8. From a liquidity standpoint is more desirable for a company to have current a assets equal current liabilities b. liabilities exceed current assets c assets exceed current liabilities d. liabilities exceed long-term liabilities Partners Cantor and Dickens have capital balances in a partnership of $160.000 and $240.000, respecovery They agree to share profits and losses as follows: Cantor Dickens $40,000 $48.000 As interest on capital at the beginning of the year 10% 10% Remaining profits or losses 50% 50% If income for the year was $200,000, what will be the allocation of income to Dickens? a $108.000 b. $92,000 C $40.000 d $80.000 10. Which of the following assets does not decline in service potential over the course of its useful te? a Equipment b. Furnishings Land d Fixtures 11.On October 1, 2020, Dakota Company issued an $800.000 10% nine-month interest-bearing note the Dakota Company is preparing financial statements at December 31, 2020 the adjusting entry for accrued interest will include a: a credit to Notes Payable of $20,000 b. debit to Interest Expense of $30,000 c. credit to interest Payable of $40.000 d. debit to Interest Expense of $20.000 12.Yanik Company's delivery truck, which originally cost $84 000, was destroyed by fire. At the time of the fire the balance of the Accumulated Depreciation account amounted to 557,000. The company received $48.000 reimbursement from its insurance company. The gain or loss as a result of the fire was a. $38.000 loss b. $21,000 loss. C. $38,000 gain. d. $21,000 gain 13. Partners Cantor and Dickens have capital balances in a partnership of $160,000 and $240,000, respectively They agree to share profits and losses as follows Cantor As salaries $40,000 $48.000 As interest on capital at the beginning of the year 10% 1096 Remaining profits or losses 50% 50% If income for the year was $200,000, what will be the allocation of income to Dickens? a $92.000 b. $108.000 c $80.000 d $40.000