Carter Pearson is a partner in Event Promoters. His beginning partnership capital balance for the current year is $55,500, and his ending partnership capital balance for the current year is $62,500. His share of this year's partnership income was $5,750. What is his partner return on equity?

9.65%

9.75%

10.87%

9.20%

10.36%

Design Services is organized as a limited partnership, with Miko Toori as one of its partners. Miko's capital account began the year with a balance of $46,900. During the year, Miko's share of the partnership income was $9,400, and Miko received $5,900 in distributions from the partnership. What is Miko's partner return on equity?

12.1%

19.3%

12.6%

20.0%

18.7%

The following information is available regarding Grace Smit's capital account in Enterprise Consulting Group, a general partnership, for a recent year:

Beginning of the year balance	$ 30,000
Share of partnership income	$ 10,500
Withdrawals made during the year	$ 6,800

What is Smit's partner return on equity during the year in question?

33.0%

11.6%

51.3%

12.3%

31.2%

Maxwell and Smart are forming a partnership. Maxwell is investing a building that has a market value of $81,000. However, the building carries a $55,000 mortgage that will be assumed by the partnership. Smart is investing $22,000 cash. The balance of Maxwell's Capital account will be:

$55,000.

$81,000.

$59,000.

$26,000.

$48,000.

Harvey and Quick have decided to form a partnership. Harvey is going to contribute a depreciable asset to the partnership as his equity contribution to the partnership. The following information regarding the asset to be contributed by Harvey is available:

Historical cost of the asset	$81,000
Accumulated depreciation on the asset	$42,500
Note payable secured by the asset*	$23,000
Agreed-upon market value of the asset	$47,500
*will be assumed by the partnership

Based on this information, Harvey's beginning equity balance in the partnership will be:

$23,000

$47,500

$81,000

$38,500

$24,500

Wheadon, Davis, and Singer formed a partnership with Wheadon contributing $58,800, Davis contributing $49,000 and Singer contributing $39,200. Their partnership agreement called for the income (loss) division to be based on the ratio of capital investments. If the partnership had income of $72,000 for its first year of operation, what amount of income (rounded to the nearest thousand) would be credited to Singer's capital account?

$19,200.

$28,800.

$72,000.

$24,000.

$39,200.

Christie and Jergens formed a partnership with capital contributions of $210,000 and $310,000, respectively. Their partnership agreement calls for Christie to receive a $51,000 per year salary. Also, each partner is to receive an interest allowance equal to 9% of a partner's beginning capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $117,000, then Christie and Jergens's respective shares are:

$58,500; $58,500.

$69,900; $27,900.

$47,250; $69,750.

$79,500; $37,500.

$38,100; $78,900.

The partnership agreement for Wilson, Pickett & Nelson, a general partnership, provided that profits be shared between the partners in the ratio of their financial contributions to the partnership. Wilson contributed $90,000, Pickett contributed $54,000 and Nelson contributed $18,000. In the partnership's first year of operation, it incurred a loss of $207,000. What amount of the partnership's loss, rounded to the nearest dollar, should be absorbed by Nelson?

$0

$23,000

$69,000

$103,500

$51,750