1. 15.1 Does a partnership pay income tax?
2. 15.1 Can a partner’s personal assets in a limited liability partnership be at risk?
3. 15.2 Can a partnership assume liabilities as part of one of the partner’s contributions?
4. 15.2 Does each partner have to contribute an equal amount of assets in order to split profit and losses?
5. 15.3 What types of bases for dividing partnership net income or net loss are available?
6. 15.3 Angela and Agatha are partners in Double A Partners. When they withdraw cash for personal use,
how should that be recorded in the accounting records?
7. 15.3 On February 3, 2016 Sam Singh invested $90,000 cash for a 1/3 interest in a newly formed
partnership. Prepare the journal entry to record the transaction.
8. 15.5 Why do partnerships dissolve?
9. 15.5 What are the four steps involved in liquidating a partnership?
10. 15.5 When a partner withdraws from the firm, which accounts are affected?
11. 15.5 What is the first step in a partnership liquidation (termination and sale of assets)?
12. 15.5 When a partnership liquidates, do partners get paid first or do creditors get paid first?
13. 15.5 Coffee Partners decides to close due to the increased competition from the national chains. If after
liquidating the noncash assets there is not enough cash to cover accounts payable, what happens?