before the admission of a new partner, B is the total capital of the partnership after the investment of a new partner, C is the amount of the new partner’s investment, and D is the amount of capital credit to the new partner, then there isa) A bonus to the old partner if B = A + C and D=C.b) A bonus to the new partner if B = A + C and D=C.c) A bonus to the old partner if B = A + C and D>C.d) A bonus to the new partner if B = A + C and D>C.
- A new partner is admitted to an existing partnership. As a result of admission, the capital balances of incumbent partners increase while the contributed capital of the new partner is less than his capital credit. Which of the following is the best explanation? A. Revaluation of existing assets of old partnership has benn recognized B. Bonus has been given by the incumbent partners to the new partner C. Bonus has been given by the incumbent partners to the new partner and revaluation of existing assets of old partnership has been recognized. D. Bonus has been given by the incumbent partners and impairment loss of existing assets of old partnership has been recognized.Under what circumstances can the closing of the income summary account result in a debit to one partners’ capital account and credits to the other partners’ capital accounts? a. The results of operations are divided in a profit and loss ratio and the partnership sustained a loss for the period. b. The results of operations are allocated in a profit and loss ratio and the partnership’s net income was very low. c. The results of operations are divided in the average capital ratio and one partner had a low capital balance. d. The partnership agreement provides for interest on capital and salary allowances and net income is less than the sum of the interest and salary allowances.1. When the investment of a new partner is below the new partners' capital balance and goodwill is not recorded, who will receive the bonus: a.The new partner.b.The old partners in their old profit and loss ratio.c.The old partners in their new profit and loss ratio.d.The old and new partners in their new profit and loss ratio 2.S1: Admission of a new partner by investment generally increases the total assets and capital of the new partnership unless there is a negative asset revaluation.S2: Admission of a new partner by the purchase of interest will never affect the total assets and capital of the new partnershipa. S1 is false, S2 is true b. Both statements are true c. Both statements are false d. S1 is true, S2 is false 3. S1: In lumpsum liquidation, the remaining cash available after realization and payment of liquidation expenses, will always be equal to the total interest of the partners.S2: In installment liquidation, the partner who has the highest absorption capacity shall be…