81.What amount will be recorded to the building account?
a. $24,000
b. $14,000
c. $40,000
d. $44,000
82.What amount will be recorded to Isis’s capital account?
a. $18,000
b. $7,500
c. $25,500
d. $10,500
83.What amount will be recorded to Kelsey’s capital account?
a. $14,000
b. $24,000
c. $40,000
d. $44,000
84.Hannah Johnson contributed equipment, inventory, and $53,000 cash to the partnership. The equipment had a bookvalue of $25,000 and a market value of $28,000. The inventory had a book value of $50,000, but only had a marketvalue of $15,000 due to obsolescence. The partnership also assumed a $12,000 note payable owed by Hannah thatwas originally used to purchase the equipment.
a. $96,000
b. $84,000
c. $108,000
d. $116,000
85.Henry Jones contributed equipment, inventory, and $44,000 cash to the partnership. The equipment had a bookvalue of $35,000 and market value of $28,000. The inventory had a book value of $25,000, but only had a marketvalue of $12,000 dueto obsolescence. The partnership also assumed a $15,000 note payable owed by Henry thatwas originally used to purchase the equipment.
a. $104,000
b. $89,000
c. $69,000
d. $84,000
86.Tanner and Teresa share income and losses in a 2:1 ratio after allowing for salaries to Tanner of $42,000 and$60,000 to Teresa. Net income for the partnership is $132,000. Income should be divided as follows:
a. Tanner, $57,000; Teresa, $75,000
b. Tanner, $58,000; Teresa, $74,000
c. Tanner, $75,000; Teresa, $57,000
d. Tanner, $62,000; Teresa, $70,000
87.Carla and Eliza share income equally. For the current year, the partnership net income is $40,000. Carla madewithdrawals of $12,000 and Eliza made withdrawals of $21,000. At the beginning of the year, the capital accountbalances were: Carla capital, $42,000? Eliza capital, $55,000. Eliza’s capital account balance at the end of the yearis
a. $34,000
b. $54,000
c. $78,000
d. $75,000
88.Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articlesof partnership include the following provisions regarding the division of net income: interest on original investment at20%; salary allowances of $27,000 and $18,000, respectively; and the remainder to be divided equally. How much of the net income of $81,000 is allocated to Xavier?
a. $37,000
b. $40,000
c. $42,000
d. $42,500
89.Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articlesof partnership include the following provisions regarding the division of net income: interest on original investment at20%; salary allowances of $34,000 and $26,000, respectively; and the remainder to be divided equally. How muchof the net income of $120,000 is allocated to Yolanda?
a. $46,000
b. $61,000
c. $60,000
d. $66,000
90.Xavier and Yolanda have original investments of $50,000 and $100,000, respectively, in a partnership. The articlesof partnership include the following provisions regarding the division of net income: interest on original investment at20%; salary allowances of $34,000 and $26,000, respectively; and the remainder to be divided equally. How muchof the net income of $120,000 is allocated to Xavier?
a. $59,000
b. $61,000
c. $49,000
d. $44,000