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Which Of The Following Statements Is Incorrect Regarding Partnership Agreements

a30. A bonus is awarded to the remaining partners when an outgoing partner receives, on the day of its exit, a partnership asset less than its capital balance. a134. Letourneau invests $20,000 in cash (entry per investment) in Seiler-Shaw`s partnership to acquire a 1/4 stake. In this casa. accounting is the same as buying a .b. the net assets of the new partnership as a whole remain unchanged from the previous partnership.c. the total capital of the new partnership is greater than the overall capital of the old partnership.d. Letourneau`s income ratio is automatically 1/4.

80. The partnership between Bher and Dhillips reported a net profit of $120,000. Partners contribute equally to revenues and losses. The registration of the partners` share in net profit includes aa. Credit to Income Summary for $120,000.b. Credit to Bher, capital for 60,000 .C. Debit to Dhillips, capital for 60,000,d. Credit to Dhillips, subscription for 60,000 USD. 83. Where the partnership agreement sets the partners` salaries, interest on partners` capital and the rest on a fixed quota and the net income of the partnership is not sufficient to cover both wages and interest, only salaries are allocated to partners.b.

only the interest is allocated to the partners.c. total net income becomes a fixed.d ratio. salaries and interest are allocated to partners. InstructionsPrepare a schedule of cash payments, provided that non-scriptural assets have been sold for $65,000. Suppose a partner`s capital shortfalls cannot be paid into the partnership. Solution 209Facts to be taken into account in determining the distribution of income and losses: (1) A fixed share is easy to apply and may, in certain circumstances, constitute a fair basis; (2) balance of capital ratios where funds invested in the partnership are considered the most critical factor; and (3) the wage and/or interest rate allowance, combined with a fixed ratio. The latter approach allows specific recognition of the differences that may exist between partners by granting wage bonuses for the working time performed and interest increases for the invested capital. 71. The partnership agreement of Alix, Gise and Bosco provides for the following income report: a) Alix, the managing partner, receives a salary bonus of USD 108,000; b) each partner receives 15% interest on average capital investments and c) the remaining net income or loss is divided equally. The average investments for the year were: Alix 600,000 USD, Gise 1,200,000 USD and Bosco 1,800,000 USD.

If the net income of the partnership is $720,000, the amount paid to Gise should be $180,000.b. $186,000 .c. $204,000.d. $240,000. 14. Revenues or loss of partnerships should not be placed on the capital accounts of partners` accounts at each period, as partnerships live indefinitely. a36. The approval of a partner through the investment of assets does not change the net assets and total capital of the partnership.

After the dissolution of the company, the remaining assets must be used in a specified order after payment of the company`s losses. What should these assets be used for first? Years: C, LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FN: Measurement, AICPA PC: None, IMA: Business Economics152.

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