these are the ones I was telling I need help on and must be completed in 1 hour. ty

1. The Mayer and Rodin partnership agreement stipulates that profits and losses will be shared equally after salary allowances of $400,000 for Mayer and $200,000 for Rodin. At the beginning of the year, Mayer's Capital account had a balance of $800,000, while Rodin's Capital account had a balance of $700,000. Net income for the year was $500,000. The balance of Rodin's Capital account at the end of the year after closing is (Points : 1) $950,000 $200,000 $850,000 $900,000 Question 2.2. A partnership (Points : 1) is dissolved only by the withdrawal of a partner. is dissolved upon the acceptance of a new partner. dissolution means the business must liquidate has unlimited life. Question 3.3. Which of the following statements about partnerships is incorrect? (Points : 1) If the partnership agreement does not specify the manner in which net income is to be shared, it is distributed according to capital contributions. If a partnership is terminated, the assets do not legally revert to the original contributor. Partnership assets are co-owned by partners. Each partner has a claim on assets equal to the balance in the partner's capital account. Question 4.4. Brian and Sandy are forming a partnership. Brian will invest a truck with a book value of $10,000 and a fair value of $14,000. Sandy will invest a building with a book value of $30,000 and a fair value of $42,000 with a mortgage of $15,000. What amount should be recorded in Brian's capital account? (Points : 1) $30,000 $27,000 $42,000 $14,000 Question 5.5. The owners' equity statement for a partnership is called the (Points : 1) partners' proportional statement. partners' capital statement. statement of shareholders' equity. capital and drawing statement. Question 6.6. Partners Ana, Beth, and Cathy have capital account balances of $90,000 each. The income and loss ratio is 5:2:3, respectively. In the process of liquidating the partnership, noncash assets with a book value of $75,000 are sold for $30,000. The balance of Beth's Capital account after the sale is (Points : 1) $67,500 $76,500 $81,000 $99,000 Question 7.7. The Salinas-Milliken partnership is terminated when creditor claims exceed partnership assets by $80,000. Salinas is a millionaire and Milliken has no personal assets. Milliken's partnership interest is 75% and Salinas's is 25%. Creditors (Points : 1) must collect their claims equally from Milliken and Salinas. may collect the entire $80,000 from Salinas. must collect their claims 75% from Milliken and 25% from Salinas. may not require Salinas to use his personal assets to satisfy the $80,000 in claims. Question 8.8. Partners Gary and Elaine have agreed to share profits and losses in an 80:20 ratio respectively, after Gary is allowed a salary allowance of $30,000 and Elaine is allowed a salary allowance of $15,000. If the partnership had net income of $30,000 for 2014, Elaine's share of the income would be (Points : 1) $15,000. $12,000. $18,000. $3,000. Question 9.9. A general partner in a partnership (Points : 1) has unlimited liability for all partnership debts. is always the general manager of the firm. is the partner who lacks a specialization. is liable for partnership liabilities only to the extent of that partner's capital equity. Question 10.10. Brian and Sandy are forming a partnership. Brian will invest a truck with a book value of $10,000 and a fair value of $14,000. Sandy will invest a building with a book value of $30,000 and a fair value of $42,000 with a mortgage of $15,000. At what amount should the building be recorded? (Points : 1) $30,000 $27,000 $45,000 $42,000 Question 11.11. If the partnership agreement specifies salaries to partners, interest on partners' capital, and the remainder on a fixed ratio, and partnership net income is not sufficient to cover both salaries and interest, (Points : 1) only salaries are allocated to the partners. only interest is allocated to the partners. the entire net income is shared on a fixed ratio. both salaries and interest are allocated to the partners. Question 12.12. If a partner has a capital deficiency and does not have the personal resources to eliminate it, (Points : 1) the creditors will have to absorb the capital deficiency. the other partners will absorb the capital deficiency on the basis of their respective capital balances. the other partners will have to absorb the capital deficiency on the basis of their respective income sharing ratios. neither the creditors nor the other partners will have to absorb the capital deficiency. Question 13.13. The net income of the Crowe and Browning partnership is $450,000. The partnership agreement specifies that Crowe and Browning have a salary allowance of $120,000 and $180,000, respectively. The partnership agreement also specifies an interest allowance of 10% on capital balances at the beginning of the year. Each partner had a beginning capital balance of $300,000. Any remaining net income or net loss is shared equally. What is the balance of Browning's Capital account at the end of the year after net income has been distributed? (Points : 1) $510,000 $480,000 $555,000 $525,000 Question 14.14. In the liquidation process, if a capital account shows a deficiency (Points : 1) the partner with a deficiency has an obligation to the partnership for the amount of the deficiency. it may be written off to a "Loss" account. it is disregarded until after the partnership books are closed. it can be written off to a "Gain" account. Question 15.15. The partnership agreement of Alix, Gise, and Bosco provides for the following income ratio: (a) Alix, the managing partner, receives a salary allowance of $108,000, (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 $600,000, Gise $1,200,000, and Bosco $1,800,000. If partnership net income is $720,000, the amount distributed to Gise should be: (Points : 1) $180,000. $186,000. $240,000. $204,000. Question 16.16. Which of the following would not be recorded in the entry for the formation of a partnership? (Points : 1) Accumulated depreciation Allowance for doubtful accounts Accounts receivable All of these would be recorded. Question 17.17. The liquidation of a partnership may result from each of the following except the (Points : 1) bankruptcy of the partnership. death of a partner. retirement of a partner. sale of the business by the partners. Question 18.18. A partner invests into a partnership a building with an original cost of $360,000 and accumulated depreciation of $160,000. This building has a $280,000 fair value. As a result of the investment, the partner's capital account will be credited for (Points : 1) $280,000. $200,000. $360,000. $480,000. Question 19.19. Brian and Sandy are forming a partnership. Brian will invest a truck with a book value of $10,000 and a fair value of $14,000. Sandy will invest a building with a book value of $30,000 and a fair value of $42,000 with a mortgage of $15,000. What amount should be recorded in Sandy's (Points : 1) $30,000 $14,000 $42,000 $27,000 Question 20.20. A hybrid form of business organization with certain features like a corporation is a(n) (Points : 1) limited liability partnership. limited liability company. "S" corporation. sub-chapter "S" corporation