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Final Review: Ch 12

Final Review: Ch 12

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Business

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Created by

Renae Stout

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2 Slides • 4 Questions

1

Final Review: Ch 12

Partnerships

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2

Multiple Choice

A partnership is a ________.

1

a firm listed on a stock exchange; no owner owns a majority

2

private firm, all owners have equal ownership and limited liability

3

corporation, owners have limited liability

4

business with 2 or more owners that is not organized as a corporation

3

Multiple Choice

Marc contributes computer equipment: cost $48,000; Acc Depr $28,000; market value $17,000. What amount is recorded on the partnership's books for the computer equipment?

1

$48,000

2

$17,000

3

$20,000

4

$28,000

4

Multiple Choice

A, B, and C share profit at 1:4:3. If net income is $30,000, calculate Albert's share.

1

$7,500

2

$11,250

3

$15,000

4

$3,750

5

Explanation

A, B, and C share profit at 1:4:3. If net income is $30,000, calculate Albert's share.


Total share = 1+4+3 = 8; Albert: 30,000 x 1/8 = 3,750

6

Multiple Choice

Kei has a cap balance of $47,000 and Jim has a cap balance of $32,000. Jim sells $15,000 of his ownership to Bill.

1

Bill, Capital will be debited for $17,000.

2

Jim, Capital will be debited for $17,000.

3

Jim, Capital will be credited for $15,000.

4

Bill, Capital will be credited for $15,000.

Final Review: Ch 12

Partnerships

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