The partnership of abel and caine was formed on february 28, 2017. at that date the following assets were invested:
abel caine
cash $120,000 $200,000
merchandise -0- 320,000
building -0- 840,000
furniture and equipment 200,000 -0-

the building is subject to a mortgage loan of $280,000, which is to be assumed by the partnership. the partnership agreement provides that abel and caine share profits or losses 30% and 70%, respectively.
caine’s capital account at february 28, 2017, should be:

a) $952,000.
b) $1,36.
c) $1,176,000.
d) $1,080,000.

Anderson, a computer engineer, and spouse, who is unemployed, provide more than half of the support for their child, age 23, who is a full-time student and who earns $7,000. they also provide more than half of the support for their older child, age 33, who earns $2,000 during the year. how many dependents may the andersons claim on their joint tax return?

True or flase? a. new technological developments can us adapt to depleting sources of natural resources. b. research and development funds from the government to private industry never pay off for the country as a whole; they only increase the profits of rich corporations. c. in order for fledgling industries in poor nations to thrive, they must receive protection from foreign trade. d. countries with few natural resources will always be poor. e. as long as real gdp (gross domestic product) grows at a slower rate than the population, per capita real gdp increases.

Which of the following is not a characteristic of a weak economy? a. a low employment rateb. a high inflation ratec. a decreased gdpd. a high unemployment rate