Reference no: EM132784436
Questions -
Q1. which of the following is reported on a partnership's financial statements report?
a. Net income on the balance sheet
b. Expenses on the balance sheet
c. Revenues on the income statement
d. Liabilities o the income statement
Q2. The NBC company reports net income of 3,000,000. if partners of N, B, C have icome ratios of 50%, 30% and 20% respectively, what is C's share of the net income?
a. 600,000
b. 900,000
c. 1,500,000
d. none of these
Q3. Capital balances in the MURF partnership are Molly, Capital 2,500,000; Ursula, Capital 2,000,000; Ray, Capital 1,500,000; Fred, Capital 1,000,000 and income ratios are 4:3:2:1 respectively. Fred withdraws from the firm following payment of 1,450,000 in cash from the partnership. Which of the following is Ursula's capital balance after recording the withdrawal of Fred?
a. 1,850,000
b. 1,800,000
c. 2,000,000
d. 1,900,000
Q4. In the liquidation of a partnership it is necessary to:
(1) distribute cash to the partners
(2) sell non cash assets
(3) allocate any gain or loss on realization to the partners
(4) pay liabilities
Which order is correct?
a. 3,2,1,4
b. 2,3,1,4
c. 2,3,4,1
d. 3,2,4,1
Q5. Which of the following is not an advantage of a partnership?
a. ease of decision-making
b. ease of formation
c. unlimited liability
d. freedom from government regulation
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