Homework Answers
The equipment is contributed as initial investment by a partner agreeing a valuation of $50,000.
$50,000 will be debited to equipment and credited to partners capital account.
$50,000
Option c.
Add Answer to:
#1 of 13 As part of the initial investment, a partner contributes equipment that had originally...
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
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 $92,500 and on which accumulated depreciation of $69,375 has been recorded. If similar equipment would cost $153,700 to replace and the partners agree on a valuation of $37,800 for the contributed equipment, what amount should be debited to the equipment account? Oa. $37,800 Ob. $92,500 Oc. $153,700 Od. $28,350
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...
The accounts balances in the end of 2020 will be: Jim, Capital Choose... Jyoti, Capital Choose......
The accounts balances in the end of 2020 will be: Jim, Capital Choose... Jyoti, Capital Choose... - Joy, Capital Choose... On Jan 1, 2021, Jesan was added to the partnership as the fourth partner. Jesan paid 200,000 (100,000 Cash, 100,000 Land) to receive a 169,400 share of the partnership's book value. The difference is equally distributed among the original three partners. Determine which accounts will be debited or credited for the addition of the new partner. Cash Choose... Jim, Capital...
1. C and D had capital balances of $60,000 and $120,000 respectively on January 1 of...
1. C and D had capital balances of $60,000 and $120,000 respectively on January 1 of the current year. On May 8, C invested an additional $10,000 in the partnership. During the year, C and D withdrew $25,000 and $35,000 respectively. After closing all expense and revenue accounts at the end of the year, Income Summary has a credit balance of $90,000. The net income is divided in the ration of 2:3 after a salary of $40,000 to C. Journalize...
part 1 and 2 please Problem 12-5A Partner withdrawal and admission P3 P4 Part 1. Meir,...
part 1 and 2 please
Problem 12-5A Partner withdrawal and admission P3 P4 Part 1. Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio in percents: Meir. 30%; Benson, 20%; and Lau, 50%). The partnership's capital balances are as follows: Meir. $168.000; Benson. $138.000; and Lau, $294,000. Benson decides to withdraw from the partnership. Prepare journal entries to record Benson's February 1 withdrawal under each separate assumption: a. Benson sells her interest to North...
17. A deficient partner A s assumed to be always insolvent B who is solvent and...
17. A deficient partner A s assumed to be always insolvent B who is solvent and has a loan to the st a tes the right of C should inmediately withdraw from the partnership D may invest additional cash The partners did not agree is to how t h e guided then ch should be divided among partners A based on original capital to B arbitrary ratio C equally D. based on ending capital ratio 19. The total partners' equity...
Answer all HH and נR are fashion designers who agreed to form a partnership to open a dothing store. An attorney prepares the partnership agreement, indicates that assets invested in the partnersh...
Answer all
HH and נR are fashion designers who agreed to form a partnership to open a dothing store. An attorney prepares the partnership agreement, indicates that assets invested in the partnership will be recorded at their fair market value and that liabilities will be assumed at book value. The assets contributed by each partner and the liabilities assumed by the partnership follow. Assets Cash Accounts receivable Allowance for uncollectible accounts Book value Allowance for uncollectible accounts Fair Value Supplies...
As part of the initial investment, Ray Blake contributes equipment that had originally cost $92,500 and on which accumulated depreciation of $69,375 has been recorded. If similar equipment would cost $153,700 to replace and the partners agree on a valuation of $37,800 for the contributed equipment, what amount should be debited to the equipment account? Oa. $37,800 Ob. $92,500 Oc. $153,700 Od. $28,350
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...
The accounts balances in the end of 2020 will be: Jim, Capital Choose... Jyoti, Capital Choose... - Joy, Capital Choose... On Jan 1, 2021, Jesan was added to the partnership as the fourth partner. Jesan paid 200,000 (100,000 Cash, 100,000 Land) to receive a 169,400 share of the partnership's book value. The difference is equally distributed among the original three partners. Determine which accounts will be debited or credited for the addition of the new partner. Cash Choose... Jim, Capital...
part 1 and 2 please
Problem 12-5A Partner withdrawal and admission P3 P4 Part 1. Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio in percents: Meir. 30%; Benson, 20%; and Lau, 50%). The partnership's capital balances are as follows: Meir. $168.000; Benson. $138.000; and Lau, $294,000. Benson decides to withdraw from the partnership. Prepare journal entries to record Benson's February 1 withdrawal under each separate assumption: a. Benson sells her interest to North...
17. A deficient partner A s assumed to be always insolvent B who is solvent and has a loan to the st a tes the right of C should inmediately withdraw from the partnership D may invest additional cash The partners did not agree is to how t h e guided then ch should be divided among partners A based on original capital to B arbitrary ratio C equally D. based on ending capital ratio 19. The total partners' equity...
Answer all
HH and נR are fashion designers who agreed to form a partnership to open a dothing store. An attorney prepares the partnership agreement, indicates that assets invested in the partnership will be recorded at their fair market value and that liabilities will be assumed at book value. The assets contributed by each partner and the liabilities assumed by the partnership follow. Assets Cash Accounts receivable Allowance for uncollectible accounts Book value Allowance for uncollectible accounts Fair Value Supplies...
Most questions answered within 3 hours.
-
i
need the summary of this article “Why I Don’t Trust The Video Games
Cause Violence”...
asked 7 minutes ago -
Draw the reactants and products of the following
reaction:
3-ethyl-2-heptene + HOH → 3-ethyl-3-heptanol +
3-ethyl-2-heptanol...
asked 4 minutes ago -
Determine the ratio of adipic acid and butylene glycol that
should be used to obtain a...
asked 13 minutes ago -
Calculate the ratio of the resistance of 11.0 m of aluminum wire
2.5 mm in diameter,...
asked 7 minutes ago -
Kinkaid Co. is incorporated at the beginning of this year and
engages in a number of...
asked 11 minutes ago -
when setting up a simple pendulum, calculate the string length
required for the period to equal...
asked 29 minutes ago -
: A small but very close dense mass of 389 kg is brought close
to a...
asked 30 minutes ago -
Create a class called Hotel. The hotel class will track the
current reservations for your one-room...
asked 53 minutes ago -
In space, a 4.0 kg metal ball moving 30 m/s has a head on
collision with...
asked 1 hour ago -
Financial Markets and Corporate Strategy (assignment template) –
1 of 2
Insights/Instructions: Use this template to...
asked 1 hour ago -
A firm has announced a cash dividend of $3 dollar per share.
Assuming an efficient market,...
asked 56 minutes ago -
Which of the following statements is consistent with the fact
that capital in an economy is...
asked 1 hour ago