Reference no: EM132756422
Problem 1: All of the following statements are true regarding a partnership except __________.
A. each partner's liability is limited to the amount he or she contributed to the partnership
B. partners pay personal income tax on their share of the partnership's income
C. a new partnership agreement is required whenever a new partner enters or leaves the partnership
D. agency creates personal obligations for each partner
Problem 2: Grant invests the following building into a new partnership: Building with a current market value of P800,000 originally acquired for P500,000, accumulated amortization P300,000, mortgage payable P400,000. Using the above information, the amount of Grant's initial investment is __________.
A. 800,000
B. 400,000
C. 200,000
D. (200,000)
Problem 3: Partnership profit and loss sharing must be based on __________.
A. capital contributions
B. service to the partnership
C. partners may agree to any profit-and-loss-sharing method they desire
D. a stated fraction
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