22.The distribution of cash to partners in a partnership liquidation is always made based on the partners' income sharing ratio

Select one:

True

False

23. the partner may take interest on capital balance this amount also distribution of income not expenses

Select one:

True

False

24. If a partner invests noncash assets in a partnership, they should be recorded by the partnership at their fair value.

Select one:

True

False

25.partner salary is closed with income summary as expenses in the end of the year

Select one:

True

False

26.Palestine company reports net income of $25,000. If partners Nidal, Bassam, and Kamal have an income ratio of 50%, 30% and 20% respectively, kamal share of the net income is:

Select one:

a. 12,500

b. 6,000

c. 7,500

d. 5,000