Reference no: EM132797248
Problem 1: the book value of the assets of the MLW partnership is 7,500,000. In liquidation the partnership sells the assets for 8,700,000. Partners M,L,W split profits equally. How should the partnership account for the sale of the assets.
a. debit cash for 8,700,000
b. increase each of the partner's capital accounts by 400,000
c. credit the assets for 7,500,000
d. all of these
Problem 2: Which of the following characteristics identifies a partnership?
a. limited personal liability
b. unlimited life
c. no business income tax
d. all of these
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