Question : 41. Renee Jackson a partner in Sports Promoters. Her beginning partnership : 1256281

 

 

41. Renee Jackson is a partner in Sports Promoters. Her beginning partnership capital balance for the current year is $55,000 and her ending partnership capital balance for the current year is $62,000. Her share of this year’s partnership income was $5,250. What is her partner return on equity? A. 8.47%B. 8.97%C. 9.54%D. 1047%E. 1060%

 

 

 

 

42. Jimmy Hayes is a partner in Sports Promoters. His beginning partnership capital balance for the current year $65,000 and his ending partnership capital balance for the current year is $62,000. His share of this year’s partnership income was $5,250. What were his withdrawals for the period? A. $8,250B. $3,000C. $2,250D. $0E. $5,250

 

 

 

 

43. Web Services is organized as a limited partnership, with David White as one of its partners. David’s capital account began the year with a balance of $45,000. During the year, David’s share of the partnership income was $7,500 and David received $4,000 in distributions from the partnership. What is David’s partner return on equity? A. 7.8%B. 8.9%C. 15.4%D. 16.0%E. 16.7%

 

 

 

 

44. Web Services is organized as a limited partnership, with Wren Littlefeather as one of its partners. Wren’s capital account began the year with a balance of $87,000. During the year, Wren’s share of the partnership income was $60,000 and she received $25,000 in distributions from the partnership. What is Wren’s partner return on equity? A. 57.42%B. 49.18%C. 68.97%D. 33.49%E. 40.23%

 

 

 

 

45. Elaine Valero is a limited partner in a marketing and design firm. During the previous year her return on partnership equity was 14%. During this time, the beginning and ending balances in her capital account were $210,000 and $230,000 respectively. What was Elaine’s partnership net income for this year? A. $29,400.00B. $30,800.00C. $32,200.00D. $1,500,000.00E. $1,642,857.14

 

 

 

 

46. Chad Forrester is a limited partner in a sports management firm. During the previous year his return on partnership equity was 16%. The beginning balance in his capital account was $450,000 and his partnership net income for this year was $75,000. What was the balance in Chad’s capital account at the end of last year? A. $525,000B. $937,500C. $487,500D. $468,750E. $37,500 

 

 

 

47. Partnership accounting: A. Is the same as accounting for a sole proprietorship.B. Is the same as accounting for a corporation.C. Is the same as accounting for a sole proprietorship, except that separate capital and withdrawal accounts are kept for each partner.D. Is the same as accounting for an S corporation.E. Is the same as accounting for a corporation, except that retained earnings is used to keep track of partners’ withdrawals.

 

 

 

 

48. Partners’ withdrawals of assets are: A. Credited to their withdrawals accounts.B. Debited to their withdrawals accounts.C. Credited to their retained earnings.D. Debited to their retained earnings.E. Debited to their asset accounts.

 

 

 

 

49. The withdrawals account of each partner is: A. Closed to that partner’s capital account with a credit.B. Closed to that partner’s capital account with a debit.C. A permanent account that is not closed.D. Credited with that partner’s share of net income.E. Debited with that partner’s share of net loss.

 

 

 

 

 

 

50. B. Tanner contributed $14,000 in cash plus office equipment valued at $7,000 to the JT Partnership. The journal entry to record the transaction for the partnership is: A.  

Cash………………………………………………………………………

14,000

 

Office equipment…………………………………………………….

7,000

 

B. Tanner, Capital………………………………………………

 

21,000

B.  

Cash………………………………………………………………………

14,000

 

Office equipment…………………………………………………….

7,000

 

JT Partnership, Capital………………………………………………

 

21,000

C.  

JT Partnership, Capital………………………………………………

21,000

 

B. Tanner, Capital………………………………………………

 

21,000

D.

 

Partnership Assets

21,000

 

JT Partnership, Capital…………………………………………..

 

21,000

E.  

B. Tanner, Capital…………………………………………………………

21,000

 

JT Partnership, Capital…………………………………………..

 

21,000