Question : 69.Partnership net income of $66,000 to be divided between two : 1169068

 

 

69.Partnership net income of $66,000 is to be divided between two partners, Julia Hood and Brian Duffy, according to the following arrangement: There will be salary allowances of $40,000 for Hood and $20,000 for Duffy, with the remainder divided equally. How much of the net income will be distributed to Hood and Duffy, respectively?   

A. $33,000 and $33,000

 

B. $42,000 and $24,000

 

C. $43,000 and $23,000

 

D. $44,000 and $22,000

 

 

 

70.Partnership net income of $132,000 is to be divided between two partners, Jessie Folk and Jessica Stephens, according to the following arrangement: There will be salary allowances of $80,000 for Folk and $40,000 for Stephens, with the remainder divided equally. How much of the net income will be distributed to Folk and Stephens, respectively?   

A. $88,000 and $44,000

 

B. $86,000 and $46,000

 

C. $84,000 and $48,000

 

D. $66,000 and $66,000

 

 

 

71.Partnership net income of $40,000 is to be divided between two partners, Reese Row and Andrew Young, according to the following arrangement: There will be salary allowances of $25,000 for Row and $10,000 for Young, with the remainder divided 65:35. How much of the net income will be distributed to Row and Young, respectively?   

A. $27,500 and $12,500

 

B. $26,000 and $14,000

 

C. $28,250 and $11,750

 

D. $28,500 and $11,500

 

 

 

72.If no other method of dividing net income or net losses is specified in the partnership agreement, it is divided   

A. in relation to the partners’ capital account balances.

 

B. in relation to the amount of time each partner devotes to the business.

 

C. in relation to the original investment by each partner.

 

D. equally.

 

 

 

 

73.The partners’ salary and interest allowances are recorded in   

A. expense accounts.

 

B. drawing accounts.

 

C. capital accounts.

 

D. liability accounts.

 

 

 

 

74.All of the following are included on the statement of partners’ equities except   

A. withdrawals.

 

B. additional investments.

 

C. salary allowances.

 

D. share of net income or net loss.

 

 

 

 

75.Danny Ortiz and Angela Hufford are partners, and each has a capital balance of $25,000. To gain admission to the partnership, Derek Peters pays $15,000 directly to Ortiz for one-half of his equity. After the admission of Peters, the total partners’ equity in the records of the partnership will be   

A. $65,000.

 

B. $62,500.

 

C. $50,000.

 

D. $75,000.

 

 

 

 

76.Sam McGuire and Marcos Valle are partners, and each has a capital balance of $50,000. To gain admission to the partnership, Scott Jordan pays $35,000 directly to Valle for one-half of his equity. After the admission of Jordan, the total partners’ equity in the records of the partnership will be   

A. $50,000.

 

B. $67,500.

 

C. $85,000.

 

D. $100,000.

 

 

 

 

77.Ben White and Lisa Caputi are partners, and each has a capital balance of $75,000. To gain admission to the partnership, Tim Smith pays $50,000 directly to White for one-half of his equity. After the admission of Smith, the total partners’ equity in the records of the partnership will be   

A. $150,000.

 

B. $130,000.

 

C. $125,000.

 

D. $100,000.

 

 

 

 

78.Kara Johnson and Tyler Jones are partners, and each has a capital balance of $100,000. To gain admission to the partnership, Raiden Nash pays $60,000 directly to Johnson for one-half of her equity. After the admission of Nash, the total partners’ equity in the records of the partnership will be   

A. $200,000.

 

B. $250,000.

 

C. $260,000.

 

D. $300,000.

 

 

 

 

 

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