Carter Pearson is a partner in Event Promoters. His beginningpartnership capital balance for the current year is $55,500, andhis ending partnership capital balance for the current year is$62,500. His share of this year's partnership income was $5,750.What is his partner return on equity?
9.65%
9.75%
10.87%
9.20%
10.36%
Design Services is organized as a limited partnership, with MikoToori as one of its partners. Miko's capital account began the yearwith a balance of $46,900. During the year, Miko's share of thepartnership income was $9,400, and Miko received $5,900 indistributions from the partnership. What is Miko's partner returnon equity?
12.1%
19.3%
12.6%
20.0%
18.7%
The following information isavailable regarding Grace Smit's capital account in EnterpriseConsulting Group, a general partnership, for a recent year:
Beginning of theyear balance $ 30,000 Share of partnershipincome $ 10,500 Withdrawals madeduring the year $ 6,800
What is Smit's partner return onequity during the year in question?
33.0%
11.6%
51.3%
12.3%
31.2%
Maxwell and Smart are forming a partnership. Maxwell isinvesting a building that has a market value of $81,000. However,the building carries a $55,000 mortgage that will be assumed by thepartnership. Smart is investing $22,000 cash. The balance ofMaxwell's Capital account will be:
$55,000.
$81,000.
$59,000.
$26,000.
$48,000.
Harvey and Quick have decided to form a partnership. Harvey isgoing to contribute a depreciable asset to the partnership as hisequity contribution to the partnership. The following informationregarding the asset to be contributed by Harvey is available:
Historical cost ofthe asset $81,000 Accumulateddepreciation on the asset $42,500 Note payable securedby the asset* $23,000 Agreed-upon marketvalue of the asset $47,500 *willbe assumed by the partnership
Based on this information,Harvey's beginning equity balance in the partnership will be:
$23,000
$47,500
$81,000
$38,500
$24,500
Wheadon, Davis, and Singer formed a partnership with Wheadoncontributing $58,800, Davis contributing $49,000 and Singercontributing $39,200. Their partnership agreement called for theincome (loss) division to be based on the ratio of capitalinvestments. If the partnership had income of $72,000 for its firstyear of operation, what amount of income (rounded to the nearestthousand) would be credited to Singer's capital account?
$19,200.
$28,800.
$72,000.
$24,000.
$39,200.
Christie and Jergens formed a partnership with capitalcontributions of $210,000 and $310,000, respectively. Theirpartnership agreement calls for Christie to receive a $51,000 peryear salary. Also, each partner is to receive an interest allowanceequal to 9% of a partner's beginning capital investments. Theremaining income or loss is to be divided equally. If the netincome for the current year is $117,000, then Christie andJergens's respective shares are:
$58,500; $58,500.
$69,900; $27,900.
$47,250; $69,750.
$79,500; $37,500.
$38,100; $78,900.
The partnership agreement for Wilson, Pickett & Nelson, ageneral partnership, provided that profits be shared between thepartners in the ratio of their financial contributions to thepartnership. Wilson contributed $90,000, Pickett contributed$54,000 and Nelson contributed $18,000. In the partnership's firstyear of operation, it incurred a loss of $207,000. What amount ofthe partnership's loss, rounded to the nearest dollar, should beabsorbed by Nelson?
$0
$23,000
$69,000
$103,500
$51,750
Carter Pearson is a partner in Event Promoters. His beginningpartnership capital balance for the current year is $55,500, andhis ending partnership capital balance for the current year is$62,500. His share of this year's partnership income was $5,750.What is his partner return on equity? |
9.65%
9.75%
10.87%
9.20%
10.36%
Design Services is organized as a limited partnership, with MikoToori as one of its partners. Miko's capital account began the yearwith a balance of $46,900. During the year, Miko's share of thepartnership income was $9,400, and Miko received $5,900 indistributions from the partnership. What is Miko's partner returnon equity? |
12.1%
19.3%
12.6%
20.0%
18.7%
| The following information isavailable regarding Grace Smit's capital account in EnterpriseConsulting Group, a general partnership, for a recent year: |
| Beginning of theyear balance | $ 30,000 |
| Share of partnershipincome | $ 10,500 |
| Withdrawals madeduring the year | $ 6,800 |
| What is Smit's partner return onequity during the year in question? |
33.0%
11.6%
51.3%
12.3%
31.2%
Maxwell and Smart are forming a partnership. Maxwell isinvesting a building that has a market value of $81,000. However,the building carries a $55,000 mortgage that will be assumed by thepartnership. Smart is investing $22,000 cash. The balance ofMaxwell's Capital account will be: |
$55,000.
$81,000.
$59,000.
$26,000.
$48,000.
Harvey and Quick have decided to form a partnership. Harvey isgoing to contribute a depreciable asset to the partnership as hisequity contribution to the partnership. The following informationregarding the asset to be contributed by Harvey is available: |
| Historical cost ofthe asset | $81,000 |
| Accumulateddepreciation on the asset | $42,500 |
| Note payable securedby the asset* | $23,000 |
| Agreed-upon marketvalue of the asset | $47,500 |
| *willbe assumed by the partnership |
| Based on this information,Harvey's beginning equity balance in the partnership will be: |
$23,000
$47,500
$81,000
$38,500
$24,500
Wheadon, Davis, and Singer formed a partnership with Wheadoncontributing $58,800, Davis contributing $49,000 and Singercontributing $39,200. Their partnership agreement called for theincome (loss) division to be based on the ratio of capitalinvestments. If the partnership had income of $72,000 for its firstyear of operation, what amount of income (rounded to the nearestthousand) would be credited to Singer's capital account? |
$19,200.
$28,800.
$72,000.
$24,000.
$39,200.
Christie and Jergens formed a partnership with capitalcontributions of $210,000 and $310,000, respectively. Theirpartnership agreement calls for Christie to receive a $51,000 peryear salary. Also, each partner is to receive an interest allowanceequal to 9% of a partner's beginning capital investments. Theremaining income or loss is to be divided equally. If the netincome for the current year is $117,000, then Christie andJergens's respective shares are: |
$58,500; $58,500.
$69,900; $27,900.
$47,250; $69,750.
$79,500; $37,500.
$38,100; $78,900.
The partnership agreement for Wilson, Pickett & Nelson, ageneral partnership, provided that profits be shared between thepartners in the ratio of their financial contributions to thepartnership. Wilson contributed $90,000, Pickett contributed$54,000 and Nelson contributed $18,000. In the partnership's firstyear of operation, it incurred a loss of $207,000. What amount ofthe partnership's loss, rounded to the nearest dollar, should beabsorbed by Nelson? |
$0
$23,000
$69,000
$103,500
$51,750
