Farrell and Jimmy enter into a partnership agreement on May 1, 2018. Farrell contributes $50,000 and Jimmy contributes $150,000 as their capital contributions. They decide to share profits and losses in the ratio of their respective capital account balances. The net loss for the year ended December 31, 2018 is $40,000. The capital account of Farrell should be ________ with his share of the loss.
A) debited
B) credited
C) increased
D) halved
A) debited
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The federal agency mainly responsible for product safety is the
a. Federal Trade Commission. b. Food and Drug Administration. c. Consumer Product Safety Commission. d. Federal Safety Commission.
A treaty is said to be _____ when those who have drafted it agree that it is in final form
A) bound B) entered into force C) ratified D) adopted
Janella’s basis in her partnership interest was $120,000, including her $150,000 share of partnership debt. At the end of the current year, the partnership pays off its debts and liquidates. Janella receives a proportionate liquidating distribution consisting of $42,000 cash and inventory valued at $24,000 (adjusted basis to the partnership = $20,000). How much gain or loss does Janella recognize, and what is her basis in the distributed property?
A. $0 gain or loss; $78,000 basis in property. B. $58,000 capital loss; $20,000 basis in property. C. $30,000 capital gain; $24,000 basis in property. D. $72,000 capital gain; $20,000 basis in property. E. $72,000 capital gain; $0 basis in property.
Assuming Little's law, determine the number of customers that remain in the system when you leave
A) 250 B) 25 C) 150 D) 100