Homework Answers
| Answer | ||
| Cash | $ 21,000 | |
| Inventory | $ 65,800 | |
| Land | $ 131,000 | |
| Notes Payable | $ 53,000 | |
| Austin Fisher, Capital | $ 164,800 | |
| (To record Entry should be made on realisable basis) | ||
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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 $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...
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...
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...
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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...
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...
Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book...
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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.
Hannah Johnson contributed equipment, inventory, and $43,100 cash to a partnership. The equipment had a book...
Hannah Johnson contributed equipment, inventory, and $43,100 cash to a partnership. The equipment had a book value of $28,900 and a market value of宰35,900. The inventory had a book value of $47,300 but only had a market value of $13,200 due to obsolescence. The partnership also assumed a $14,600 note payable owed by Hannah that was originally used to purchase the equipment. What amount should be recorded to Hannah's capital account? Oa. $77,600 Ob. $106,800 ОС. $126,300 Od. $104,700
rew only $4,000 per month, would of a new partner this affect the division of the...
rew only $4,000 per month, would of a new partner this affect the division of the partnership net income? Explain. 1o. Why might a partnership pay a bonus to a admitted partner? ractice Exercises Example Exercises EE 12-1 p S89 PE 12-1A Journalizing partner's original investment ORJ2 Show Holly Renfro contributed a patent, accounts receivable, and $20,000 cash to a The patent had a book value of $8,000. However, the technology covered by the patent an peared to have significant...
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...
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...
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.
Hannah Johnson contributed equipment, inventory, and $43,100 cash to a partnership. The equipment had a book value of $28,900 and a market value of宰35,900. The inventory had a book value of $47,300 but only had a market value of $13,200 due to obsolescence. The partnership also assumed a $14,600 note payable owed by Hannah that was originally used to purchase the equipment. What amount should be recorded to Hannah's capital account? Oa. $77,600 Ob. $106,800 ОС. $126,300 Od. $104,700
rew only $4,000 per month, would of a new partner this affect the division of the partnership net income? Explain. 1o. Why might a partnership pay a bonus to a admitted partner? ractice Exercises Example Exercises EE 12-1 p S89 PE 12-1A Journalizing partner's original investment ORJ2 Show Holly Renfro contributed a patent, accounts receivable, and $20,000 cash to a The patent had a book value of $8,000. However, the technology covered by the patent an peared to have significant...
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