Homework Answers
Journal Entries are as follows:
| 1. | Land a/c (320000-200000) Dr | 120000 | |
| To Jason's Capital a/c (120000*1/3) | 40000 | ||
| To Kelly's capital a/c (120000*2/3) | 80000 | ||
| 2. | Cash a/c Dr | 45000 | |
| To Gavin's Capital a/c | 45000 |
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2.Gavin invested $45,000 in the Jason and Kelly partnership for ownership equity of $45,000. Prior to...
Gleason invested $90,000 in the James and Kirk Partnership for ownership equity of $90,000. Prior to...
Gleason invested $90,000 in the James and Kirk Partnership for ownership equity of $90,000. Prior to the investment, land was revalued to a market value of $425,000 from a book value of $200,000. James and Kirk share net income in a 1:2 ratio. a. Provide the journal entry for the revaluation of land. If an amount box does not require an entry, leave it blank. b. Provide the journal entry to admit Gleason.
1. Aaron and Kim form a partnership by combining the assets of their separate businesses. Aaron...
1. Aaron and Kim form a partnership by combining the assets of their separate businesses. Aaron contributes accounts receivable with a face amount of $50,000 and equipment with a cost of $180,000 and accumulated depreciation of $100,000. The partners agree that the equipment is to be priced at $68,000, that $3,500 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,000 is a reasonable allowance for the uncollectibility of the remaining...
Demarco Lee invested $49,000 in the Camden & Sayler partnership for ownership equity of $49,000. Prior...
Demarco Lee invested $49,000 in the Camden & Sayler partnership for ownership equity of $49,000. Prior to the investment, equipment was revalued to a market value of $266,000 from a book value of $188,000. Kevin Camden and Chloe Sayler share net income in a 1:3 ratio. Required: a. Provide the journal entry for the revaluation of equipment. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Provide the journal entry to admit...
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $47,000 in the Camden & Sayler...
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $47,000 in the Camden & Sayler partnership for ownership equity of $47,000. Prior to the investment, equipment was revalued to a market value of $299,000 from a book value of $239,000. Kevin Camden and Chloe Sayler share net income in a 1:2 ratio. Required: a. Provide the journal entry for the revaluation of equipment. For a compound transaction, if an amount box does not require an entry, leave it blank....
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $62,000 in the Camden & Sayler...
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $62,000 in the Camden & Sayler partnership for ownership equity of $62,000. Prior to the investment, equipment was revalued to a market value of $361,000 from a book value of $280,000. Kevin Camden and Chloe Sayler share net income in a 1:2 ratio. Required: a. Provide the journal entry for the revaluation of equipment. For a compound transaction, if an amount box does not require an entry, leave it blank....
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $26,000 in the Camden & Sayler...
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $26,000 in the Camden & Sayler partnership for ownership equity of $26,000. Prior to the investment, equipment was revalued to a market value of $330,000 from a book value of $288,000. Kevin Camden and Chloe Sayler share net income in a 1:2 ratio. Required: a. Provide the journal entry for the revaluation of equipment. For a compound transaction, if an amount box does not require an entry, leave it blank....
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $55,000 in the Camden & Sayler...
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $55,000 in the Camden & Sayler partnership for ownership equity of $55,000. Prior to the investment, equipment was revalued to a market value of $284,000 from a book value of $200,000. Kevin Camden and Chloe Sayler share net income in a 1:2 ratio. Required: a. Provide the journal entry for the revaluation of equipment. For a compound transaction, if an amount box does not require an entry, leave it blank....
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $74,000 in the Camden & Sayler...
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $74,000 in the Camden & Sayler partnership for ownership equity of $74,000. Prior to the investment, equipment was revalued to a market value of $410,000 from a book value of $314,000. Kevin Camden and Chloe Sayler share net income in a 1:3 ratio. Required: a. Provide the journal entry for the revaluation of equipment. For a compound transaction, if an amount box does not require an entry, leave it blank....
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $51,000 in the Camden & Sayler...
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $51,000 in the Camden & Sayler partnership for ownership equity of $51,000. Prior to the investment, equipment was revalued to a market value of $353,000 from a book value of $284,000. Kevin Camden and Chloe Sayler share net income in a 1:3 ratio. Required: a. Provide the journal entry for the revaluation of equipment. For a compound transaction, if an amount box does not require an entry, leave it blank....
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $34,000 in the Camden & Sayler...
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $34,000 in the Camden & Sayler partnership for ownership equity of $34,000. Prior to the investment, equipment was revalued to a market value of $335,000 from a book value of $290,000. Kevin Camden and Chloe Sayler share net income in a 1:3 ratio. Required: a. Provide the journal entry for the revaluation of equipment. For a compound transaction, If an amount box does not require an entry, leave it blank....
Gleason invested $90,000 in the James and Kirk Partnership for ownership equity of $90,000. Prior to the investment, land was revalued to a market value of $425,000 from a book value of $200,000. James and Kirk share net income in a 1:2 ratio. a. Provide the journal entry for the revaluation of land. If an amount box does not require an entry, leave it blank. b. Provide the journal entry to admit Gleason.
1. Aaron and Kim form a partnership by combining the assets of their separate businesses. Aaron contributes accounts receivable with a face amount of $50,000 and equipment with a cost of $180,000 and accumulated depreciation of $100,000. The partners agree that the equipment is to be priced at $68,000, that $3,500 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,000 is a reasonable allowance for the uncollectibility of the remaining...
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $55,000 in the Camden & Sayler partnership for ownership equity of $55,000. Prior to the investment, equipment was revalued to a market value of $284,000 from a book value of $200,000. Kevin Camden and Chloe Sayler share net income in a 1:2 ratio. Required: a. Provide the journal entry for the revaluation of equipment. For a compound transaction, if an amount box does not require an entry, leave it blank....
Revaluing and Contributing Assets to a Partnership Demarco Lee invested $34,000 in the Camden & Sayler partnership for ownership equity of $34,000. Prior to the investment, equipment was revalued to a market value of $335,000 from a book value of $290,000. Kevin Camden and Chloe Sayler share net income in a 1:3 ratio. Required: a. Provide the journal entry for the revaluation of equipment. For a compound transaction, If an amount box does not require an entry, leave it blank....
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