1--The NBC Company reports net income of $60,000. If partners N, B, and C have an income ratio of 50%, 30%,and 20%, respectively, N share of the net income is:

Select one: a. 12,000 b. 20,000 c. 18,000 d. 30,000 2-- in the liquidation of a partnership, it is necessary to

(1) distribute cash to the partners, (2) sell noncash assets,

(3) allocate any gain or loss on realization to the partners

and (4) pay liabilities. These steps should be performed in the following order

Select one: a. (2), (3), (4), (1). b. (3), (2), (1), (4). c. (2), (3), (1), (4). d. (3), (2), (4), (1). 3-- B and S formed a partnership. B contributed $8,000 cash and a used truck that originally cost $35,000 and had accumulated depreciation of $15,000. The trucks fair value was $16,000, S contributed a new Building costing 40,000 has a fair value off 55,000

What is the combined total capital that would recorded on partnership

Select one: a. 75,000 b. 90,000 c. 60,000 d. 79,000 4-- Corporation issues 1,000 shares of $10 par value ordinary shares at $13 per share. In recording the transaction, debit are made to:

Select one: a. (d) cash 10,000 b. cash 13,000 c. ordinary Shares $10,000 and share premium 3000 d. ordinary Shares $13,000

5-- Company receives net proceeds of $42,000 on the sale of share investments that cost $39,500. This transaction will result in reporting in the income statement

Select one: a. gain 3500 b. loss 2500 c. loss 3500 d. gain 2500

6-- Corporation issues 100 shares of $10 par value preference shares at $12 per share .In recording the transaction, debit are made to

Select one: a. preference shares 1,000 and share premium -preference 200 b. preference shares 1,200 c. cash 1,000 d. cash 1,200

7--1/1/2017 Assume that Home Corp. acquired 25% of the ordinary shares of South Corp for $300,000

During 2017, South Corp. reported net income of $160,000 and paid total dividends $60,000. If Home uses the equity method to account for its

investment, the debt side in the journal entry to record gain from investment account on December 31, 2017, will be

Select one: a. investment 40,000 b. cash 40,000 c. investment 160,000 d. cash 160,000

8-- Mazen purchases 50% of Nader capital interest in the partnership for $32,000 If the capital balance of Ahmad and Nader are $40,000 and $30,000, respectively, the balance of Mazen Capital following the purchase is:

Select one: a. 15,000 b. 32,000 c. 40,000 d. 30,000