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1. The most appropriate basis for dividing partnership net income when the partners do not plan to take an active role in daily operations is salaries to the partners and the remainder on a fixed ratio. interest on capital balances and salaries to the partners. on a ratio based average capital balances. on a fixed ratio.2. The following data is available for BOX Corporation at December 31 2010:Common stock par $10 (authorized 15000 shares)$100000Treasury Stock (at cost $15 per share)600Based on the data how many shares of common stock are outstanding? 15000 10000 14960 99603. When stock is issued for legal services the transaction is recorded by debiting Organization Expense for thestated value of the stock.book value of the stock.market value of the stock.par value of the stock.4. The two ways that a corporation can be classified by ownership are publicly held and privately held.majority and minority.stock and non-stock.inside and outside.

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