Tim and Michelle Have Decided to Form a Partnership with a 60/40

question 104

Multiple Choice

Tim and Michelle have decided to form a partnership with a 60/40 partnership interest ratio.Tim contributes $7500 cash and merchandise inventory with a market value of $1500.While journalizing this transaction ________.

• A) Tim, Capital will be debited for $9000
• B) Tim, Capital will be credited for $9000
• C) Tim, Capital will be credited for $6000 and Michelle, Capital will be credited for $4500
• D) Tim, Capital will be debited for $6000 and Michelle, Capital will be debited for $4500

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Definitions:

Job Characteristics

Aspects of a job that affect an employee's attitudes and behaviors, such as skill variety, task identity, task significance, autonomy, and feedback.

Emotional Intelligence

The ability to understand, use, and manage one's own emotions in positive ways to relieve stress, communicate effectively, emphathize with others, overcome challenges, and defuse conflict.

Goal Congruence

The alignment of objectives between individuals, teams, or departments, and the overall goals of an organization.

Special Endorsement

A form of endorsement on a negotiable instrument, such as a check, whereby the endorser specifies the party to whom the instrument is to be payable.