Which Of The Following Is A Characteristic Of A Partnership

Question: business with two or more owners that is not organized as a corporation

Answer: A partnership is a ________.

Question: Partners have co-ownership of the partnership's assets.

Answer: Which of the following is a characteristic of a partnership?

Question: It is a legally-binding agreement between the owners which explains the procedures for liquidating the partnership.

Answer: Which of the following is true of a written partnership agreement?

Question: procedures for withdrawal of assets by the partners

Answer: Which of the following is specified in the articles of partnership?

Question: Partnership firms have a limited life.

Answer: Which of the following is true of a partnership?

Question: admission of a new partner

Answer: Which of the following will result in the dissolution of a partnership?

Question: Bill signs a contract to buy furniture for official use in the partnership.

Answer: A firm has two partners: Jim and Bill. Jim owns 60% of the partnership and Bill owns 40%. In which of the following transactions will the partnership be held responsible for an individual partners' actions?

Question: have an unlimited personal liability for the debts of the business

Answer: In comparison to a corporation, the owners of a general partnership ________.

Question: Any new assets purchased by the partnership are jointly owned by each partner.

Answer: Which of the following is true of the assets of a partnership?

Question: They have mutual agency which creates personal obligations for each partner.

Answer: Which of the following is a disadvantage of partnership firms?

Question: Partnerships are less expensive to organize than corporations.

Answer: Which of the following is an advantage of a partnership?

Question: Each partner has all the privileges and risks of ownership.

Answer: Which of the following is true of a general partnership?

Question: partnership

Answer: A(n) ________ does not require any permission from the state to be set up.

Question: current market value

Answer: A partnership records the partners' contributions at their ________.

Question: $74,000

Answer: Andy and Ian formed a partnership on April 1, 2019. Andy contributes equipment to the business that originally cost $82,000 and on which accumulated depreciation of $16,000 has been recorded. The current market value of the equipment is $74,000. The value of the equipment recorded in the partnership journal is ________.

Question: 17000

Answer: Rodriguez and Ying start a partnership on July 1, 2019. Rodriguez contributes $4,100 cash, furniture with a current market value of $55,000, and computer equipment. The computer equipment originally cost $48,000 in 2017 with recorded accumulated depreciation of $28,000. The current market value of the computer equipment is $17,000. At what value should the computer equipment be recorded in the accounting records of the partnership?

Question: Cash4,100Furniture47,000Equipment23,000 Accounts Payable16,000Rodriguez, Capital58,100

Answer: Rodriguez and Ying start a partnership on July 1, 2019. Rodriguez contributes $4,100 cash, furniture with a current market value of $47,000, accounts payable with a current market value of $16,000 and equipment with a current market value of $23,000. Which of the following is the correct journal entry to record Rodriquez's partnership investment?

Question: It reports a separate capital account for each partner.

Answer: Which of the following is true of a partnership balance sheet?

Question: the statement of partners' equity

Answer: If a partner's capital account is credited with the amount that he or she contributed in cash, which of the following financial statements will be affected?

Question: The Equipment account will be debited at $9,100 on the date of purchase.

Answer: Steve owns 64% and Mark owns 36% of a partnership business. They purchase equipment with a suggested value of $9,600. The current market value of the equipment at the time of purchase was $9,100. At the time of the balance sheet preparation, depreciation of $160 was recorded. Based on the information provided, which of the following is true of the partnership?

Question: Office Furniture will be debited for $3,200

Answer: Edwin and Darren have decided to form a partnership. Edwin contributes $80,000 cash and merchandise inventory with a current market value of $17,000. Darren contributes $2,400 cash and office furniture with a current market value of $3,200. When journalizing these transactions ________.

Question: Merchandise Inventory will be debited for $3,000

Answer: Sasha and Michelle form a partnership. Sasha contributes $16,000 cash and merchandise inventory with a current market value of $3,000. While journalizing this transaction ________.

Question: 24857

Answer: Bill and Bob share profits of their partnership in the ratio of 6:1 respectively. If the net income of the firm is $29,000, calculate Bill's share of net income. (Do not round any intermediate calculations.)

Question: 10000

Answer: Steve and Roger allocate 2/3 of their partnership's profits and losses to Steve and 1/3 to Roger. If the net income of the firm is $30,000, calculate Roger's share of net income. (Do not round any intermediate calculations.)

Question: 3750

Answer: Albert, Billy, and Cathy share profits and losses of their partnership as 1:4:3, respectively. If the net income is $30,000, calculate Albert's share of the profits. (Do not round any intermediate calculations.)

Question: Any time the partner mix changes, the old partnership ceases to exist and a new partnership begins.

Answer: Which of the following is true of ownership changes in a partnership?

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

Answer: Keith and Jim are partners. Keith has a capital balance of $47,000 and Jim has a capital balance of $32,000. Jim sells $15,000 of his ownership to Bill. Which of the following is true of the journal entry to admit Bill?