Answer to Question #62230 in Accounting for Hafsa

Question #62230
15) Articles of partnership A. are required to form a partnership by federal law. B. are a formal written agreement that states the partners’ relationship. C. may be an oral agreement. D. Both b and c 18) Allison and Josh are partners in a business. Allison’s capital is $60,000, and Josh’s capital is $100,000. Profits for the year are $80,000. They agree to share profits and losses as follows: Allison Josh Salaries $20,000 $40,000 Interest on capital 10% 10% Remaining profits and losses 3/5 2/5 Allison’s share of the profits before paying salaries and interest on capital is: A. $48,000. B. $22,000. C. $28,000. D. $28,400. 19) When two proprietors decide to combine their businesses and form a partnership, GAAP usually requires that noncash assets be taken over at their _______ on the date of the partnership. A. residual value B. book value C. fair market value D. historical cost
1
Expert's answer
2016-09-29T13:58:03-0400
15) Articles of partnership
B. are a formal written agreement that states the partners’ relationship.

18) Allison’s share of the profits before paying salaries and interest on capital is:
D. $28,400.

19) When two proprietors decide to combine their businesses and form a partnership, GAAP usually requires that noncash assets be taken over at their
C. fair market value

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

LATEST TUTORIALS
New on Blog
APPROVED BY CLIENTS
paypal