$4,500. What would be partner C's total share of the partnership income for the year? Question 13 The following accounts are always included in the partnership books except for O Partner's loan. Partner's capital O Partner's drawings. Question 14 When partners wish to avoid creating a deficiency in profits they O prioritize the provisions of the profit and loss sharing agreement and satisfy these provisions to the extent possible O satisfy all the provisions of the profit and loss sharing agreement in all cases. O do not distribute any profits if the profit is not enough to satisfy all the provisions in a given year. 80 F3 con F4 FS F6 DI 3 p O Partner's loan. O Partner's capital. O Partner's drawings. Question 14 When partners wish to avoid creating a deficiency in profits they. O prioritize the provisions of the profit and loss sharing agreement and satisfy these provisions to the exter possible. O satisfy all the provisions of the profit and loss sharing agreement in all cases. O do not distribute any profits if the profit is not enough to satisfy all the provisions in a given year. O None of these. Question 15 The fact that an acret contributed by a partner becomes the property of the partnershin and all 80 SA 4 000 000 5 M FS 6 F6 & Dil FB DD F9 3 p D *3 3 E D All of these are characteristics of partnerships. O Apartnership can apply the Generally Accepted Accounting Principles (GAAP) or Other Comprehensive Bases of Accounting (OCBOA). C Question 17 Which of the following determines the type of a partnership? O The presence of a general partner The presence of a limited partner The details of the profit and loss sharing agreement O The total number of partners 80 #3 $ 4 R F dat 07 20 % 5 T G 6 Y H & 7 =8 U J .00 8 Di - 69 K DD 19 O 3 pts L Jun 23 at 1:32pm Instructions Question 1 Assume that on July 1st, the subsidiary issued a note payable to the parent, then on October 1st, the parent sold (i.e., discounted) the note to an outsider bank. What amount of interest expense related to the note should be reported on the consolidated income statement at the end of the year (December 31st)? O Interest expense from July 1st to October 1st when the note was held by the parent. O Interest expense from October 1st till the end of the year when the note was held by the outsider bank O Interest expense from July 1st till the end of the year. O No interest expense should be reported on the consolidated income statement. Question 2 Which of the following scenarios are equivalent to the retirement of the subsidiary's bonds payable? 80 S4 $ R dod SLO 5 T 201 < (O A 6 Y & 7 da * 00 8 Dil FB ( 9 3 pts DD F9 3 pts ) V FY