9. B. Johnson joins the partnership of Byers and Carter by paying $30,000 in cash. If the net assets of the partnership are still the same amount after Johnson has been admitted as a partner, then Johnson: a. must have been admitted by investment of assets. b. must have been admitted by purchase of a partner's interest. c. must have received a bonus upon being admitted. d. could have been admitted by either an investment of assets or by a purchase of a partner's interest 10. In the liquidation of a partnership, the balances prior to the distribution of cash to the partners are: Cash $204,000; Thatcher, Capital $112,000; Bennett, Capital $104.000; and Hays, Capital Deficiency $(12,000). The profit and loss ratio is 6:2:2, respectively. How much cash should be distributed to Bennett if Hays does not pay his capital deficiency? a. $101.600. b. $ 101,000. C. $100.000 d. $98,000. 11. The legal relationship among partners whereby each partner is an agent of the partnership and is able to bind the partnership to contracts within the scope of the partnership's business is referred to as: a. Unlimited liability b. Co-ownership of property. I C. Goodwill. d. Mutual agency. e. Association of individuals. 12. Jack invested $5,000 and Jill invested $10,000 in a partnership in which they agreed to share I profit and losses by allowing a $2.000 per year salary, allowance to Jack and a $12.000 per year salary_allowance to Jill, plus interest on the partners' investments at 10 percent and the balance to be shared equally. Under this agreement, the shares of the partners in a $21.000 profit are: a. $10,500 to Jack and $10.500 to Jill. b. $7,000 to Jack and $14,000 to Jill. C. $9.000 to Jack and $12,000 to Jill. d. $8,750 to Jack and $12,250 to Jill. e. $9.500 to Jack and $11,500 to Jill