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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 sharingA well written partnership agreement should include each of the following except ________. A. how to settle disputes B. the name of the partnership C. division of responsibilities D. Partners individual tax rateWhat type of assets may a partner not contribute to a partnership? A. accounts receivable B. furniture C. equipment D. personal credit cards
- Mutual agency is defined as: A. a mutual agreement B. the right of all partners to represent the companys normal business operations C. a synonym for partnership D. a partnership between two partnershipsA partnership ________. A. has one owner B. can issue stock C. pays taxes on partnership income D. can have more than one general partnerWhen 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?
- I. Write TRUE is the statement is TRUE and write FALSE if the statement is incorrect. 1. A partnership contract should always be prepared regardless of the amount or nature of the contribution. 2. All types of partnerships are subject to income tax. "3. A partner's contribution in the form of industry will require a debit to the account ""Industry"""Which of the following is NOT a characteristic of a partnership? a. Partners have mutual agency b. Partners are able to contract on behalf of the partnerships. c.Partnership income is tax free d.Partnerships are easy to form1. A partnership contract should always be prepared regardless of the amount or nature of the contribution. 2. All types of partnerships are subject to income tax. 3. A partner's contribution in the form of industry will require a debit to the account "Industry" 4. In the partnership books, there are as many capital and drawing accounts as there are partners. 5. A partner's contribution in the form of noncash asset should be recorded at its fair market value even if there is agreed capital. 6. A partnership is much easier and less expensive to organize than a corporation. 7. A newly organized partnership should always open a new set of books for its use. 8. All partnerships have general partners. 9. Each partner generally has the authority to enter into contracts which are binding upon the partnership. 10. The property invested in a partnership by the partner becomes the property of the…
- I. Write TRUE is the statement is TRUE and write FALSE if the statement is incorrect. 1. A partnership contract should always be prepared regardless of the amount or nature of the contribution. 2. All types of partnerships are subject to income tax. "3. A partner's contribution in the form of industry will require a debit to the account ""Industry""" 4. In the partnership books, there are as many capital and drawing accounts as there are partners. 5. A partner's contribution in the form of noncash asset should be recorded at its fai market value even if there is agreed capital. 6. A partnership is much easier and less expensive to organize than a corporation. 7. A newly organized partnership should always open a new set of books for its use. 8. All partnerships have general partners. 9. Each partner generally has the authority to enter into contracts which are binding…1. Statement I: One who lends money/credit to the owner of a business establishment in consideration of which he will share in the profits in repayment of such credit, is presumed to be a partner. Statement II: If an employee received a share in the profits of the partnership in consideration of rendition of services, does not make the employee a partner. Both statements are True Statement I is True; Statement II is False Statement I is False; Statement II is True Both statements are False 2. A, B, and C are partners contributing the following amount: A=P50,000 B=25,000 and C=25,000. The partners did not agree on the profit and loss sharing. If there is a loss of P90,000, how much is their respective shares? A= 45,000, B=22,500 C=22,500 A= 50,000, B=20,000 C=20,000 A= 30,000, B=30,000 C=30,000 There will be no distribution of loss because it is not stipulated in the agreement. 3. Statement I: The mere sharing of gross returns establish the fact that it is a partnership, no…The CORRECT statement concerning partnerships is: O A partnership represents an accounting entity for financial reporting purposes. Each partner's share of profit is taxable to the partnership. The personal assets of a partner are included in the partnership accounting records. O Accountants or lawyers may not form partnerships.
