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Calibri 11 B A General F 19 D Tom and Jerry went into business...

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Calibri 11 B A General F 19 D Tom and Jerry went into business as a partnership with Tom investing cash of $90,000 and Jerry investing $10,000 They had no partnership agreement. If they incur a $20,000 loss, how must they split the loss? A. in the ratio of their investment b. 90.10 c. 60:40 d. 50:50 B 201 Social Security taxes (Social Security and Medicare) are paid by... a. employee only b. employer and employee c. neither employer nor employee d. employer only 21 Choose: Grandfork Company purchased a patent for $32,000 on July 1, 2020. The patent has a life of 8 years, no salvage value. If Grandfork records patent amortization on December 31, 2020, how much Patent Expense will be recorded? a. $32,000 b. $2,000 c. $4,000 d. None of these 22 Choose: Libby Mining purchased an iron mine for $3,000,000. The mine is expected to produce 100,000 tons of iron ore during its life. This year, Libby extracted 20,000 tons of ore. How much depletion expense should Libby record this year? a. $30,000 b. $600,000 c. $3,000,000 d. $300,000 23 Choose: Williams purchased equipment with a cost of $28,000, life of 5 years and salvage value of $3,000. What is the depreciable cost of the equipment? a. $28,000 b. $5,000 C..20 d. $25,000

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