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91. _______________ are obligations expected to be paid using current assets or by creating other current liabilities. 92. Unearned revenues are amounts received _______________. 93. Taxable goods or services on which GST is calculated and that include everything except zero-rated and exempt supplies are called ________________. 94. A refund of GST would be.
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  51. When a new partner is added to a partnership: A. The partnership ends. B. The underlying business ends. C. The underlying business continues. D. The partnership continues. E. The partnership ends, but the underlying business continues. 52. The TJR Partnership recorded the following journal entry: The transaction reflects: A. Acceptance of a new partner who invests $20,000.
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  41. The withdrawals account of each partner is: A. Credited when closed to his/her capital account. B. Debited when closed to his/her capital account. C. A permanent account and not closed. D. Credited with his/her share of net income. E. Debited with his/her share of net loss. 42. Which of the following statements is Answer: True? A..
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62. William and Christie form a partnership by investing $60,000 and $40,000 respectively. Their partnership agreement stipulates that William will receive an annual salary allowance of $6,000, and both partners will receive an interest allowance of 10% on their capital investment. Any net income remaining is to be allocated 60%.
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  46. Unearned revenue is initially recognized with a: A. Credit to revenue payable. B. Credit to revenue. C. Credit to unearned revenue. D. Debit to revenue. E. Debit to unearned revenue. 47. The receipt of $6,000 in advance ticket sales would be recorded as: A. Debit Cash, credit Unearned Revenue. B. Debit Unearned Revenue, credit Sales. C. Debit Sales,.
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  51. Accounts payable: A. Have specific due dates. B. Are long-term liabilities. C. Are estimated liabilities. D. Are amounts owed to suppliers for products and services purchased on credit. E. All of these answers are correct. 52. Payroll liabilities for current employees are: A. Contingent liabilities. B. Estimated liabilities. C. Can be either current or long-term depending on when.
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86. Match each of the following terms with the appropriate definition. 1. Limited partners A partnership in which all partners have mutual agency and unlimited liability for 1. Limited partners A partnership in which all partners have mutual agency and unlimited liability for partnership debts.   2. General partnership The dissolution of a business partnership by.
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11. Known liabilities are agreements, contracts, or laws that are measurable and have little uncertainty. 12. The Toronto Raptors received $6 million in season ticket sales. Prior to the beginning of the basketball season, these sales are recorded as a credit to unearned season ticket revenue. 13. Gross pay is the same.
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71. Kellan, Willa, and Sami are partners with capital balances of $90,000, $70,000, and $50,000, respectively. The partners agreed to share profits and losses as follows: Salary allowances of $5,000 to Kellan, $10,000 to Willa, and $15,000 to Sami. Interest allowances of 10% on beginning-of-year capital balances Balance to be divided equally. If.
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6. Partners' withdrawals are credited to their withdrawals accounts. 7. Partners can transfer both assets and liabilities to a partnership. 8. The withdrawal accounts of each partner are closed to retained earnings. 9. In closing the partnership accounts at the end of a period, the partners' capital accounts are credited for their share.
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75. Armstrong is anxious to leave the JT Partnership. At this time her capital account is $48,000. The remaining partners, Tanner and Jackson, agree to pay Armstrong $40,000 in cash. Prepare the journal entry to record the withdrawal. Assume the partners have no agreement for sharing profits and losses. 76. Armstrong.
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21. An estimated liability is a known obligation of an uncertain amount that can be reasonably estimated. 22. Estimated liabilities are also referred to as provisions. 23. Both partnerships and corporations calculate an income tax liability based on their taxable incomes, but proprietorships do not. 24. At their fiscal year end, Lorax Corp.
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98. Classify each of the following items as either: 1. Long-term liability. 2. Current liability. 3. Not a liability 30-day promissory note Car payments on a 4-year loan due this year Salaries payable Bonds payable Employee deductions Income taxes payable Mortgage payments on a 30-year loan due this year Mortgage payments on a 30-year loan due next year Warranty work completed this.
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31. Recording provisions is required when it is probable that the liability will occur and the amount can be reasonably estimated. 32. The relevance principle requires that contingent assets be recorded. 33. A warranty is a contingent liability. 34. Management can withhold any information regarding future events if releasing the information could cause.
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69. Gillian and Emily invested $90,000 and $130,000, respectively, in a partnership they began one year ago. Assuming the partnership's net income was $250,000 for this year, calculate the share of the net income each partner should receive under the following assumptions. (1) The partnership agreement specifies a salary allowance of.
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63. On August 1, Jill Farety and Nicole Osilinsky decide to form a partnership. Of the following items shown below, Jill invested the assets and the partnership assumed the liabilities: Nicole invested $40,000 in cash and $25,000 in equipment. Prepare two journal entries to record the partners' investments in the partnership.     .
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  56. Promissory notes: A. Are negotiable. B. Can be transferred from party to party by endorsement. C. Are due on a specific date. D. Can be current or long term. E. All of these answers are correct. 57. Which of the following is created by the adjusting entry to recognize interest expense incurred but not yet.
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  46. Alban and Thompson formed a partnership with capital contributions with a fair value of $25,000 and $45,000, respectively. Their partnership agreement calls for Alban to receive a $12,000 annual salary allowance. Also, each partner is to receive a share of earnings equal to a 10% return on capital investments..
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2. A partnership is an unincorporated association of two or more people to pursue a business for profit as co-owners. 3. Mutual agency means each partner can bind or commit the partnership to any contract within the scope of the partnership's business. 4. In a limited partnership the general partner has unlimited.
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  66. Contingent liabilities occur when the liability is: A. Probable and can be reliably estimated. B. Cannot be reliably estimated. C. Known and determinable. D. Reliably estimated. E. All of these answers are correct. 67. Provisions must be recorded if: A. The future event is probable and the amount can be reliably estimated. B. The future event is.
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100. Match each of the following terms with the appropriate definition. 1. Gross pay Total compensation earned by an employee.   2. Known liabilities Obligations due within a year or the company's operating cycle, whichever is longer.   3. Short-term note payable The portion of long-term debt that is due within one year.   4. Current liabilities Taxable goods or services.
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66. Copote and Parsons formed a partnership with capital contributions of $60,000 and $90,000 respectively. Their partnership agreement called for Copote to receive a $12,000 annual salary allowance, and each partner to receive a share of net income equal to a 10% return on capital investments. The remaining income or.
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99. Classify each of the following items as either: 1. Known current liability. 2. Estimated liability. 3. Contingent liability. Pending lawsuit Warranty liability on $150,000 worth of products sold Accounts payable Income taxes payable CPP payable Interest payable Environmental liability Property taxes payable Payroll taxes payable Unearned revenues     .
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  36. Obligations due to be paid within one year or the company's operating cycle, whichever is longer, are: A. Current assets. B. Revenues. C. Current liabilities. D. Operating cycle liabilities. E. Long term liabilities. 37. Obligations not expected to be paid within one year are reported as: A. Current assets. B. Current liabilities. C. Long term liabilities. D. Operating cycle.
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81. The life of a partnership is ____________________. 82. When partners form a partnership, their capital accounts are __________ for the amounts invested. 83. If partners agree on how to share income, but say nothing about losses, then losses are shared ___________________. 84. A partner can be admitted into a partnership by ____________________.
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101. Match each of the following terms with the appropriate definition. 1. Short-term note payable Amounts withheld by the employer from employees' gross pay for eventual payment to governments and others.   2. Estimated liability Obligations of a company not requiring payment within one year.   3. Contingent liability A liability not having a fixed due date that.
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68. Zilky and Justin formed a partnership on December 31, 2013. Zilky contributed $50,000 cash and accounts receivable with a fair market value of $10,000. Justin's investment consisted of: cash, $5,000; inventory, $34,000; and supplies, $1,000β€”all at fair market values. Net income for 2014 and 2015 was $50,000 and $65,000,.
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  61. Estimated liabilities can arise from: A. Warranties. B. Property taxes. C. Income taxes. D. Employee benefits. E. All of these answers are correct. 62. Employee vacation benefits: A. Are estimated liabilities. B. Are contingent liabilities. C. Become an expense when the employee takes a vacation. D. Are not recorded until the employee leaves. E. Are not required by law. 63. West.
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78. The partners of the Blue Tooth Partnership agree to liquidate. After all liabilities of $100,000 are paid, the partnership's cash balance is $110,000, and the capital account balances are: Peters, $60,000; Winslow, $20,000; and Wong, $30,000. Prepare the journal entry to distribute the ending cash. 79. The partners of the.
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6. A long-term liability can have a current component. 7. Amounts received in advance from a customer for future products or services are initially recorded as liabilities. 8. Trade accounts payable are amounts owed to suppliers for products or services purchased on credit. 9. Unearned revenue is another name for sales revenue. 10. Sales.
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64. Lewis and Watson formed a partnership. Lewis contributed $15,000 cash and accounts receivable worth $13,000. Watson's investment included cash, $8,000; inventory, $9,000; and supplies, $1,000. (All values are current fair market values). Prepare the journal entry to record the formation of the partnership. 65. Parker, Smith, and James form a.
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78. On November 16, 2015, Williams Industrial gave Phillip Co. a 90-day, 8%, $80,000 note payable to extend a past due account payable. Prepare the journal entry for Williams Industrial to record payment of the note on Feb 14, 2016. Williams Industrial recorded a December 31st year end adjusting entry. 79. On.
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