1. B and S formed a partnership. B contributed $8,000 cash and a used truck that originally cost $35,000 and had accumulated depreciation of $15,000. The trucks fair value was $16,000, S contributed a new Building costing $40,000 has a fair value off $55,000

What is the total capital that would recorded to B partner

Select one:

a. 43,000

b. 55,000

c. 24,000

d. 28,000

2. A joint venture may be organized as a:

I. Partnership.

II. Corporation.

III. Undivided interest.

Select one:

a. I or III only

b. I, II, or III

c. II only

d. I only

3. Hani and Nader are two partners in partnerships divided profit &loss 2:3 respectively , at the year ended 2019 the net income of the partnership $ 120,000 if the partners received $ 15,000 each, salary and Hani received yearly 10% Bonus from net income after salary what are the share of Nader from remaining profit balance

Select one:

a. 48,600

b. 31200

c. 32400

d. 46800

4. Mazen purchases 50% of Nader capital interest in the partnership for $32,000 If the capital balance of Ahmad and Nader are $40,000 and $30,000, respectively, the balance of Mazen Capital following the purchase is:

Select one:

a. 40,000

b. 32,000

c. 30,000

d. 15,000