The Trial Balance of WM Partnership Is as Follows

question 7

Multiple Choice

The trial balance of WM Partnership is as follows:
Wilfred and Mike decide to incorporate their partnership.The partnership's books will be closed,and new books will be used for W & M Corporation.The following additional information is available:
1.The estimated fair values of the assets follow:
2.All assets and liabilities are transferred to the corporation.
3.The common stock is $10 par.Wilfred and Mike receive a total of 10,000 shares.
4.The partners share profits and losses in the ratio 7:3.
-Based on the preceding information,the journal entry on the partnership's books to record distribution of stock to prior partners will include a debit to Wilfred,Capital for:

• A)$140,000.
• B)$91,700.
• C)$86,700.
• D)$126,700.

Distinguish between key insurance concepts, including peril, hazard, risk, premium, and liability.

Recognize insurance coverage options for homeowners and how they protect against specific types of losses.

Identify coverage parts of automobile insurance and recognize their application in accident scenarios.

Understand the necessity and types of insurance for specific natural disasters.

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Definitions:

Accused of a Crime

The state or condition of being charged with a criminal offense by legal authorities.

Supreme Court

The highest federal court in the United States, endowed with the judicial power to interpret and apply the Constitution, thereby shaping the nation's laws and society.

Death Penalty

The death penalty is a legal punishment where a person is put to death by the state as a penalty for a crime.

Constitutional Justification

The reasoning or basis in a constitution that supports a law, action, or policy.