Emilio Alvarez and Graciela Zavala joined together to form a partnership. Is it posible for them to lose a greater amount than the amount of their investment in the partnership? Explian.
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Q: insolvent partner
A: A deficient and insolvent partner will still have a chance to receive cash from the partnership if…
Q: Which is NOT CORRECT when the Capital Adjustment account is used in the recording of partnership…
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A:
Q: 1. When a property other than Cash is invested in a partnership, at what amount should the noncash…
A: In the light of provisions of Partnership Act, When a property other than Cash is invested in a…
Q: When a partner retires from the partnership and is given more cash than his adjusted capital, how…
A: Solution: When a partner retires from the partnership and is given more cash than his adjusted…
Q: In the absence of other relevant data, when a new partner is admitted in an existing partnership…
A: A new partner is admitted to the existing partnership firm to increase the capital resources of the…
Q: A deficient and insolvent partner will still have a chance to receive cash from the partnership if…
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A: Partnership means where two or more person comes together to do some common business activity and…
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Q: Which of the following instances does not dissolve the partnership? Group of answer choices a.…
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Q: Which of the following is NOT a characteristic of a partnership?
A: Partnership is an agreement by which two or more person comes together to do business and the…
Q: A, one of the partners in the ABC Partnership, decided to buy the share of B in the partnership.…
A: Solution: A, one of the partners in the ABC Partnership, decided to buy the share of B in the…
Q: wo people want to form a partnership and want to transfer business assets into the partnership. They…
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Q: If a partner's contribution in kind has been over-valued; upon complain by others, the said partner…
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Q: When the investment of a new partner into the partnership exceeds his/her initial capital credit,…
A: When the investment of a new partner into the partnership is less than his/her initial capital…
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Q: A, one of the partners in the ABC Partnersh decided to buy the share of B in the partnership. Which…
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Q: Which of the following is true about a partnership? The old partnership ends only upon the…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: pro-rata to his contribution.
A:
Q: 1. What is the total capital balance of the partnership after the admission by Marshall? 2. What is…
A: Admission of a new partner in a partnership firm is treated as a reconstitution of the partnership…
Q: Which of the following instances does not dissolve the partnership? Group of answer choices a.…
A: Solution : Concept Partnership is business which is carried out 2 or more person where each partner…
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Q: Which of the following statements is correct when a new product is admitted to an existing…
A: Solution: The correct statement when a new partner is admitted to an existing partnership by…
Q: In a partnership, a capital deficiency occurs for a partner when Options: • His share in the…
A: Solution: Capital deficiency means debit balance of one or more partner at the time of final cash…
Q: A, one of the partners in the ABC Partnership, decided to buy the share of B in the partnership.…
A: Buying of share of one partner by other will impact the individual equity of the partners.
Q: When Jill retired from the partnership of Jill, Bill and Hill, the final settlement of her interest…
A: Solution: As final settlement of Jill exceeded her capital balance, under bonus method, extra amount…
Q: Emilio Alvarez and Graciela Zavala joined together to form a partnership. Is it possible for them to…
A:
Q: If a partner who retired from the partnership receives less than the capital balance before…
A: The partnership comes into existence when two or more persons agree to do the business and further…
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A:
Q: , one of the partners in the ABC Partnership, decided to buy the share of B in the partnership.…
A: Solution: A, one of the partners in the ABC Partnership, decided to buy the share of B in the…
Q: Sulaiman and Yousuf are partners who contribute in cash and Yousuf's contribution as land. If the…
A: The profit sharing of the partners is dependent upon the contribution of the capital by the…
Q: If a partner who retired from the partnership receives less than the capital balance before…
A: Revaluation/impairment of asset need to be done ,so fair settlement take place.
Q: A capital deficiency means that: The partnership has a loss. The partnership has more liabilities…
A: Partnership refers to an agreement where between two or more people come together for a common goal.…
Q: A and B realized that the partnership is hindering them from starting their respective families. Due…
A: Since, in the given case partners by themselves decided to fissolve the partnership. Thus, its a…
Emilio Alvarez and Graciela Zavala joined together to form a
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- Any assets invested by a particular partner in a partnership ________. A. do not become a partnership asset but instead remain with the partner B. can be used only by the investing partner C. become the property of all the partners D. are the basis for all profit sharingIn a partnership, a capital deficiency occurs for a partner when Options: • His share in the losses of the partnership is more than his capital balance • Loan payable by the partnership to him greater than his capital balance • His solvency is lesser than his capital balance • His personal assets are less than his personal liabilitiesWhich of the following factor(s) is/are considered by courts in determining whether an act committed by an employee occurred within the course and scope of employment? Whether the employer knew that the act would involve the commission of a serious crime. O Whether the employer authorized the employee's act and whether the employer provided the tools by which the act occurred, but not whether the employer knew that the act would involve the commission of a serious crime. Whether the employer provided the tools by which the act occurred. O Whether the employer authorized the employee's act. Whether the employer authorized the employee's act, whether the employer provided the tools by which the act occurred, and whether the employer knew that the act would involve the commission of a serious crime.
- Generally, gain is not recognized on contribution of appreciated property to a partnership. Which of the following situations may be an exception to that general rule? PICK ALL THAT APPLY!!! Question 1 options: The contributing partner contributes appreciated property to the partnership and shortly after receives a large distribution of cash from the partnership so that most of the partner's interest in the partnership is liquidated. The exchange appears to essentially be a partial sale of the property through the partnership form. The partner contributes appreciated property to a partnership and the partner is not in control of the partnership (over 50% ownership). A partner receives a capital interest for services performed for the partnership. The partner contributes a property to the partnership that is encumbered by a recourse liability, the partnership assumes the liability, and the net effect of these is to take…Q1.)Why do you think an industrial partner does not share in the losses of partnership?Q2.)If you decide to join a partnership, which type of admission would you choose and why?Q3.)How may the capital deficiency of an insolvent partner can be eliminated?The partnership obtained a profit for the period. Salaries were distributed, and so are the interests on beginning capital balances. The next step to be done is to provide bonus to one of the partners. After calculating the bonus and had it given to the partner, the net income became insufficient. What should be done regarding this matter? a. Continue to provide the bonus and the insufficiency should be divided among the partners. b. The bonus should not be given anymore, and the remaining balance to be divided among the partners. c. The whole amount of profit should be divided among the partners equally. d. None of the given.
- 2. A deficient and insolvent partner will still have a chance to receive cash from the partnership if Group of answer choices There is a loan payable to him which is higher than the deficiency and insolvency of the partner. There is a loan payable to him which is higher than his capital deficiency. If he makes additional investment. If the other partners will absorb his deficiency.Choose TRUE if the statement is correct, and FALSE if it is wrong. 1. There is no impact on the statement of comprehensive income of a partnership when a partner withdraws from the business. 2. The admission of a partner does not change the composition of the partners’ equity if the new partner purchases the old partner’s interest by paying the old partner directly. 3. A new partner cannot be admitted into a partnership without the consent of all the partners. 4. The dissolution of the partnership discharges the existing liability of any partner. 5. When a newly admitted partner pays a bonus to the existing partners, the new partner’s capital account is debited to record bonus to old partners. 6. Partnership dissolution is synonymous with partnership liqidation. 7. The assets invested into the partnership and not given to the individual partner increase the total assets of the partnership. 8. When a new partner invests more than the proportionate share he receives in the partnership,…Two people want to form a partnership and want to transfer business assets into the partnership. They are afraid of tax issues with the transfer what do you tell them?
- choose the response that correctly the following sentence about an individual partner's outside basis in a partnership. a partner's outside basis? (a) can be less than zero, (b) does not change as long as the partner maintains their partnership interest, (c) is used to apply the basis limitation to losses from a partnership, (d) must be tracked by the partnership.What amount should Yacapin be allowed to withdraw from the partnership?Choose the response that correctly completes the following sentence about an individual partner's outside basis in a partnership. A partner's outside basis: Can be less than zero. Does not change as long as the partner maintains their partnership interest. Is used to apply the basis limitation to losses from a partnership. Must be tracked by the partnership.