1/

Bloom and Plant organize a partnership on January 1. Bloom's initial investment consists of $300 cash, $1,200 equipment and a $550 note payable reflecting a bank loan for the new business. Plant's initial investment is cash of $950. These amounts are the values agreed on by both partners. The journal entry to record Bloom's investment is:

Multiple Choice

Debit Cash $300; debit Equipment $1,200; credit Note Payable $550; credit Bloom, Capital $950.

Debit Cash $950; credit Bloom, Capital $950.

Debit Cash $300; debit Equipment $1,200; credit Bloom, Capital $2,350.

Debit Cash $300; debit Equipment $650; credit Bloom, Capital $950.

Debit Bloom, Capital $2,050; credit Common Stock $2,050.

2/

Barber and Atkins are partners in an accounting firm and share net income and loss equally. Barber's beginning partnership capital balance for the current year is $248,000, and Atkins' beginning partnership capital balance for the current year is $108,000. The partnership had net income of $377,000 for the year. Barber withdrew $101,000 during the year and Atkins withdrew $63,000. What is Barber's ending equity?

Multiple Choice

$195,500

$524,000

$625,000

$335,500

$436,500

3/

Maxwell and Smart are forming a partnership. Maxwell is investing a building that has a market value of $91,000. However, the building carries a $45,000 mortgage that will be assumed by the partnership. Smart is investing $42,000 cash. The balance of Maxwell's Capital account will be:

Multiple Choice

$46,000.

$49,000.

$91,000.

$88,000.

$45,000.

4/

Olivia Greer is a partner in Made for You. An analysis of Greer's capital account indicates that during the most recent year, she withdrew $21,000 from the partnership. Her share of the partnership's net loss was $16,500 and she made an additional equity contribution of $11,000. Her capital account ended the year at $151,000. What was her capital balance at the beginning of the year?

Multiple Choice

$194,000

$145,500

$177,500

$124,500

$134,500