Reference no: EM132756435
Problem 1: Karen and Nancy are liquidating a partnership with cash of $10,000 and non-cash assets of $50,000. The capital balances of Karen and Nancy are $20,000 and $40,000, respectively. Karen and Nancy share profits equally. The non-cash assets are sold for $90,000 cash. All liabilities have been paid. Select the best statement regarding the allocation of the gain from the sale of non-cash assets, and the final distribution of cash.
A. Karen's portion of the gain on the sale of the non-cash assets is $20,000.
B. Karen's portion of the gain on the sale of noncash assets is $13,333.
C. Karen's final distribution of cash totals $40,000.
D. Both (a) and (c) are correct.
Problem 2: All of the following statements are true regarding partnerships except __________.
A. the death of a partner dissolves the partnership and all assets must be liquidated
B. if the partnership agreement does not specify otherwise, profits will be shared equally by the partners
C. there is no partnership income tax; the individual partners pay a personal income tax on their portion of partnership profits
D. a partnership balance sheet is much like that of a proprietorship
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