91.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 at10%; salary allowances of $38,000 and $28,000, respectively; and the remainder to be divided equally. How much of the net income of $77,000 is allocated to Yolanda?
a. $77,000
b. $38,000
c. $36,000
d. $44,000
92.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 at10; salary allowances of $38,000 and $28,000, respectively; and the remainder to be divided equally. How much ofthe net income of $77,000 is allocated to Xavier?
a. $66,000
b. $41,000
c. $36,000
d. $43,000
93.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 at10%, salary allowances of $27,000 and $18,000 respectively, and the remainder equally. How much of the net lossof $6,000 is allocated to Yolanda?
a. $1,000
b. $3,000
c. $5,000
d. $0
94.Tucker and Titus are partners who share income in the ratio of 3:1. Their capital balances are $40,000 and$60,000, respectively. Income Summary has a credit balance of $40,000 after the second closing entry. What isTucker’s capital balance after closing Income Summary to the capital accounts?
a. $40,000
b. $70,000
c. $10,000
d. $80,000
95.Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and$120,000, respectively. Income Summary has a credit balance of $30,000. What is Tomas’s capital balance afterclosing Income Summary to the capital accounts?
a. $102,500
b. $22,500
c. $57,500
d. $127,500
96.Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $80,000 and$120,000, respectively. Income summary has a credit balance of $30,000 after the second closing entry. What isSaturn’s capital balance after closing income summary to the capital accounts?
a. $102,500
b. $120,000
c. $112,500
d. $127,500
97.Tomas and Saturn are partners who share income in the ratio of 3:1. Their capital balances are $40,000 and$60,000 respectively. Income summary has a credit balance of $20,000. What is Saturn’s capital balance afterclosing income summary to capital?
a. $55,000
b. $75,000
c. $45,000
d. $65,000
98.Franco and Jason share income and losses in a 2:1 ratio after allowing for salaries of $15,000 and $30,000. If thepartnership suffers a $15,000 loss, by how much would Jason’s capital account increase?
a. $10,000
b. $20,000
c. $40,000
d. $25,000
99.Lambert invests $20,000 for a 1/3 interest in a partnership in which the other partners have capital totaling $34,000before admitting Lambert. After distribution of the bonus, what is Lambert’s capital?
a. $18,000
b. $20,000
c. $6,667
d. $11,333
100.Douglas pays Selena $45,000 for her 30% interest in a partnership with total net assets of $125,000. Following thistransaction, Douglas’ capital account should have a credit balance of
a. $37,500
b. $45,000
c. $13,500
d. more than $45,000