Answered: A newly formed partnership handles the…

A newly formed partnership handles the contribution of previously depreciated assets by continuing the depreciation life as if the owner had not changed. Select one: O a. False O b. True

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 10MC: How does a newly formed partnership handle the contribution of previously depreciated assets? A....

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A-3

A newly formed partnership handles the contribution of
previously depreciated assets by continuing the
depreciation life as if the owner had not changed.
Select one:
O a. False
O b. True
2

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newly formed partnership handles the contribution of previously depreciated assets by continuing the depreciation life as if the owner had not changed. Select one: O a. False Ob. True
When a new partner is admitted into a partnership and the new partner receives a capital credit greater than the tangible assets contributed, which of the following explains the difference? I. The old partners' goodwill is being recognized. II. The new partner's goodwill is being recognized Select one: a. II only b. Both I and II c. Either I or II d. I only
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 sharing
When 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 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 partners
What is the answer to this question?
How does a newly formed partnership handle the contribution of previously depreciated assets?
If an existing partner withdraws from a partnership which is true a. his or her interest may be sold to the partnership or an individual partner. b. the consideration received for that partner's interest may suggest the existence of undervalued existing assets and/or goodwill. c. either the bonus or the goodwill method may be used to record the transaction if the partnership acquires the withdrawing partner's interest. d. all of the above
When a partnership dissolves, the first step in the dissolution process is to ________.A. allocate the gain or loss on sale based on income sharing ratioB. pay off liabilitiesC. sell noncash assetsD. divide the remaining cash among the partners
Which of the following statements is correct when a new partner is admitted to an existing partnership by purchasing a portion of a capital interest of an existing partner? a. The partnership will recognize gain or loss in the transfer of capital from one partner to another partner. b.The partnership is not dissolved by the admission of a new partner by purchase. c.It will result to revaluation or impairment of existing assets of the partnership. d. It will just result to credit to capital of newly admitted partner with corresponding debit to capital of the selling partner
Hi, can someone help me with this question please?
Under the goodwill method, a. declines in asset values prior to new partner admission are recorded, but not asset appreciation. b. the total capital of the new partnership must approximate the fair value of the entity. c. a new partner’s capital balance may be less than his or her contribution. d. All of the above.