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Question

Normal No Spa.. Heading 1 Heading 2 Tale Subtitle Subtle Em..EmphaisIntenseEStrone Paragraph Styes 1 ltem that occurs when the now partner's investment exceeds the new partner's capital cred 2 Partner who cannot actively participate in the management of the partnership 3. A allocation of partnership prolts and losses when nothing is stated in the partnership agreement ltem that occurs when the new partner's investment equals the new partner's capital credit and no change occurs in the existing partners' capital balances 5. Cost not deducted to determine the partnership's net income for the period Partner who actively participates in the partnership management and whio is personally hable for the partnership's debts ltem that occurs when the new partners capital credit exceeds his or her investment and no change ???¡rs in the existing partners' capital balances reases when a partner takes assets out of the partnership in anticipation of partnership net income 9 Account that increases for the fair value of noncash assets invested by a partner 0 Related-party transaction that must be disclosed in the notes to the financial statements Item that occurs when the new partner's investment equals his or her capital credit and an 12 tem that occurs when the new partner's capital credit exceeds his or her investment and a 13 Recogntion of an intangible asset upon a new partner's admission to the partnership that 14 Account closed to the capital account at year end 15 Deduction of interest expense on this payable to determine the partnership's net income increase occurs in the existing partners capital balances decrease occurs in the existing partners' capital balances results in increases in the escriptions on t the t erms TERMS: Bonus to existing partners Bonus to new partner Capital account -Drawing accourt

Explanation / Answer

Related-party transaction that must be disclosed in the notes to the financial statements.

Terms 1. Item that occurs when the new partner's investment exceeds the new partner's capital credit. Bonus to old partners 2. Partner who cannot actively participate in the management of the partnership. Limited Partner 3. A allocation of partnership profits and losses when nothing is stated in the partnership agreement Partnership income or loss shared equally 4. Item that occurs when the new partner's investment equals the new partner's capital credit and no change occurs in the old partners capital balances. Recognition of neither bonus nor goodwill 5. Costs not deducted to determine the partnership's net income for period Interest on capital accounts 6. Partner who actively participates in the partnership management and who is personally liable for the partnership's debts General partner 7. Item that occurs when the new partner's capital credit exceeds the new partner's investment and no change occurs in the old partners capital balances. New partner's goodwill recognized 8. Account that increases when a partner takes assets out of the partnership in anticipation of partnership net income. Drawing account 9. Account that increases for the fair value of noncash assets invested by a partner. Capital account 10.

Related-party transaction that must be disclosed in the notes to the financial statements.

Note payable to a partner 11. Item that occurs when the partner's investment equals the new partner's capital credit and an increase occurs in the old partners capital balance. Old partners goodwill recognized 12. Item that occurs when the new partner's capital credit exceeds the new partner's investment and a decrease occurs in the old partners capital balances. Bonus to new partner 13. Recognition of an intangible asset upon a new partner's admission to the partnership that results in increase in the partners' capital balances. Old partners goodwill recognized 14. Account closed to the capital account at year-end. Drawing account 15. Deduction of interest expense on this payable to determine the partnership's net income Note payable to a partner

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