11. Warren has equipment with cost of $22,000 and accumulated depreciation of $16,000. If Warren sells the equipment for $7,000, what is the gain or loss?

A. gain of $7,000

b. loss of $1,000

c. gain of $13,000

d. gain of $1,000

12.How are partners compensated in a partnership?

A. each partner receives a cash payment on 12/31

b. each partner gets a salary paid in cash

c. each partner's capital receives a portion of the net income or loss in closing

d. interest expense is debited, and each partner receives the interest in cash

13. How are assets contributed by the partners valued in the partnership?

A. valued at original cost

b. valued at original cost minus accumulated depreciation

c. valued at fair market value

d. valued at an amount specified by the contributing partner

14.Conner contributed $15,000 cash to the AB partnership and received a $20,000 capital interest. Who received the bonus in this case?

A. the other partners of AB partnership

b. there was no bonus

c. Conner received the bonus

d. none of these is correct

15.Which of the following depreciation methods is accelerated?

A. straight line

b. units of activity

c. double declining balance

e. all of these are accelerated