Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Textbook Question
Chapter 15, Problem 2MC
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
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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 partnerB. can be used only by the investing partnerC. become the property of all the partnersD. are the basis for all profit sharing
Question: True or False
1) According to the Partnership Act, the profit of the partnership business will be shared equally irrespective of how much each partner has contributed as capital.
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please answer this question by stating whether this statement is true or false.
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Chapter 15 Solutions
Principles of Accounting Volume 1
Ch. 15 - A partnership ________. A. has one owner B. can...Ch. 15 - Any assets invested by a particular partner in a...Ch. 15 - Which of the following is a disadvantage of the...Ch. 15 - Mutual agency is defined as: A. a mutual agreement...Ch. 15 - Chani contributes equipment to a partnership that...Ch. 15 - Juan contributes marketable securities to a...Ch. 15 - Which one of the following would not be considered...Ch. 15 - A well written partnership agreement should...Ch. 15 - What type of assets may a partner not contribute...Ch. 15 - How does a newly formed partnership handle the...
Ch. 15 - Thandie and Marco are partners with capital...Ch. 15 - Thandie and Marco are partners with capital...Ch. 15 - Thandie and Marco are partners with capital...Ch. 15 - Thandie and Marco are partners with capital...Ch. 15 - When a partnership dissolves, the first step in...Ch. 15 - When a partnership dissolves, the last step in the...Ch. 15 - Prior to proceeding with the liquidation, the...Ch. 15 - Does a partnership pay income tax?Ch. 15 - Can a partners personal assets in a limited...Ch. 15 - Can a partnership assume liabilities as part of...Ch. 15 - Does each partner have to contribute an equal...Ch. 15 - What types of bases for dividing partnership net...Ch. 15 - Angela and Agatha are partners in Double A...Ch. 15 - On February 3, 2016 Sam Singh invested $90,000...Ch. 15 - Why do partnerships dissolve?Ch. 15 - What are the four steps involved in liquidating a...Ch. 15 - When a partner withdraws from the firm, which...Ch. 15 - What is the first step in a partnership...Ch. 15 - When a partnership liquidates, do partners get...Ch. 15 - Coffee Partners decides to close due to the...Ch. 15 - On May 1, 2017, BJ and Paige formed a partnership....Ch. 15 - The partnership of Chase and Chloe shares profits...Ch. 15 - The partnership of Tasha and Bill shares profits...Ch. 15 - Cheese Partners has decided to close the store. At...Ch. 15 - The partnership of Michelle, Amal, and Maureen has...Ch. 15 - The partnership of Tatum and Brook shares profits...Ch. 15 - Arun and Margot want to admit Tammy as a third...Ch. 15 - When a partnership is liquidated, any gains or...Ch. 15 - The partnership of Magda and Sue shares profits...Ch. 15 - The partnership of Arun, Margot, and Tammy has...Ch. 15 - Match each of the following descriptions with the...Ch. 15 - While sole proprietorships and corporations are...Ch. 15 - A partnership is thriving. The three partners get...
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- When 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?arrow_forwardHow does a newly formed partnership handle the contribution of previously depreciated assets? A. continues the depreciation life as if the owner had not changed B. starts over, using the contributed value as the new cost basis C. shortens the useful life of the asset per the partnership agreement D. does not depreciate the contributed assetarrow_forwardWhat is the purpose of a partnership appropriation account? A to avoid disagreements between the partners B to calculate residual profits for division between partners C to calculate the profit sharing ratio D to determine the amount of partners’ salariesarrow_forward
- The withdrawal of capital by a partner from the business of partnership will be? a. Credited to partners' capital account b. Debited to profit and loss appropriation account c. Debited to partners' capital account d. Credited to profit and loss accountarrow_forwardWhich of the following will decrease the capital balance of a partner? A. Share in partnership profit. B. Receipt of share in revaluation surplus from a partnership property, plant and equipment. C. Drawing made by a partner. D. Advances made by partner to the partnership.arrow_forwardI. The partnership contract, binds the partners to contribute money, property, or industry to a common fund with the intention of dividing profits equally. II. The partnership personality is distinct and separate from that of its partners. A. BOTH STATEMENTS ARE TRUE B. ONLY THE 1ST STATEMENT IS FALSE C. BOTH STATEMENTS ARE FALSE D. ONLY THE 1ST STATEMENT IS TRUEarrow_forward
- 4. How shall the profits and losses of the partnership be distributed among the partners? a. It should be divided equally. b. It should be divided according to their profits and losses sharing agreement. c. It should be divided proportionately in accordance with capital contribution. d. It should be divided according to what type of partner they are.arrow_forwardWhen a partner invests noncash assets in a partnership, the assets should be recorded at their O book value. carrying value. O fair market value. O original cost.arrow_forwardA partnership records a partners' investment of assets in the business at the a. a value agreed by the partners b. fair market value of the assets invested c. the partners' book value of the assets invested d. any of the above e. all of the abovearrow_forward
- The objective of preparation of income statement of partnership is: a. To show how net profit has been distributed among partners b. To show the financial position of business c. To show the ratio of capital of partners d. To show the income and expenses of the partnership firmarrow_forwardIn a partnership liquidation, a loss from sale of non cash assets is A.Allocated to the partner with the highest capital balance B.Allocated to the partnership liabilities C.Allocated to the partners based on their capital balances D.Allocated to the partners based on their profit and loss sharing ratioarrow_forwardAttempt of the following:a. Revenue vs capital expenditureb. Accelerated depreciation methodc. Procedure for the formation of partnership.arrow_forward
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