Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book...

Question

Question

Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book value of $25,000 a

business accounting

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

Journal

Cash	49,000
Inventory	20,000
Equipment	28,000
Note payable		15,000
Capital, Trevor Smith		82,000

Capital, Trevor Smith = Cash + Inventory + Equipment - Note payable

= 49,000 + 20,000 + 28,000 - 15,000

= $82,000

Assets brought in by a partner are recorded at their market value.

Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubt. Thanks.

Add a comment

Answer 2

Similar Homework Help Questions

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

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...

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...

Trevor Smith contributed equipment, inventory, and $49,000 cash to a partnership. The equipment had a book...

Homework Answers