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单选题 The partners of Martin, Short and Chase share profits and losses 1/5, 1/6, and 19/30. During 2017, the first year of their partnership, the business earned $120,000 and each partner withdraw $50,000 for personal use. What is the balance in Chase's Capital account after all closing entries
学科：财务会计 Financial Accounting (ACCA)
时间：2025-06-07 13:36:15
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题目1单选题
The partners of Martin, Short and Chase share profits and losses 1/5, 1/6, and 19/30. During 2017, the first year of their partnership, the business earned $120,000 and each partner withdraw $50,000 for personal use. What is the balance in Chase's Capital account after all closing entriesA. Not determinable because Chase's opening Capital balance is not givenB. Minus $10,000C. Minus $50,000D. $26,000
题目2单选题
Elaine Robinson buys into a partnership of Quantz and Goodwin by purchasing a one-third interest for $55,000. Prior to Robinson's entry, Quantz's Capital balance was $46,000 and Goodwin's Capital balance was $52,000. Profits and losses were shared equally. The entry to show Robinson's buying into the business isA. Cash 55,000 Robinson, Capital 55,000B. Quantz, Capital 27,500 Goodwin, Capital 27,500 Robinson, Capital 55,000C. Cash 55,000 Robinson Capital 51,000 Quantz, Capital 2,000 Goodwin, Capital 2,000D. Cash 51,000 Quantz, Capital 2,000 Goodwin, Capital 2,000 Robinson Capital 55,000
题目3单选题
The partners of Tsui, Valik and Wollenberg share profits and losses equally. Their Capital balances are $40,000, $50,000 and $60,000 respectively, when Wallenberg sells her interest in the partnership to Valik for $90,000. Tsui and Valik continue the business. Immediately after Wallenberg's retirement, the total assets in the partnership areA. Increased by $30,000B. Increased by $90,000C. Decreased by $60,000D. The same as before Wallenberg sold her interest to Valik
题目4单选题
Prior to Bill Ching's withdrawal from the partnership of Ching, Han, and Lee, the partners Capital balances were $140,000, $110,000 and $250,000 respectively. The partners share profits and losses 1/3, 1/4 and 1/5. The appraisal indicates that the assets should be written down by $36,000. Han's share of the write-down isA. $7,920B. $9,000C. $12,000D. $18,000
题目5多选题
Which of the following would you include in the cost of machinery? (Note:There can be more thanone correct answer.)A. Installation chargesB. Testing of the machineC. Repair to machinery necessitated by operator's error on first day of useD. First-year maintenance cost
题目6多选题
Which of the following costs can be capitalized as part of the initial cost of PPE? (Select all that apply)A. Purchase priceB. Installation costsC. Repairs and maintenance costsD. Testing costs
题目7多选题
When calculating depreciation, which of the following factors are required? (Select all that apply)A. Cost of the assetB. Residual valueC. Useful lifeD. Market value
题目8多选题
Which of the following statements about PPE are true? (Select all that apply)A. PPE is recorded at cost less accumulated depreciationB. PPE is classified as a non-current assetC. PPE includes assets held for saleD. PPE must be tested for impairment monthly
题目9多选题
When an asset is disposed of, which accounts are affected? (Select all that apply)A. PPEB. Accumulated depreciationC. Gain or loss on disposalD. Depreciation expense
题目10多选题
A company purchases machinery for $50,000, pays $20,000 in cash, and agrees to pay the remaining $30,000 later. Which of the following accounts are affected? (Select all that apply)A. Machinery (Debit)B. Cash (Credit)C. Accounts Payable (Credit)D. Interest Expense (Debit)
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