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: Cash​4,100Furniture​47,000Equipment​23,000 Accounts Payable​16,000​Rodriguez, Capital​58,100

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?