A Moving to the next question prevents changes to this answer. Question 50 of 60 Question 50 1.5 points Save Answer The Keaton, Lewis, and Meador partnership had the following balance sheet just before entering liquidation: Cash Noncash assets S 10,000 300,000 Liabilities Keaton, capital Lewis, capital Mcador, capital Total $ 130,000 60,000 40,000 80.000 $ 310,000 Total S 310,000 Keaton, Lewis, and Meador share profits and losses in a ratio of 2:4:4. Noncash assets were sold for $180,000. Liquidation expenses were $12,000. Assume that Keaton was personally insolvent with assets of $8,000 and liabilities of $60,000. Lewis and Keaton were both solvent and able to cover deficits in their capital accounts, if any. What amount of cash could Keaton's personal creditors have expected to receive from partnership assets? $29,333 $0. $52,000 $38,333 O $33,600 L. A Moving to the next question prevents changes to this answer. Question 51 8K is an SEC filing required by all corporations. They must report all significant events for the year via the 8K? True False Moving to the next question prevents changes to this answer. Question 52 Which choice below best match iterms in GROUP A to items in GROUP B? Group A 1 Sarbanes Oxley 2APB 30 3FASB 125 140 4UPC 5FASB 115 159 6APB 21 - FAS 157 & 159 APB 18 ASC 323 / 321 IAS 28 BARP 51 9FASB 141 142 94 10FASB 121 11UPA Group B 12 Requires the use of the interest effective method 13Accounting for Equity Security over 20% 15Origins of need for consolidation 16Partnerships without an agreement 22Intestate 23Accounting for under 20% Investment Securities 29Purchase & Acquisition method in record M&A 452002 Act, also known as the "Public Company Accounting Reform and Investor Protection Act" 511973, Fin 27. - Reporting of Results of Operations 81Accounting for Transfers and Servicing of Assets & Liabilities 98Intangibles A 45, 51, 81, 22, 13, 12, 23, 15, 29, 98 & 16 B 45, 51, 81, 13, 12, 23, 15, 22, 98, 15 & 22 C 45, 51, 81, 22, 23, 12, 13, 15, 29, 98 & 16 D 45, 51, 81, 23, 12, 13, 15, 22, 98, 15 & 22 A Moving to the next question prevents changes to this answer. Question 53 of 60 Question 53 2 points Save Answer On January 1, 2021, Pacer Company paid $1,920,000 for 60,000 shares of Lennon Co.'s voting common stock which represents a 45% investment. No allocation to goodwill or other specific account was made. Significant influence over Lennon was achieved by this acquisition. Lennon distributed a dividend of $3.30 per share during 2020 and reported a net income of $1,090,000. What was the balance in the Investment in Lennon Co. account found in the financial records of Pacer as of December 31, 2021? $2,040,500 $2,212,500. O $2,260,500. $2,171,500 $2,071,500. Moving to the next question prevents changes to this answer. Question 54 When managers and investors purchase controlling interests and take the firm private, this is called: a) Greeenmail b) Leveraged Buyout c) Selling the Crown Jewels d) Poison Pill L A Moving to the next question prevents changes to this answer. A Moving to the next question prevents changes to this answer. Question 55 The Abrams, Bartle, and Creighton partnership began the process of liquidation with the following balance sheet: S Cash Noncash assets 16,000 434,000 Liabilities Abrams, capital Bartlc, capital Creighton, capital Total $ 150,000 80,000 90,000 130.000 $ 450,000 Total S 450,000 Abrams, Bartle, and Creighton share profits and losses in a ratio of 3:2:5. Liquidation expenses are expected to be $12,000. After the liquidation expenses of $12,000 had been paid and the noncash assets sold, Creighton had a deficit of $14,000. For what amount were the noncash assets sold? O $170,000 $264,000 $ 158,000. $146,000 O $185,000 Question 56 1 points Saved On January 1, 2019, Jordan Inc. acquired 45% of Nico Corp. Jordan used the equity method to account for the investment. On January 1, 2020, Jordan sold 2/3 of its investment in Nico. It no longer had the ability to exercise significant influence over the operations of Nico. How should Jordan have accounted for this change? Jordan should use the fair-value method for 2020 and future years but should not make a retroactive adjustment to the investment account. Jordan should restate the prior years' financial statements and change the balance in the investment account as if the fair-value method had been used since 2019. Jordan has the option of using either the equity method or the fair-value method for 2019 and future years Jordan should report the effect of the change from the equity to the fair-value method as a cumulative effect of a change accounting principle. A Moving to the next question prevents changes to this answer. Question 56 of 60 A Moving to the next question prevents changes to this answer. Question 57 Partnerships entity type is considered an amazing entity type because it pays a very small amount of taxes at the entity level but most of the taxes at the 1040, individual level? True False A Moving to the next question prevents changes to this answer. Question 58 3 points Saved Mandich Co. had the following amounts for its assets, liabilities, and stockholders' equity accounts just before filing a bankruptcy petition and requesting liquidation: Net Book Realizable Valuc Value Cash S 10,000 S 10,000 Accounts receivable 10 000 60,000 Inventory 350.000 350,000 Land 110.000 75.000 Building and equipment 700.000 300,000 Accounts payable 100.000 Salanes payable 70.000 Notes payable (secured by inventory 300.000 Employees claims for contributions to pension plans 10.000 Taxes payable 80.000 Liability for accrued expenses 25.000 Bonds payable 500.000 Common stock 200.000 Additional paid-in capital 100 000 Retained earnings (deficit) (15000) Of the salaries payable, $30,000 was owed to an officer of the company. The remaining amount was owed to salaried employees who had not been paid within the previous 80 days: John Webb was owed $10,600, Samantha Jones was owed $15,000, Sandra Johnson was owed $11,900, and Dennis Roberts was owed $2,500. The maximum owed for any one employee's claims for contributions to benefit plans was $800. Estimated expense for administering the liquidation amounted to $35,000. What was the total amount of unsecured liabilities with priority? $155,000. $200,000 $165,000. $160,000 Question 60 1.5 points Save Answer Jell and Dell were partners with capital balances of $600 and $800 and an income sharing ratio of 2:3. They admitted Zell to a 30% interest in the partnership, and the total amount of goodwill credited to the original partners was $700. What amount did Zell contribute to the business? $560 $570. O $600 O $590 O $630. L A Click Submit to complete this assessment Question 60 of 60