Nate is investing in a partnership with Deidre. Nate contributes as part of his initial investment, Accounts Receivable of $60100; an Allowance for Doubtful Accounts of $9700; and $5900 cash. The entry that the partnership makes to record Nate's initial contribution includes a O debit to Accounts Receivable for $50400. O debit to Allowance for Doubtful Accounts for $9700. O credit to Nate, Capital for $56300. credit to Nate, Capital for $66000. Todd is investing in a partnership with Joseph. Todd contributes equipment that originally cost $42800, has a book value of $19900, and a fair value of $26400. The entry that the partnership makes to record Todd's initial contribution includes a O debit to Equipment for $22900. O debit to Equipment for $26400. debit to Equipment for $42800. O credit to Accumulated Depreciation for $22900. Multiple Choice Question 62 Julie contributes, as part of her initial investment, accounts receivable with an allowance for doubtful accounts. Which of the following reflects a proper treatment? O The accounts receivable and allowance should not be recorded on the books of the partnership because a partner must invest cash in the business. The allowance account should not be recorded in the books of the partnership. O The allowance account may be set up on the books of the partnership because it relates to the existing accounts that are being contributed. The balance of the accounts receivable account should be recorded on the books of the partnership at its net realizable value. O Multiple Choice Question 68 Brekke and Fig decide to organize a partnership. Brekke invests $29900 cash, and Fig contributes $24400 cash and equipment having a book value of $11100. Choose the entry to record Fig's investment in the partnership assuming the equipment has a fair value of $18100. Equipment 11100 Fig, Capital 11100 O Cash 24400 Fig, Capital 24400 Cash 24400 Equipment 18100 Fig, Capital 42500 O Cash 24400 11100 Equipment Fig, Capital 35500 Multiple Choice Question 69 M. Abadie and S. Collier combine their individual sole proprietorships to start the Abadie - Collier partnership. M. Abadie and S. Collier invest in the partnership as follows Book Value Abadie Collier $20300 $6900 9300 4800 Fair Value Abadie Collier $20300 $6900 9300 4800 Cash Accounts Receivable Allowance for Doubtful Accounts Equipment Accumulated Depreciation (1300) 14400 (2500) (530) 23100 (8600) (2130) 13800 (900) 9900 The entries to record the investment will include a credit to: O Abadie, Capital of $40200. O Collier, Capital of $20700. Abadie, Capital of $41500. Collier, Capital of $25300. O Multiple Choice Question 70 Partners Gary and Elaine have agreed to share profits and losses in an 85:15 ratio respectively, after Gary is allowed a salary allowance of $29700 and Elaine is allowed a salary allowance of $15600. If the partnership had net income of $29900 for 2020, Elaine's share of the income would be $13290. $16610. $2140. O $15400. Multiple Choice Question 72 The partnership agreement of Alix, Gise, and Bosco provides for the following income ratio: (a) Alix, the managing partner, receives a salary allowance of $108400, (b) each partner receives 15% interest on average capital investment, and (c) remaining net income or loss is divided equally. The average capital investments for the year were: Alix $591000, Gise $1300000, and Bosco $1880000. If partnership net income is $544000, the amount allocated to Alix should be $88650. $188550. $153700. $197050. Multiple Choice Question 73 Partners Cantor and Dickens have capital balances in a partnership of $162000 and $238000, respectively. They agree to share profits and losses as follows: Cantor $40800 Dickens $47400 As salaries As interest on capital at the beginning of the year Remaining profits or losses 10% 10% 50% 50% If income for the year was $197000, what will be the allocation of income to Dickens? O $40000 O $91400 $105600 O $80000