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Hannah Johnson contributed equipment, inventory, and $43,100 cash to a partnership. The equipment had a book...
Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book...
Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book value of $25,000 and a market value of $28,000. The inventory had a book value of $60,000, but only had a market value of $20,000, due to obsolescence. The partnership also assumed a $15,000 note payable owed by Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership. If an amount box does not require...
Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book...
Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book value of $25,000 and a market value of $28,000. The inventory had a book value of $90,000, but only had a market value of $50,000, due to obsolescence. The partnership also assumed a $15,300 note payable owed by Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership. If an amount box does not require...
ting for Partnerships & LLC's Test 31. Trevor Smith contributed equipment, inventory, and S54,000 cash to...
ting for Partnerships & LLC's Test 31. Trevor Smith contributed equipment, inventory, and S54,000 cash to a partnership. The equipment had a value of $30,000 and a market value of $36,000. The inventory had a book value of $60,000, but only had a market value of $20,000, due to obsolescence. The partnership also assumed a $17,000 note payable owed o Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership.
Journalizing Partner's Original Investment Austin Fisher contributed land, Inventory, and $21,000 cash to a partnership. The...
Journalizing Partner's Original Investment Austin Fisher contributed land, Inventory, and $21,000 cash to a partnership. The land had a book value of $73,000 and a market value of $131,000. The inventory had a book assumed a $53,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box des not require an entry, leave it blank. sh to a partnership. The land had...
Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $35,000 cash to a partnership. The...
Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $35,000 cash to a partnership. The land had a book value of $73,000 and a market value of $141,000. The inventory had a book value of $63,500 and a market value of $59,100. The partnership also assumed a $53,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require...
Journaling Partner's Original Investment Austin Fisher contributed land, Inventory, and $24,000 cash to a partnership. The...
Journaling Partner's Original Investment Austin Fisher contributed land, Inventory, and $24,000 cash to a partnership. The land had a book value of $85,000 and a market value of $150,000. The Inventory had a book value of $57,100 and a market value of $52,500. The partnership also assumed a $61,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require...
Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $34,000 cash to a partnership...
Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $34,000 cash to a partnership. The land had a book value of $64,000 and a market value of $122,000. The inventory had a book value of $51,500 and a market value of $47,900. The partnership also assumed a $46,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require...
Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $23,000 cash to a partnership. The...
Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $23,000 cash to a partnership. The land had a book value of $72,000 and a market value of $127,000. The inventory had a book value of $54,900 and a market value of $51,100. The partnership also assumed a $52,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require...
Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $19,000 cash to a partnership. The...
Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $19,000 cash to a partnership. The land had a book value of $78,000 and a market value of $148,000. The inventory had a book value of $75,400 and a market value of $70,100. The partnership also assumed a $56,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require...
Abel and Baker decided to form a partnership. Abel contributed equipment (book value $65,000), inventory (paid...
Abel and Baker decided to form a partnership. Abel contributed equipment (book value $65,000), inventory (paid $20,000), and $10,000 cash. The equipment and inventory have a current market value of $40,000 and $15,000, respectively. Abel also had a debt of $20,000 for the equipment. Baker contributed office equipment (book value $20,000) and cash of $50,000. The current market value of the office equipment is $10,000. The two partners fail to agree on a profit-and-loss-sharing ratio. For the first month (June),...
Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book value of $25,000 and a market value of $28,000. The inventory had a book value of $60,000, but only had a market value of $20,000, due to obsolescence. The partnership also assumed a $15,000 note payable owed by Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership. If an amount box does not require...
Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book value of $25,000 and a market value of $28,000. The inventory had a book value of $90,000, but only had a market value of $50,000, due to obsolescence. The partnership also assumed a $15,300 note payable owed by Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership. If an amount box does not require...
ting for Partnerships & LLC's Test 31. Trevor Smith contributed equipment, inventory, and S54,000 cash to a partnership. The equipment had a value of $30,000 and a market value of $36,000. The inventory had a book value of $60,000, but only had a market value of $20,000, due to obsolescence. The partnership also assumed a $17,000 note payable owed o Smith that was used originally to purchase the equipment. Provide the journal entry for Smith's contribution to the partnership.
Journalizing Partner's Original Investment Austin Fisher contributed land, Inventory, and $21,000 cash to a partnership. The land had a book value of $73,000 and a market value of $131,000. The inventory had a book assumed a $53,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box des not require an entry, leave it blank. sh to a partnership. The land had...
Journaling Partner's Original Investment Austin Fisher contributed land, Inventory, and $24,000 cash to a partnership. The land had a book value of $85,000 and a market value of $150,000. The Inventory had a book value of $57,100 and a market value of $52,500. The partnership also assumed a $61,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require...
Journalizing Partner's Original Investment Austin Fisher contributed land, inventory, and $34,000 cash to a partnership. The land had a book value of $64,000 and a market value of $122,000. The inventory had a book value of $51,500 and a market value of $47,900. The partnership also assumed a $46,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require...
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