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F. Naz
F. Naz, Chartered Accountant
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Experience:  Experience with chartered accountancy
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Question 1 0.5 points Which of the following is

Customer Question

Question 1 0.5 points
Which of the following is not created by the adjusting entry to recognize interest expense incurred but not yet paid?
Interest payable.
Accrued interest expense.
A current liability.
A Note Payable.
All of the above.


Question 2 0.5 points
Which of the following is not a current liability?
Sales Taxes Payable.
Accrued Wages Payable.
Salaries Payable.
The non-current portion of a Mortgage Payable.
Unearned Revenues.

Question 3 0.5 points
Which of the following employer or employee taxes are not subject to a ceiling limit amount (taxes are paid on earnings up to a certain amount; no taxes are paid on amounts above the ceiling limit)?
Medicare taxes.
Social Security taxes.
State unemployment taxes.

Question 4 0.5 points
Which of the following is not an estimated liability?
Product warranties.
Bonus plans.
Pending lawsuit for patent infringement.
Liabilities under pension plans.
None of the above.


Question 5 0.5 points
The recording of product warranty expense in the year the merchandise under warranty is sold is supported by which principle or concept?
Matching principle.
Materiality principle.
Recognition principle.
Business entity concept.
None of the above.

Question 6 0.5 points
The characteristics of a liability include:
A past transaction or event.
A present obligation.
A future payment of assets or services.
Both (a) and (b).
All of these.

Question 7 0.5 points
Obligations due to be paid within one year or the company's operating cycle, whichever is longer, are:
Current assets.
Current liabilities.
Earned revenues.
Operating cycle liabilities.
Bills.

Question 8 0.5 points
A contingent liability:
Is always of a specific amount.
Is a potential obligation that depends on a future event arising from a past transaction or event.
Is an obligation not requiring future payment.
Is an obligation arising from the purchase of goods or services on credit.
Is an obligation arising from a future event.


Question 9 0.5 points
Short-term notes payable:
Can replace an account payable.
Can be issued in return for money borrowed from a bank.
Are negotiable.
Are an unconditional promise to pay.
All of these.

Question 10 0.5 points
On November 1, Carter Company signed a 120-day, 10% note payable, with a face value of $9,000. Carter made the appropriate year-end accrual. What is the journal entry as of March 1 to record the payment of the note?


Question 11 0.5 points
John and Jerry are both lawyers. They form a law partnership. The articles of partnership specify that the firm may engage in any business that is lawful within the United States. Two weeks after the partnership is formed Jerry goes out and, without John's knowledge, buys a $20,000 computer system for the partnership. John refuses to allow partnership assets to be used to pay the $20,000. The business that sold the computer system to Jerry sues the partnership in court and wins the case. This situation is an application of which partnership characteristic?
Unlimited liability.
No federal income taxation of partnerships.
Limited life.
Mutual agency.
None of the above.

Question 12 0.5 points
Which two characteristics are true of partnerships?
(1) They are subject to federal income taxation and (2) they do not have limited life.
(1) They are not subject to federal income taxation and (2) they have unlimited life.
(1) They are not subject to federal income taxation and (2) they have limited life.
(1) They are not subject to federal income taxation and (2) they do not have limited life.
None of the above.


Question 13 0.5 points
Which set of characteristics is true of limited partners?
(1) Limited partners may participate in the daily operations of the partnership, and (2) they have unlimited liability.
(1) Limited partners may not participate in the daily operations of the partnership, and (2) they have unlimited liability.
(1) Limited partners may participate in the daily operations of the partnership, and (2) they have limited liability.
(1) Limited partners may not participate in the daily operations of the partnership, and (2) they have limited liability.
None of the above.


Question 14 0.5 points
Three people form a new partnership. The first one contributes $19,000 in cash. The second one contributes a piece of land on which a building suitable for the partnership's purposes is constructed. The book values of the land and building as recorded on the second person's books are $20,000 and $100,000, but the present fair market values are $25,000 and $190,000, respectively. There is a $60,000 mortgage payable on the building, which the partnership is willing to assume. The third person contributes a used automobile which has a book value of $5,000 and a fair market value of $9,000. There is a small note payable on the automobile of $2,000, which the partnership agrees to assume. What amount will be credited to each partner's capital account after these contributions have been made?
$19,000, $120,000, and $5,000.
$19,000, $60,000, and $3,000.
$19,000, $155,000, and $7,000.
$48,000, $48,000, and $48,000.
None of the above.

Question 15 0.5 points
Disadvantages of a partnership include:
Limited life.
Mutual agency.
Unlimited liability.
Co-ownership of property.
All of these.

Question 16 0.5 points
The withdrawals account of each partner is:
Closed to that partner's capital account with a credit.
Closed to that partner's capital account with a debit.
A permanent account that is not closed.
Credited with that partner's share of net income.
Debited with that partner's share of net loss.

Question 17 0.5 points
B. Tanner contributed $14,000 in cash plus office equipment valued at $7,000 to the JT Partnership. The journal entry to record the transaction for the partnership is:


Question 18 0.5 points
In the absence of a partnership agreement, the law says that income (and loss) should be allocated based on:
A fractional basis.
The ratio of capital investments.
Salary allowances.
Equal shares.
Interest allowances.


Question 19 0.5 points
Shelby and Mortonson formed a partnership with capital contributions of $300,000 and $400,000, respectively. Their partnership agreement calls for Shelby to receive a $60,000 per year salary. Also, each partner is to receive an interest allowance equal to 10% of a partner's beginning capital investments. The remaining income or loss is to be divided equally. If the net income for the current year is $135,000, then Shelby and Mortonson's respective shares are:
$67,500; $67,500.
$92,500; $42,500.
$57,857; $77,143.
$90,000; $40,000.
$35,000; $100,000.

Question 20 0.5 points
Nguyen invested $100,000 and Hansen invested $200,000 in a partnership. They agreed to share incomes and losses by allowing a $60,000 per year salary allowance to Nguyen and a $40,000 per year salary allowance to Hansen, plus an interest allowance on the partners' beginning-year capital investments at 10%, with the balance to be shared equally. Under this agreement, the shares of the partners when the partnership earns $105,000 in income are:
$52,500 to Nguyen; $52,500 to Hansen.
$35,000 to Nguyen; $70,000 to Hansen.
$57,500 to Nguyen; $47,500 to Hansen.
$42,500 to Nguyen; $62,500 to Hansen.
$70,000 to Nguyen; $60,000 to Hansen.
Submitted: 4 years ago.
Category: Homework
Expert:  F. Naz replied 4 years ago.
THIS ANSWER IS LOCKED!

You need to spend $3 to view this post. Add Funds to your account and buy credits.
Customer: replied 4 years ago.

 

The firts ten questions were already scored in my class and I fail so I only need from 11 to 20 answers.

By the way your answer Number 10 is wrong; it should be:

Notes Payable 9,000

Interest expense 150

Interest Payable 150

Cash 9,300

 

Explanation follows:

Feedback:

Interest accrued: $9,000 x .10 x 60/360 = $150
Interest earned during next year: $9,000 x .10 x 60/360 =$150

 

I just can pay for the last 10 answers.

Customer: replied 4 years ago.

How much for the last ten questions and the financial statetements I just sent you?

Thank you.

Expert:  F. Naz replied 4 years ago.
Where is your financial statement?
Customer: replied 4 years ago.

You should be faster in answering to customers.

I couldn't use your answers because you were late but I compared them with the feedback I got from my exam and half of your answers were wrong so make a good effort when doing the job. Answer with the pedal to the metal!!

Expert:  F. Naz replied 4 years ago.
If you could tell me which of the answers are wrong given by me or if you could provide the answers you have, it will help in comparing and finding out the reason of wrong answer. Thanks.

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