Homework Answers
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correct answer is option a. 37800.
equipement will be recorded at the agreed valuation done by the partners which is $37800.
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As part of the initial investment, Ray Blake contributes equipment that had originally cost $92,500 and...
As part of the initial investment, Ray Blake contributes equipment that had originally cost $118,300 and...
As part of the initial investment, Ray Blake contributes equipment that had originally cost $118,300 and on which accumulated depreciation of $88,725 has been recorded. If similar equipment would cost $158,700 to replace and the partners agree on a valuation of $56,700 for the contributed equipment, what amount should be debited to the equipment account? a.$42,525 b.$56,700 c.$158,700 d.$118,300
#1 of 13 As part of the initial investment, a partner contributes equipment that had originally...
#1 of 13 As part of the initial investment, a partner contributes equipment that had originally cost $80,000 and on which ac $80,000 and on which accumulated depreciation of $50,000 has been recorded. If the partners agree on a valuation of $50,000 for the contributed equipment, what amount should be em #1 of 13 As part of the initial investment, a partner contributes equipment that had orig debited to the equipment account? O a. $30,000 O b. $80,000 O c....
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $27,831...
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $27,831 in the accounts of a sole proprietorship of this amount, $1,550 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $777. The amount debited to Accounts Receivable for the new partnership is Oa. $26,281 Ob. $25,504 Oc. $27,054 Od. $27,831
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $43,578...
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $43,578 in the accounts of a sole proprietorship. Or this amount, $1,536 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $80s. The amount debited to Accounts Receivable for the new partnership is Oa $42,042 Ob $41,237 Oc. $42.773 Od: $43,578 Jefferson has a capital balance of $65,000 and devotes full time to a...
Bagley invests personally owned equipment, which originally cost $220,00 accumulated depreciation of $60.000 in the Bagley...
Bagley invests personally owned equipment, which originally cost $220,00 accumulated depreciation of $60.000 in the Bagley and Eggers pares partners agree that the fair value of the equipment was $120,000. The entry made by the partnership to record Bagley's investment should be a. Equipment ....220,000 Accumulated Depreciation - Equipment 60,000 Bagley, Capital...... 160,000 b. Equipment Bagley, Capital ..... 160,000 C. Equipment Loss on Purchase of Equipment....... Accumulated Depreciation-Equipment 220,000 Bagley, Capital..... d. Equipment Bagley, Capital... ....160,000 ....120,000 .....40,000 ..........60,000 ....120,000...
Multiple-Choice Exercise 7-1 Anniston Company purchased equipment and incurred the following costs: Purchase price $52,000 Cost...
Multiple-Choice Exercise 7-1 Anniston Company purchased equipment and incurred the following costs: Purchase price $52,000 Cost of trial runs 750 Installation costs 250 Sales tax 2,600 What is the cost of the equipment? Oa. $52,000 Ob. $54,600 Oc. $54,850 Od. $55,600 Multiple-Choice Exercise 7-2 The cost principle requires that companies record tangible capital assets at: Oa. fair value. Ob. book value. Oc. historical cost. d. market value. Multiple-Choice Exercise 7-3 When depreciation expense is recorded each period, what account is...
Sadie and Sam share income equally. For the current year, the partnership net income is $40,000....
Sadie and Sam share income equally. For the current year, the partnership net income is $40,000. Sadie made withdrawals of $14,000 and Sam made withdrawals of $15,000. At the beginning of the year, the capital account balances were: Sadie, Capital, $42,000; Sam, Capital, $58,000. Sam's capital account balance at the end of the year is Oa. $63,000 Ob. $78,000 Oc. $43,000 Od. $93,000 Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts...
#1 of 13 As part of the initial investment, a partner contributes equipment that had originally cost $80,000 and on which ac $80,000 and on which accumulated depreciation of $50,000 has been recorded. If the partners agree on a valuation of $50,000 for the contributed equipment, what amount should be em #1 of 13 As part of the initial investment, a partner contributes equipment that had orig debited to the equipment account? O a. $30,000 O b. $80,000 O c....
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $27,831 in the accounts of a sole proprietorship of this amount, $1,550 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $777. The amount debited to Accounts Receivable for the new partnership is Oa. $26,281 Ob. $25,504 Oc. $27,054 Od. $27,831
As part of the initial investment, Jackson contributes accounts receivable that had a balance of $43,578 in the accounts of a sole proprietorship. Or this amount, $1,536 is deemed completely worthless. For the remaining accounts, the partnership will establish a provision for possible future uncollectible accounts of $80s. The amount debited to Accounts Receivable for the new partnership is Oa $42,042 Ob $41,237 Oc. $42.773 Od: $43,578 Jefferson has a capital balance of $65,000 and devotes full time to a...
Bagley invests personally owned equipment, which originally cost $220,00 accumulated depreciation of $60.000 in the Bagley and Eggers pares partners agree that the fair value of the equipment was $120,000. The entry made by the partnership to record Bagley's investment should be a. Equipment ....220,000 Accumulated Depreciation - Equipment 60,000 Bagley, Capital...... 160,000 b. Equipment Bagley, Capital ..... 160,000 C. Equipment Loss on Purchase of Equipment....... Accumulated Depreciation-Equipment 220,000 Bagley, Capital..... d. Equipment Bagley, Capital... ....160,000 ....120,000 .....40,000 ..........60,000 ....120,000...
Multiple-Choice Exercise 7-1 Anniston Company purchased equipment and incurred the following costs: Purchase price $52,000 Cost of trial runs 750 Installation costs 250 Sales tax 2,600 What is the cost of the equipment? Oa. $52,000 Ob. $54,600 Oc. $54,850 Od. $55,600 Multiple-Choice Exercise 7-2 The cost principle requires that companies record tangible capital assets at: Oa. fair value. Ob. book value. Oc. historical cost. d. market value. Multiple-Choice Exercise 7-3 When depreciation expense is recorded each period, what account is...
Sadie and Sam share income equally. For the current year, the partnership net income is $40,000. Sadie made withdrawals of $14,000 and Sam made withdrawals of $15,000. At the beginning of the year, the capital account balances were: Sadie, Capital, $42,000; Sam, Capital, $58,000. Sam's capital account balance at the end of the year is Oa. $63,000 Ob. $78,000 Oc. $43,000 Od. $93,000 Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts...
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