Chapter 12A test need help. I have attached the quiz below

22nd Edition ACCOUNTING Warren/Reeve/Duchac Test 12A Score % Name Course Section NOTE: Each of the 40 correct answers is assigned a weight of 2 1/2%. A TEST 12A (Concluded) FILLINTHEBLANKPRINCIPLES AND TERMINOLOGY40% INSTRUCTIONS: Complete each of the following statements by writing the appropriate words or amounts in the Answers column. Answers For Scoring 0. How many owners does a proprietorship have ...................................... 1. When a proprietor dies or retires, the proprietorship ........................... 1. ____ 2. A primary disadvantage of a proprietorship is ....................................... 2. ____ 3. An LLC is taxed for income tax purposes as if it were a ....................... 3. ____ One 0. ____ 4. A general partner can only lose the money he/she invests in a partnership (true or false) ....................................................................... 4. ____ 5. The agreement between the partners is called a .................................. 5. ____ 6. The limited partnership has _______ kinds of partners ......................... 6. ____ 7. What kind of business entity uses an operating agreement? ................ 8. The statement of owner's equity is used for which kind of business organization? 8. ____ 9. The statement of member's equity is used by what kind of business entity? ..................................................................................................... 9. ____ 7. ____ TEST 12A (Concluded) 10. The LLC is most similar to a _______ in terms of accounting for profit distribution ............................................................................................. 10. ____ 1114. Ben Smith contributes land with a fair market value of $15,000 and cost of $2,000 to a limited liability corporation, S&S LLC. What are the accounts and the amounts for each used in the journal entry to record this transaction in the records of S&S LLC? .......................................... 1112. Debit: Account and Amount..................................................................... 11. ____ 1314. Credit: Account and Amount: 13. ____ 12. ____ 14. ____ 15. Income is divided between the partners of a partnership with an entry that credits a partner's capital account and debits ................................ 15. ____ 16. When partners withdraw their salaries it is charged (debited) to ........... 16. ____ TEST 12A (Concluded) PROBLEM 1CLASSIFICATION OF ACCOUNTS30% INSTRUCTIONS: Identify each of the items listed below as an asset, liability, partnership or LLC equity, revenue, or expense, and indicate the normal balance of each account. Item 0. Accounts Receivable ................................................................................ Asset Answers Balance debit For Scoring 0. ____ 1. Notes Payable .......................................................................................... 1. ____ 2. Alex Small, Member Equity ...................................................................... 2. ____ 3. Burt Smith, Capital ................................................................................... 4. Alex Small, Drawing ................................................................................. 3. ____ 4. ____ 5. Fees Earned ............................................................................................... 5. ____ 6. Burt Smith, Drawing ................................................................................. TB37 6. ____ TEST 12A (Concluded) PROBLEM 2ANALYSIS OF PARTNERSHIP AND LLC TRANSACTIONS30% INSTRUCTIONS: Selected partnership and LLC transactions are listed below. For each transaction, indicate the account(s) to be debited and credited by inserting in the appropriate column the letter(s) that correspond to the accounts listed below. (Do not record amounts.) ACCOUNTS A. B. C. D. E. Cash Accounts Receivable Merchandise Inventory Bill Cody, Capital Charles Smith, Capital H. I. J. K. L. Income Summary Dennis Rack, Capital Ernie Sloan, Capital Fred Warren, Member Equity George Adams, Member Equity F. Henry Taylor, Member Equity G. Bill Cody, Drawing M. Charles Smith, Drawing TRANSACTIONS Debit 0. Purchased inventory $10,000, paid cash.................................................. 12. Charles Smith contributed $10,000 cash to the partnership of Smith, Rack, and Sloan........................................................................................ C For Scoring 0. ____ Credit A For Scoring 0. ____ 1. ____ 2. ____ 34. Henry Taylor contributed accounts receivable worth $15,000 to TWA LLC. .......................................................................................................... 3. ____ 4. ____ 56. Charles Smith received his annual salary of $25,000 from Smith, Rack, 5. ____ 6. ____ TB39 TEST 12A (Concluded) and Sloan ................................................................................................. 78. Dennis Rack sold his partnership interest to Ernie Sloan (the partnership was not effected).................................................................... 910. George Adams purchased Fred Warren's interest in TWA LLC from Fred Warren ...................................................................................................... 1112. Smith, Rack, and Sloan distributed this year's profit to Charles Smith. Smith's share of the profit was $10,000 ................................................... 7. ____ 8. ____ 9. ____ 10. ____ 11. ____ 12. ____