Fill in the Blank Questions
16. A partnership has a(n) ____________________ life because it ends with the death or withdrawal of any partner.
________________________________________
17. Each general partner has ____________________ liability for the debts of a partnership.
________________________________________
18. The characteristic of a partnership that means that any partner can make valid contracts for the partnership is known as ___________________.
________________________________________
19. An association of two or more persons to carry on, as co-owners, a business for profit is called a(n) ___________________.
________________________________________
20. The partnership ____________________ is a written contract that specifies the rights and responsibilities of the partners.
________________________________________
21. If plant and equipment are transferred from a sole proprietorship to a partnership, the Accumulated Depreciation accounts start with ____________________ balances in the partnership records.
________________________________________
22. Withdrawals of assets from a partnership that are intended to permanently reduce the invested capital are recorded as debits to the partners’____________________ accounts.
________________________________________
23. Amounts withdrawn by partners to pay personal living expenses are recorded in their ____________________ accounts.
________________________________________
24. The entry to record a partner’s interest allowance includes a debit to the ____________________ account.
________________________________________
25. When dividing partnership net income, the consideration given to the amount of time a partner devotes to the business is called a salary ___________________.
________________________________________
26. If a partnership’s salary and interest allowances are in excess of the net income, the entry to close Income Summary after the allowances are recorded will include a(n) ____________________ to Income Summary.
________________________________________
27. If a partnership’s net income is in excess of the salary and interest allowances, the entry to close Income Summary after the allowances are recorded will include a(n) ____________________ to Income Summary.
________________________________________
28. The statement of partners’ equities summarizes the changes in the partners’_________________ accounts in an accounting period.
________________________________________
29. A partnership ____________________ occurs when the partnership’s assets are sold, debts are paid off, and the remaining cash is distributed to the partners.
________________________________________
30. If an individual invests more cash for an interest in an existing partnership than the book value of his or her interest, the old partners are said to receive a(n) ___________________.
________________________________________
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more