These are questions to review for my final please help!

1. Any assets invested by a particular partner in a partnership ________.

1. do not become a partnership asset but instead remain with the partner
2. can be used only by the investing partner
3. become the property of all the partners
4. are the basis for all profit sharing

2. Mutual agency is defined as:

1. a mutual agreement
2. the right of all partners to represent the companys normal business operations
3. a synonym for partnership
4. a partnership between two partnerships

3. Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in Juans Capital account due to this contribution?

1. $10,000
2. $7,000
3. $3,000
4. none of the above

4, A well written partnership agreement should include each of the following except ________.

1. how to settle disputes
2. the name of the partnership
3. division of responsibilities
4. Partners individual tax rate

5. How does a newly formed partnership handle the contribution of previously depreciated assets?

1. continues the depreciation life as if the owner had not changed
2. starts over, using the contributed value as the new cost basis
3. shortens the useful life of the asset per the partnership agreement
4. does not depreciate the contributed asset

6. Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50%. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should Thandies capital balance in the partnership be?

1. $60,000
2. $50,000
3. $45,000
4. $30,000

7. Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50%. Chris contributes $60,000 to the partnership for a 1/3 share. What amount should the partnership record as an individual bonus to each of the old partners?

1. $10,000
2. $7,000
3. $0
4. $5,000

8. When a partnership dissolves, the last step in the dissolution process is to ________.

1. allocate the gain or loss on sale based on income sharing ratio
2. pay off liabilities
3. sell noncash assets
4. divide the remaining cash among the partners