these are the ones I was telling I need help on and must be completed in 1 hour. ty ATTACHMENT PREVIEW Download attachment questions.docx 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