# 1. Xavier and Yolanda have ori

1. Xavier and Yolanda have original investments of \$49,500 and \$104,400, respectively, in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 20%; salary allowances of \$28,700 and \$30,900, respectively; and the remainder to be divided equally. How much of the net income of \$112,300 is allocated to Xavier?

a.\$59,472
b.\$28,700
c.\$49,560
d.\$38,600

2. 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 Yolanda?

a.\$36,000
b.\$38,000
c.\$44,000
d.\$77,000

3. 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 \$93,800 and \$70,600, respectively. The partnership generated net income of \$44,800. What is Tomas’s capital balance after closing the revenue and expense accounts to the capital accounts?

a.\$142,660
b.\$132,265
c.\$127,400
d.\$122,029

4. Paul and Roger are partners who share income in the ratio of 3:2 (3/5 to Paul and 2/5 to Roger). Their capital balances are \$90,000 and \$130,000, respectively. The partnership generated net income of \$50,000 for the year. What is Paul’s capital balance after closing the revenue and expense accounts to the capital accounts?

a.\$108,000
b.\$115,000
c.\$180,000
d.\$120,000

5. Jackson and Campbell have capital balances of \$100,000 and \$300,000, respectively. Jackson devotes full time and Campbell devotes one-half time to the business. Determine the division of \$150,000 of net income in the ratio of capital balances.

a.\$75,000 and \$75,000
b.\$37,500 and \$112,500
c.\$100,000 and \$50,000
d.\$50,000 and \$100,000

6. Douglas pays Selena \$42,600 for her 27% interest in a partnership with net assets of \$126,700. Following this transaction, Douglas’s capital account should have a credit balance of?

a.\$126,700
b.\$11,502
c.\$42,600
d.\$34,209

7. Bobbi and Stuart are partners. The partnership capital of Bobbi is \$40,800 and that of Stuart is \$77,700. Bobbi sells his interest in the partnership to John for \$58,100. The journal entry for the admission of John as a new partner would include a credit to?

a.John’s capital account for \$40,800 and a credit to Stuart’s capital account for \$77,700
b.Stuart’s capital account for \$59,250
c.John’s capital account for \$40,800
d.John’s capital account for \$58,100

8. The balance sheet of Morgan and Rockwell was as follows immediately prior to the partnership’s liquidation: cash, \$22,800; other assets, \$148,500; liabilities, \$39,600; Morgan, capital, \$62,800; Rockwell, capital, \$68,900. The other assets were sold for \$131,700. Morgan and Rockwell share profits and losses in a 2:1 ratio. As a final cash distribution from the liquidation, Morgan will receive cash totaling

a.\$51,600
b.\$62,800
c.\$22,800
d.\$15,200

9.

Adriana and Belen are partners who share income in the ratio of 3:2 and have capital balances of \$50,000 and \$90,000, respectively, at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of \$90,000. How much cash should be distributed to Adriana?

a.\$50,000
b.\$45,000
c.\$30,000
d.\$20,000

10.

Antonio and Barbara are partners who share income in the ratio of 1:2 and have capital balances of \$40,000 and \$70,000, respectively, at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of \$80,000. What amount of loss on realization should be allocated to Barbara?

a.\$30,000
b.\$10,000
c.\$80,000
d.\$20,000

11.When a limited liability company is formed:

a.the partnership activities are limited
b.some of the partners have limited liability
c.none of the partners has limited liability
d.all partners have limited liability

12. As part of the initial investment, Ray Blake contributes equipment that had originally cost \$87,200 and on which accumulated depreciation of \$65,400 has been recorded. If similar equipment would cost \$166,900 to replace and the partners agree on a valuation of \$52,000 for the contributed equipment, what amount should be debited to the equipment account?

a.\$52,000
b.\$39,000
c.\$166,900
d.\$87,200

13. As part of the initial investment, Jackson contributes accounts receivable that had a balance of \$39,615 in the accounts of a sole proprietorship. Of this amount, \$1,521 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of \$606. The amount debited to Accounts Receivable for the new partnership is

a.\$39,009
b.\$37,488
c.\$38,094
d.\$39,615

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