12) Katie Pereira and Ferro Schwartz are the only two employees of Free Star Company. In February, 2013, Katie's gross pay was $5,500 and Ferro's gross pay was $5,900. All earnings are subject to FICA-OASDI Tax of 4.2% and FICA-Medicare Tax of 1.45%. Which of the following would be included in the entry to record the salary expense for February? A) a debit to Salary payable to employees for $478.80 B) a credit to Salary expense for $478.80 C) a debit to FICA-Medicare for $478.80 D) a credit to FICA-OASDI Tax payable for $478.80 13) A general partner in a limited partnership: A) is the first owner to receive a share of profits and losses. B) is the major shareholder and does not get involved in the daily business activities. C) has unlimited personal liability in the partnership. D) has less personal liability for the debts of the business than the limited partners. 14) 14) Rodriguez and Ying start a partnership business on July 1, 2014. Rodriguez brings in cash worth $4,000, furniture with a current market value of $50,000, and computer equipment. The computer equipment cost $45,000 in 2011 and has an accumulated depreciation of $25,000. The current market value of the computer equipment is $18,000. At what value should the computer equipment be recorded in the books of the partnership firm? A) $20,000 B) $25,000 C) $45,000 D) $18,000 15) 15) Frank and Harry are partners. Frank has a capital balance of $50,000 and Harry has a capital balance of $40,000. Bill invested a building worth $30,000 to the partnership for an ownership interest of 20%. Calculate Bill's capital in the new partnership. A) $24,000 B) $20,000 C) $30,000 D) $10,000