College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 19, Problem 3MC
To determine
Identify the option that is correct if the
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Partnership is the economic relationship between two or more persons:
a.
Who will not pay goodwill
b.
Who have agreed to not to share profit
c.
Who will not contribute capital
d.
Who have agreed to share profit
If the income of a partnership is not sufficient enough to satisfy all of the provisions of the partnership’s profit-sharing agreement, how should this deficiency be handled?
Partnership is the economic relationship between two or more persons:
a.
Who have agreed to share profit
b.
Who have agreed to not to share profit
c.
Who will not pay goodwill
d.
Who will not contribute capita
Chapter 19 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 19 - Prob. 1TFCh. 19 - Prob. 2TFCh. 19 - Prob. 3TFCh. 19 - Prob. 4TFCh. 19 - Prob. 5TFCh. 19 - Prob. 1MCCh. 19 - Prob. 2MCCh. 19 - Prob. 3MCCh. 19 - Prob. 4MCCh. 19 - Prob. 5MC
Ch. 19 - Prob. 1CECh. 19 - Prob. 2CECh. 19 - Prob. 3CECh. 19 - Prob. 4CECh. 19 - Prob. 5CECh. 19 - Prob. 1RQCh. 19 - Prob. 2RQCh. 19 - Prob. 3RQCh. 19 - Prob. 4RQCh. 19 - Prob. 5RQCh. 19 - Prob. 6RQCh. 19 - Prob. 7RQCh. 19 - Prob. 8RQCh. 19 - Prob. 9RQCh. 19 - Prob. 1SEACh. 19 - Prob. 2SEACh. 19 - Prob. 3SEACh. 19 - Prob. 4SEACh. 19 - ENTRIES: PARTNERSHIP LIQUIDATION On liquidation of...Ch. 19 - Prob. 6SPACh. 19 - Prob. 7SPACh. 19 - Prob. 8SPACh. 19 - Prob. 9SPACh. 19 - STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS...Ch. 19 - Prob. 1SEBCh. 19 - Prob. 2SEBCh. 19 - Prob. 3SEBCh. 19 - Prob. 4SEBCh. 19 - Prob. 5SEBCh. 19 - Prob. 6SPBCh. 19 - Prob. 7SPBCh. 19 - ENTRIES FOR DISSOLUTION OF PARTNERSHIP Cummings...Ch. 19 - Prob. 9SPBCh. 19 - STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS...Ch. 19 - Prob. 1MYWCh. 19 - Prob. 1ECCh. 19 - Prob. 1MPCh. 19 - Prob. 1CPCh. 19 - Prob. 1COP
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Similar questions
- Which one of the following would not be considered in the development of a partnership agreement? A. profit and loss levels B. processing disputes C. stock options D. asset contributionsarrow_forwardWhat is the legal provision of Profit sharing ratio if nothing is given in ‘Partnership Deed”?arrow_forwardIf there is a provision for division of profits but not losses in the partnership agreement, it is concluded that: O Losses should not be divided to the capital accounts, but matched against future earnings Losses should be divided equally O Losses should be divided using the same approach as division of profits O Losses should be allocated according to the ratio of capital account balancesarrow_forward
- Which of the following case where the losses are to be shared by the partners in their profit sharing ratio? • a. Dissolution of Firm b. None of the options are correct c Profit and Loss d. Revaluationarrow_forwardWhat is the basis of capital sharing if the partners do not have an agreement as to the amount of their individual capital contribution?arrow_forwardPlz solvearrow_forward
- is it true or false? Explain Unless stated otherwise,in the partnership contract,profits and losses are shared among the partners in the ratio of their capital equity balances.arrow_forwardIs the contract of partnership binding even without the stipulation of how to divide profit and losses?arrow_forward83. Which of the following statements about the rules for the distribution of profits or losses is/are false? * 1. The profits will be divided according to partner's agreement. II. If there is no agreement as to profit distribution, profits shall be divided according to average capital ratio. II. Industrial partner will share profits as may be just and equitable and share partnership losses equally. IV. If there is not agreement as to distribution of losses, losses shall be distributed according to profit distribution agreement. V. Limited partners shall share losses up to their contributions only VI. Capitalist and industrial partners share losses according to ratio of original capital investment O A. II, and III O B. II, III and IV O C. II, III, and V O D. II, III, and VIarrow_forward
- If no agreement exists in a partnership as to the allocation of income, what method is appropriate?arrow_forwardAssess the truth of this statement: One of the rules of debits and credits and account balances for a partnership is that assets increase as debits. Group of answer choices This statement is true. This statement is false. There is not enough information to determine whether or not this statement is true. This statement is not applicable to accounting concepts.arrow_forwardHow should losses in a partnership be divided between the capitalist partners? The ranking should be: a. agreement-profit and loss -capital b. capital-agreement-profit and loss ratio c. agreement-profit ratio-capital d. profit and loss-capital-agreement.arrow_forward
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