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-001 SPRING 2019 An partner's investment in the partnership F 12-010 advantage of the partnership form of business is that euch parters prtential l s & Insdes to d partnership form of business is that each partner's potentoal lossis limited to thu True False 2 TF 12-018 If the articles of partnership provide for annual salary allowances of respectively, and net income is $30,000, X's share of anniual salary alonances of $36,.000 and $18,000 to X and True False net income is $20,000. 3 MC 12-079 Patty and Paul are partners who share income in the ratio of 3:2. Their capital Dalances are $90.000 ane $130,000, respectively, on January 1. The partnership generated net income of 540,000 for the year is Paul's capital balance after closing the revenue and expense accounts to the capital accounts? a $120,000 b. $146,000 C. $164,000 d.$160,000 4 MC. 12-086 and Teresa share income and losses in a 2:1 ratio after atlowing for salaries of $42,00 to an and $60,000 to Teresa. Net income of the partnership is $132,000. Income should be divided as tollows a. Tanner, $57,000; Teresa, $75,000 b. Tanner, $62,000; Teresa, $70,000 c. Tanner, $75,000; Teresa, $57,000 d. Tanner, $58,000; Teresa, $74,000 5 MC 12-065 As part of the initial investment, Ray Blake 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 $29,000 for the contributed equipment, what amount should be debited to the equipment account? a. $150,000 b. $100,000 c. $125,000 d. $29,000 TF 13-015 he par value of common stock must always be equal to its market value on the date the stock is issued number of shares of outstanding stock is equal to the number of shares authorized minus the number hares issued True False F 13-019