7) Tim and Michelle have decided to form a partnership with a 60/40 partnership interest ratio. Tim contributes $7500 cash and merchandise inventory with a market value of $1500. While joumalizing this transaction A) Tim, Capital will be debited for $9000 B) Tim, Capital will be credited for $9000 Tim, Capital will be credited for $6000 and Michelle, Capital will be credited for $4500 D) Tim, Capital will be debited for $6000 and Michelle, Capital will be debited for $4500 9) Which of the following is a basic right of stockholders? A) Stockholders may sell their stock back to the company if they wish. B) Stockholders may authorize a business contract on behalf of the corporation. Stockholders may receive dividends from corporate earnings. D) Stockholders may determine the issue price of common stock. 10) Which of the following is included in the entry to record the issuance of 14,000 shares of $7 par value common stock at $21 per share for cash? A) Cash is debited for $294,000. B) Common Stock is debited for $98,000. Common Stock is credited for $294,000. D) Paid-In Capital in Excess of Par-Common is debited for $196,000. 11) Which of the following types of stock has less investment risk? A) common stock B) par value stock C) no-par stock D) preferred stock