Take Home Exam: Chapters 1-11
ACC 11 005
Professor Strohmenger
Name _
PART I MULTIPLE CHOICE (28 points)
Instructions: Designate the best answer for each of the following questions.
_
1. Which of the following events cannot be quantified into dollars and
K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring
$50,000 of personal cash to the partnership. Rosen owns land worth $15,000 and a small
building worth $80,000, which she transfers to the partnership. Toso transfers to the
PFW Co. reports net income of $45,000. Partner salary allowances are Pitts $15,000,
Filbert $5,000, and Witten $5,000. Indicate the division of net income to each partner,
assuming the income ratio is 50:30:20, respectively.
SOLUTION
Division of Net Incom
Extra Credit Assignment 5 points towards final grade.
For each of the items shown below, indicate whether the
account is permanent or closed at the end of the period, and
whether it is a contra account. Also indicate for permanent
accounts whether it belo
