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Q1. The partnership of Hill, Henderson, and Haddock allocates partnership profit based on each partner's investment in the partnership. Hill contributed $60,000. Henderson contributed a building that cost him $30,000 with a fair market value of $50,000 and $10,000 in cash. Haddock contributed equipment that cost him $100,000 with a fair market value of $65,000 and $15,000 in cash. The partnership reported $75,000 of income in 20X3. How much did Haddock's capital account increase due to this income?

$25,000

$40,116

$30,000

$8,824

Q2. In the absence of a partnership agreement, profits and losses are usually split ________.

based on each partner's investment

based on each partner's service

based on a combination of each partner's investment and service

equally amongst partners

Q3. When a loss on the sale of assets occurs in a liquidation, each of the partner's capital accounts is ________.

debited for the amount of the loss according to the partner's profit-and-loss sharing ratio

credited for the amount of the loss according to the partner's profit-and-loss sharing ratio

debited for the amount of the loss according to the partner's capital accounts

credited for the amount of the loss according to the partner's capital accounts

Q4. If any cash is available after the partnership pays off its liabilities, cash is distributed to partners ________.

equally

according to the value of the services they provided to the partnership

according to their profit-and-loss sharing ratio

according to their capital balances

Q5. A(n) ________ has unlimited liability.

corporation

general partnership

LLC

S-Corporation

Accounting Basics, Accounting

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