Tic, Tac, and Toe have year-end capital balances, before closing entries, of $34000 , $182,000, and $68000 respectively. They have agreed to share profits and losses in the ratio of their capital balances.

1) Refer to Table 2. Assuming the business earns a profit of $72,500, the amount allocated to Tic is:

A) $29,290

B) $26,390

C) $24,167

D) $16,820

2) Refer to Table 2. Assuming the company earns a profit of $146,500, the balance of Tac's capital account after closing out the income summary account is:

A) $235,326

B) $348,833

C) $348,500

D) $149,988

3) Refer to Table 2. Assuming the business incurs a loss of $87,000, Toe's share of the loss is:

A) $35,148

B) $20,184

C) $29,000

D) $31,668

4) Refer to Table 2. Assuming the partnership incurs a loss of $105,000, the balance in Tic's capital account after closing out the income summary account is:

A) $159,580

B) $42,420

C) $139,580

D) $73,580

Mariah and Brittney have formed a partnership and invested $140,000 and $160,000, respectively. They have agreed to share profits as follows:           

1)The first $30,000 is to be allocated according to their original capital contributions to the partnership.

2)Mariah is to receive a "salary" of $40,000 and Brittney is to receive a "salary" of $45,000.

3)The remainder is to be allocated 5:3, respectively.

) Refer to Table 3. If the business earns a net income of $118,000, Mariah's share is:

A) $62,125

B) $61,000

C) $55,875

D) $54,000

5) Refer to Table 3. Assuming the business incurs a net loss of $36,000, Brittney's capital account will be:

A) debited for $56,625

B) debited for $94,375

C) credited for $4,375

D) credited for $40,375

6) Refer to Table 3. If the partnership incurred a loss of $18,000, Mariah's capital account would be ________, and Brittney's capital account would be ________.

A) debited for $83,125, debited for $49,875

B) credited for $49,875, debited for $83,125

C) debited for $29,125, credited for $11,125

D) unaffected, unaffected

Jana Jones, Jill Jacks, and Carolle Cann formed a partnership by investing $250,000, $200,000, and $150,000, respectively. They agreed to share profits as follows:               

1)Annual "salary" allowance of $40,000 to Jana, $20,000 to Jill, and $30,000 to Carolle.

2)Interest on their original capital balances of 10%.

3)Any remainder equally.

7) Refer to Table 4. If the partnership earns a profit of $150,000 its first year, then Jana's capital account would be credited for:

A) $40,000

B) $45,000

C) $65,000

D) $42,000

8) Refer to Table 4. Assuming the business has income of $60,000 during its first year, the amount allocated to Jill is:

A) $20,000

B) $15,000

C) $35,000

D) $10,000

9) Refer to Table 4. If during the first year of business, the company incurs a net loss of $20,000, the capital account of Carolle would:

A) increase $56,667

B) increase $11,667

C) decrease $56,667

D) decrease $11,667