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

Select one: a. loss 39500 b. gain 39500 c. loss 2500 d. gain 2500

2-Mazen purchases 100% of Ahmad 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. 32,000 b. 15,000 c. 30,000 d. 40,000

3-You have a controlling interest if:

Select one: a. you own more than 50% of a companys share . b. you own more than 20% of a companys share . c. you use the equity method. d. you are the president of the company.

4-When the non-cash property is invested in a partnership, the non-cash property recorded according to:

Select one: a. Conversion the non-cash property to cash b. fair value c. The book value d. Historical value B and S formed a partnership.

5- 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 total capital that would recorded to S partner

Select one: a. 43,000 b. 24,000 c. 28,000 d. 55,000

6-In partnership liquidation the first cash distribution to the partner should be made in accordance with the

Select one: a. Ratio of the capital contribution by partners b. Safe payment schedule c. Balances of partners' capital accounts d. Partners profit &loss ratios