Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

Q1. Michael is investing in a partnership with Monica. Michael's contribution as part of his initial investment is: Accounts Receivable $80,000, Allowance for Doubtful Accounts of $12,000, and Cash $15,000. Michael's initial contribution in the partnership has the following entry:

A. debit to Accounts Receivable for $78,000

B. credit to Michael, Capital $83,000

C. debit to Allowance for Doubtful Accounts for $12,000

D. credit to Michael, Capital $92,000

Q2. In the partnership formed by Felix and Cristy, he is investing a truck with a book value of $15,000 and a fair value of $12,000. Cristy is investing a building with a book value of $40,000 and a fair value of $55,000 with a mortgage of $20,000. Determine the amount that Cristy's capital account should be recorded at.

A. $28,000

B. $40,000

C. $55,000

D. $20,000

Q3. Cristy and Elizabeth are entering into a partnership. Cristy contributes equipment that originally cost $65,000, but now has a book value of $10,000 and a fair value of $14,000. Determine the entry that the partnership makes to record Cristy's initial contribution.

A. credit to Accumulated Depreciation for $55,000

B. debit to equipment for $55,000

C. debit to equipment for $65,000

D. debit to equipment for $14,000

Q4. In the partnership formed by Felix and Cristy, he is investing a truck with a book value of $15,000 and a fair value of $12,000. Cristy is investing a building with a book value of $40,000 and a fair value of $55,000 with a mortgage of $20,000. Determine the amount the building should be recorded at.

A. $15,000

B. $20,000

C. $40,000

D. $55,000

Q5. Identify the item that should not be considered an expense of a partnership when determining income for Year 2014.

A. Salary expense to partners

B. Insurance expense

C. Supplies expense

D. Transportation expense

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M92559547
  • Price:- $25

Priced at Now at $25, Verified Solution

Have any Question?


Related Questions in Accounting Basics

Question review the course project guidelinesin the last

Question: Review the Course Project Guidelines. In the last module, you completed your estimate of cash flows for your project. In this module, you will calculate the break-even point for the project and the expected fin ...

Question 1 company boards executives and management are

Question: 1. Company boards, executives, and management are investing more and more time and resources on issues of sustainability - such as carbon (greenhouse gas emissions), energy efficient technology, water use, clea ...

Question an llc may be taxed in different ways depending on

Question: An LLC may be taxed in different ways depending on the election made on the Form 8832 Entity Classification Election. Using a minimum of 450 words, explain what an LLC is and some of the advantages of this busi ...

Question - ordinary share 200 par value per share 2100

Question - Ordinary share $2.00 par value per share, 2,100 million shares issued $4200 Capital in excess of par value $8400 Retained earnings 250 Treasury share, at cost (70) Total shareholders' equity 12780 Southwest's ...

Question - transfer pricing jayeo ltd manufactures string

Question - Transfer Pricing JayEo Ltd. manufactures string {only} for tennis racquets in their String Division. The Frame Division builds the alloy frames {only}, and then Assembly threads the string into the frames. The ...

Accounting question - in 1990 flounder company completed

Accounting Question - In 1990, Flounder Company completed the construction of a building at a cost of $2,300,000 and first occupied it in January 1991. It was estimated that the building will have a useful life of 40 yea ...

Question - if colleen mooney invests 476550 now and she

Question - If Colleen Mooney invests $4,765.50 now and she will receive $12,000 at the end of 12 years, what annual rate of interest will Colleen earn on her investment? Compute the number of periods of a single amount. ...

Question - your client fred mertz is a calendar-year cash

Question - Your client, Fred Mertz, is a calendar-year, cash method taxpayer. He is the landlord of a building and is looking to sign a three-year lease with Ricky Ricardo. Ricky will move in December 1, 2017 and move ou ...

Question competenciesbullevaluate the reasons business

Question: Competencies • Evaluate the reasons business combinations occur and the accounting implications of such transactions. • Critique the development of International Accounting Standards and the implications for US ...

Question - the community college instructor has asked for

Question - The community college instructor has asked for your help again. He or she wants you to personally create a document he or she could give to students. Write an 875 to 1,050-word paper in which you: Analyze the ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As