02 Jan They must present equal
Question 1
4 / 4 pts
(TCO 5) The disadvantages of the partnership form of business organization, compared to corporations, include
the legal requirements for formation.
unlimited liability for the partners.
the requirement for the partnership to pay income taxes.
the extent of governmental regulation.
the complexity of operations.
Question 2
4 / 4 pts
(TCO 2) Which of the following is not a characteristic of a partnership?
The partnership itself pays no income taxes.
It is easy to form a partnership.
Any partner can be held personally liable for all debts of the business.
A partnership requires written articles of partnership.
Each partner has the power to obligate the partnership for liabilities.
Question 3
4 / 4 pts
(TCO 5) The partnership of Charley, Sammy, and Tommy was insolvent and will be unable to pay $30,000 in liabilities currently due. Which recourse was available to the partnership’s creditors?
They must present equal claims to the three partners as individuals.
They must try obtaining a payment from the partner with the largest capital account balance.
They cannot seek remuneration from the partners as individuals.
They may seek remuneration from any partner they choose.
They must present their claims to the three partners in the order of the partners’ capital account balances.
Question 4
0 / 4 pts
(TCO 5) The partnership contract for Hal and Jan LLP provides that Hal is to receive a bonus of 20% of net income and that the remaining net income is to be divided equally. If the partnership income before the bonus for the year is $57,600, Hal’s share of this prebonus income is
$28,800.
$33,600.
$34,560.
$43,200.
$57,600.
Question 5
4 / 4 pts
(TCO 5) Roger and Wolger formed a partnership in the Year 20×1. The partnership agreement provides for annual salary allowances of $55,000 for Roger and $45,000 for Wolger. The partners share profits equally and losses in a 60/40 ratio. The partnership had earnings of $80,000 for Year 20×2 before any allowance to partners. Which amount of these earnings should be credited to each partner’s capital account?
Roger Wolger
$40,000 $40,000
Roger Wolger
$43,000 $37,000
Roger Wolger
$44,000 $36,000
Roger Wolger
$45,000 $35,000
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