11. The JPB partnership reported net income of $160,000 for the year ended December 31, 2008.

11. The JPB partnership reported net income of $160,000 for the year ended December 31, 2008. According to the partnership agreement, partnership profits and losses are to be distributed as follows:

How should partnership net income for 2008 be allocated to J, P, and B?

A. Option A
B. Option B
C. Option C
D. Option D

The APB partnership agreement specifies that partnership net income be allocated as follows:

Average capital balances for the current year were $50,000 for A, $30,000 for P, and $20,000 for B.

 

12. Refer to the information given. Assuming a current year net income of $150,000, what amount should be allocated to each partner?


A. Option A
B. Option B
C. Option C
D. Option D

13. Refer to the information given. Assuming a current year net income of $50,000, what amount should be allocated to each partner?

A. Option A
B. Option B
C. Option C
D. Option D

 

14. RD formed a partnership on February 10, 2009. R contributed cash of $150,000, while D contributed inventory with a fair value of $120,000. Due to R’s expertise in selling, D agreed that R should have 60 percent of the total capital of the partnership. R and D agreed to recognize goodwill. What is the total capital of the RD partnership and the capital balance of R after the goodwill is recognized?

A. Option A
B. Option B
C. Option C
D. Option D

15. A joint venture may be organized as a:
I. Partnership.
II. Corporation.
III. Undivided interest.
A. I only
B. II only
C. I or III only
D. I, II, or III

16. Refer to the above information. Which statement below is correct if a new partner receives a bonus upon contributing assets into the partnership?
A. B < A and D = C – A
B. B > A and D = C + A
C. A = B and A = D + C
D. B > A and C = D + A

 

17. Refer to the above information. Which statement below is correct if the old partners receive a bonus upon the contribution of assets into the partnership by a new partner?
A. B < A and D = C – A
B. B + A and D > C + A
C. B < A and D = C + A
D. B > A and D = C + A

18. Refer to the above information. Which statement below is correct if goodwill of the old partners is recognized upon the contribution of assets into the partnership by a new partner?
A. B = A and D < C + A
B. B = A and D > C + A
C. B < A and D = C + A
D. B > A and D < C + A

19. Refer to the above information. Which statement below is correct if a new partner purchases an interest in capital directly from the old partners?
A. C < D
B. C = D
C. C = D and B = A
D. C < D and B = A

20. Refer to the above information. Which statement below is correct if a new partner’s goodwill is recognized upon contributing assets into the partnership?
A. B = A and D > C + A
B. B < A and D < C + A
C. B > A and D = C + A
D. B > A and D > C + A

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