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Accounting Expert Answers & Study Resources : Page 660

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55.A partnership held three assets: Cash, $13,000; Land, $45,000; and a Building, $65,000. There were no recorded liabilities. The partners anticipated that expenses required to liquidate their partnership would amount to $6,000. Capital balances were as follows: King, Capital: $32,700 Murphy, Capital: 36,400 Madison, Capital: 26,000 Pond, Capital: 27,900 The partners shared profits and losses.

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  • 55.A partnership held three assets: Cash, $13,000; Land, $45,000; and
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Multiple Choice Questions 1.Which standard issued by the Governmental Accounting Standards Board in 1999 required two distinct sets of financial statements for state and local governments? A. GASB Statement No. 32. B. GASB Statement No. 33. C. GASB Statement No. 34. D. GASB Statement No. 35. E. GASB Statement No. 36. 2.Which group of governmental financial.

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  • Multiple Choice Questions 1.Which standard issued by the Governmental Accounting Standards
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21.According to GASB Concepts Statement No. 1, what are the three groups of primary users of external state and local governmental financial reports? A. The Securities Exchange Commission, the citizenry, and legislative and oversight bodies. B. The Securities Exchange Commission, legislative and oversight bodies, and investors and creditors. C. The Securities Exchange.

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  • 21.According to GASB Concepts Statement No. 1, what the three
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Multiple Choice Questions 1.When a partnership is insolvent and a partner has a deficit capital balance, that partner is legally required to: A. declare personal bankruptcy. B. initiate legal proceedings against the partnership. C. contribute cash to the partnership. D. deliver a note payable to the partnership with specific payment terms. E. None of these..

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  • Multiple Choice Questions 1.When a partnership insolvent and a partner has
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54.A partnership had the following account balances: Cash, $91,000; Other Assets, $702,000; Liabilities, $338,000; Polk, Capital (50% of profits and losses), $221,000; Garfield, Capital (30%), $143,000; Arthur, Capital (20%), $91,000. The company liquidated and $10,400 became available to the partners. Required: Who would have received the $10,400? Since the partnership had total.

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  • 54.A partnership had the following account balances: Cash, $91,000; Other
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Matching Questions 36.Matching 1. Deficit capital balances      A schedule should be produced periodically by the accountant to disclose losses and gains that have been incurred, remaining assets and liabilities, and current capital balances.                 3 2. Predistribution plan      One or more partners may have a negative capital balance.

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  • Matching Questions 36.Matching 1. Deficit capital balances      A schedule should
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