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Financial Accounting: An Introduction to Concepts, Methods and Uses14th EditionClyde P Stickney, Jennifer Francis, Katherine Schipper, Roman L Weil 1,588 solutions Radley and Smithers share income and losses in at 2 to 1 ratio after allowing for salaries to Radley of $24,000 and $30,000 to Smithers. Net income for the partnership is $48,000. income should be divided as follows: A. Radley, $24,000; Smithers, $24,000 Franco and Elisa share income equally. During the current year the partnership net income was $40,000. Franco made withdrawals of $12,000 and Elisa made withdrawals of $17,000. At the beginning of the year, the capital account balances were: Franco capital, $40,000 ;Elisa capital, $58,000. Franco's capital account balance at the end of the year is A. $74,500 Franco and Elisa share income equally. During the current year the partnership net income was $40,000. Franco made withdrawals of $12,000 and Elisa made withdrawals of $17,000. At the beginning of the year, the capital account balances were: Franco capital, $42,000 ;Elisa capital, $58,000. Elisa's capital account balance at the end of the year is A. $74,500 As part of the initial investment, a partner contributes equipment that had originally cost $100,000 and on which accumulated depreciation of $75,000 has been recorded. If similar equipment would cost $150,000 to replace and the partners agree on a valuation of $40,000 for the contributed equipment, what amount should be debited to the equipment account? a. $40,000 As part of the initial investment, a partner contributes equipment that had originally cost $125,000 and on which accumulated depreciation of $100,000 has been recorded. If similar equipment would cost $150,000 to replace and the partners agree on a valuation of $38,000 for the contributed equipment, what amount should be debited to the equipment account? a. $150,000 Immediately prior to the admission of Abbott, the Smith-Jones Partnership assets had been adjusted to current market prices, and the capital balances of Smith and Jones were $40,000 and $60,000 respectively. If the parties agree that the business is worth $120,000, what is the amount of bonus that should be recognized in the accounts at the admission of Abbott? A. $60,000 Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann respectively and 10% interest on original capital. If they agree to share remaining profits and losses on a 3:2 ratio, what will Singer's share of the income be if the income for the year was $50,000? A. $24,000 Students also viewedWhich of the following is not characteristic of a general partnership?. The partners have co-ownership of partnership property. Which of the following is not a characteristic of a general partnership? Dissolution occurs only when all partners agree.
Which of the following is the characteristic of general partnership?A general partnership must satisfy the following conditions: The partnership must minimally include two people. All partners must agree to any liability that their partnership may incur. The partnership should ideally be memorialized in a formal written partnership agreement, though oral agreements are valid.
Which of the following are characteristics of a partnership quizlet?Which of the following is a characteristic of a partnership? It is a legally-binding agreement between the owners which explains the procedures for liquidating the partnership.
Which is a characteristic of general partnerships but not limited partnerships quizlet?General Partners have unlimited liability but take part in business operations. Limited Partners have limited liability and no role in business operations.
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Which of the following is not a characteristic of a general partnership Quizlet
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