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Chapter 12 practice quiz. >>>>>>>>>>>>>>>>>>>____________________________________ 1 point each....extra credit. MULTIPLE CHOICE 1. Which of the following is characteristic of a general partnership? a. The partners have co-ownership of partnership property. b. The partnership is subject to federal income tax. c. The partnership has an unlimited life. d. The partners have limited liability. 2. Which of the following is not a characteristic of a general partnership? a. the partnership is created by a contract b. mutual agency c. partners share equally in net income or net losses unless an agreement states differently d. dissolution occurs only when all partners agree 3. Which of the following is an advantage of a general partnership when compared to a corporation? a. A partnership is more likely to have a positive net income. b. The partnership is relatively inexpensive to organize. c. Creditors to a partnership cannot attach personal assets of partners. d. The partnership usually hires professional managers. 4. Which of the following is a disadvantage of a partnership when compared to a corporation? a. The partnership is more likely to have a net loss. b. The partnership is easier to organize. c. The partnership is less expensive to organize. d. The partnership has limited life. 5. An advantage of the partnership form of business organization is a. unlimited liability b. mutual agency c. ease of formation d. limited life 6. The characteristic of a partnership that gives the authority to any partner to legally bind the partnership and all other partners to business contracts is called a. unlimited liability b. ease of formation c. mutual agency d. dissolution 7. When a limited partnership is formed a. the partnership activities are limited b. all partners have limited liability c. some of the partners have limited liability d. none of the partners have limited liability 8. Which of the following below is not one of the four major forms of business entities that are discussed in this chapter? a. Sole proprietorship b. Corporation c. Partnership d. Subchapter S corporation 9. Which of the following below is not a characteristic of a Limited Liability Company? a. unlimited life b. limited legal liability c. taxable d. moderate ability to raise capital 10. The operating agreement for a Limited Liability Company is sometimes called: a. articles of organization b. articles of partnership c. Schedule C d. the Uniform Partnership Act 11. When a partnership is formed, assets contributed by the partners should be recorded on the partnership books at their a. book values on the partners' books prior to their being contributed to the partnership b. fair market value at the time of the contribution c. original costs to the partner contributing them d. assessed values for property purposes 12. As part of the initial investment, a partner contributes equipment that had originally cost $125,000 and on which accumulated depreciation of $100,000 has been recorded. If similar equipment would cost $150,000 to replace and the partners agree on a valuation of $38,000 for the contributed equipment, what amount should be debited to the equipment account? a. $38,000 b. $150,000 c. $125,000 d. $100,000 13. As part of the initial investment, Omar contributes accounts receivable that had a balance of $22,500 in the accounts of a sole proprietorship. Of this amount, $2,000 is completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $1,500. The amount debited to Accounts Receivable for the new partnership is a. $19,000 b. $22,500 c. $21,000 d. $20,500 14. Radley and Smithers share income and losses in a 2:1 ratio after allowing for salaries to Radley of $48,000 and $60,000 to Smithers. Net income for the partnership is $96,000. Income should be divided as follows: a. Radley, $48,000; Smithers, $48,000 b. Radley, $56,000; Smithers, $40,000 c. Radley, $64,000; Smithers, $32,000 d. Radley, $40,000; Smithers, $56,000 15. Franco and Elisa share income equally. During the current year the partnership net income was $40,000. Franco made withdrawals of $12,000 and Elisa made withdrawals of $17,000. At the beginning of the year, the capital account balances were: Franco capital, $40,000; Elisa capital, $58,000. Franco's capital account balance at the end of the year is a. $74,500 b. $62,500 c. $60,000 d. $48,000 16. Franco and Elisa share income equally. During the current year the partnership net income was $40,000. Franco made withdrawals of $12,000 and Elisa made withdrawals of $17,000. At the beginning of the year, the capital account balances were: Franco capital, $42,000; Elisa capital, $58,000. Elisa's capital account balance at the end of the year is a. $81,000 b. $50,000 c. $61,000 d. $95,000 17. Partnership income and losses are usually divided on the basis of interest, salaries, and stated ratios because a. partners seldom contribute time and resources equally b. this method reflects the amount of time devoted to the partnership by the partners c. it is simpler than following the legal rules d. it prevents arguments among the partners 18. A ratio of 3:2:1 is the same as a. 30%:20%:10% b. 3/6:2/6:1/6 c. 3/10:2/10:1/20 d. None of these 19. Compton and Danson form a partnership in which Compton contributes $70,000 in assets and agrees to devote half time to the partnership. Danson contributed $50,000 in assets and agrees to devote full time to the partnership. If no additional information is available, how will Compton and Danson share in the division of income? a. 5:7 b. 1:2 c. 1:1 d. 5:2 20. Xavier and Yolonda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 15%, salary allowances of $22,000 and $20,000 respectively, and the remainder equally. How much of the net income of $90,000 is allocated to Xavier? a. $30,250 b. $47,750 c. $45,000 d. $42,250