11. On December 31, 2020, Lucio Ting decided to withdraw from the partnership Ting, Tan, Velayo Partnership. Lucio Ting has a capital balance of $80,000 and the withdrawal is paid from the partnership assets. What is the entry to record the transaction?

Select one:

a.Debit Cash $80,000, Credit Ting, Capital $80,000

b.Debit Income Summary $80,000, Credit Ting, Capital $80,000

c.Debit Ting, Capital $80,000, Credit Cash $80,000

d.Debit Cash $80,000, Credit Income Summary $80,000

12. On January 1, 2020, Lala Norman and Dede McGill decided to form a partnership. Assets of Dede includes Accounts Receivable amounting to $18,000 and an Allowance for Doubtful Accounts of $2,000. An independent appraiser determined that the allowance for doubtful accounts should be $3,000. How much should the Accounts Receivable be carried in the new partnership books?

Select one:

a.$18,000

b.$16,000

c.$15,000

d.$20,000

13. During partnership liquidation, if net assets worth $400,000 are sold for $325,000, what happens to the partner's capital accounts?

Select one:

a.A $325,000 loss will decrease the capital accounts of the partners

b.A $325,000 gain will increase the capital accounts of the partners

c.A $75,000 loss will decrease the capital accounts of the partners

d.A $75,000 gain will increase the capital accounts of the partners

15. Which of the following is/are true?

Select one:

a.When cash dividend is declared, there is an increase in value and decrease in quantity of common shares.

b.Stock Dividend Distributable is a liability account.

c.Dividends Payable is a Noncurrent Liability acoount.

d.Stock Dividend would cause no changes in Shareholders' Equity

16. On January 10, 2020, the board of directors of Casio Corporation declares a 3 for 1 stock split. This would result to which of the following;

Select one:

a.None of the above

b.Shareholders' Equity remain the same

c.Shareholders' Equity will decrease

d.Sahreholders' Equity will increase