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Which limited partnerships

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Problem 1: Limited partnerships

a. must have at least one general partner.

b. guarantee that a partner will receive a return.

c. guarantee that a partner will get back his original investment.

d. are limited to only three partners.

Problem 2: A partners' capital statement explains

a. the amount of legal liability of each of the partners.

b. the types of assets invested in the business by each partner.

c. how the partnership will be capitalized if a new partner is admitted to the partnership.

d. the changes in each partner's capital account and in total partnership capital during a period.

Problem 3: When a partnership is formed, assets contributed by the partners should be recorded on the partnership books at their

a. book values on the partners' books prior to their being contributed to the partnership

b. fair market value at the time of the contribution

c. original costs to the partner contributing them

d. assessed values for property purposes

Reference no: EM132786862

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