Question Content Area Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $6,100 and a fair market value of $15,800. Kelsey will invest a building with a book value of $34,300 and a fair market value of $56,300. What amount will be recorded to the building account? a.$56,300 b.$6,100 c.$34,300 d.$15,800 With full solution
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Question Content Area Sandra and Kelsey are forming a
a.$56,300
b.$6,100
c.$34,300
d.$15,800
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- Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $4,700 and a fair market value of $12,600. Kelsey will invest a building with a book value of $37,400 and a fair market value of $64,500.What amount will be recorded to the building account? a.$12,600 b.$64,500 c.$4,700 d.$37,400Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $6,200 and a fair market value of $10,000. Kelsey will invest a building with a book value of $32,300 and a fair market value of $60,900. What amount will be recorded to Kelsey's capital account? Oa. $10,000 Ob. $32,300 Oc. $60,900 O d. $6,200Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $5,300 and a fair market value of $12,800. Kelsey will invest a building with a book value of $38,000 and a fair market value of $55,700. What amount will be recorded to Sandra's capital account? a. $38,000 b. $5,300 c. $55,700 D.12.800 d. $12,800
- Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $4,900 and a fair market value of $16,500. Kelsey will invest a building with a book value of $35,500 and a fair market value of $76,900. What amount will be recorded to Sandra's capital account? Oa. $35,500 Ob. $16,500 O c. $76,900 O d. $4,900Required information Important Notel Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. The following information applies to the questions displayed below] 5 Ramer and Knox began a partnership by investing $68,000 and $102,000, respectively. During its first year, the partnership earned $205,000. Prepare calculations showing how the $205,000 income is allocated under each separate plan for sharing income and loss. O Important Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. 2. The partners agreed to share income and loss in proportion to their initial investments. Net Income is $205,000. (Do not round Intermediate calculations.) A $68.000/5170 000 Fraction to Allocate Ramers Share Fraction to Allocate Knox's Share of Total Income Allocated Show Transcribed Text IProblem 1. April invited May and June to join her in a partnership to be called Calendar Girls. The following were agreed upon: May is to invest sports equipment costing P195,000 with accumulated depreciation of P25,000. The current market a) value is P150,00. b) June isto invest land with an appraised value of P350,000. There is an attached mortgageto this which will be assumed by the partnership amounting to P130,000. c) April is investing her Slim Saloon, except for the cash, consisting of the following: Cash P10,000 Accounts receivable 30,000 Furniture and equipment 320,000 Accumulated depreciation 15,000 Accounts payable 15,000 10% of the accounts receivable is doubtful of collection. The furniture and equipment have a present market value of P300,000. What are the partners' capital balances just after the formation? 28. April, capital 29. Мay, capital 30. June, capital 31. What is the amount of the total current assets of the partnership immediately after formation? 32. What is…
- Required information Important Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. [The following information applies to the questions displayed below.] ** Ramer and Knox began a partnership by investing $68,000 and $102,000, respectively. During its first year, the partnership earned $205,000. Prepare calculations showing how the $205,000 income is allocated under each separate plan for sharing Income and loss. Important Notel Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. 1. The partners did not agree on a plan, and therefore share Income equally Ramer Knox Show Transcribed TextProblem 7 Admission by Investment of Assets (Incentive Activity) Partners Pilapil and Pastor sell electronic equipment and supplies. They wish to expand their computer lines and decided to admit Generales to the partnership. Pilapil’s capital is Php 2,000,000, Pastor’s capital is Php 1,600,000, and they share income in the ratio of 3:2, respectively. Required: Prepare the journal entries to record the admission of Generales for each of the following independent situations: Generales directly purchased half of Pastor’s investment in the partnership for Php 900,000. Generales invested Php 1,100,000 for a one-fourth interest. Goodwill will be recognized. Generales invested Php 800,000 for a one-fifth interest in the total capital of Php 4,400,000. Generales invested Php 1,000,000 for one-fifth interest. Goodwill is to be recognized.NAME: SCORE: SECTION: PROFESSOR: Problem #12 Admission by Investment of Assets Magdaraog and Mercado are partners in Magdaraog and Mercado Partnership with capital balances of P550,000 and P350.000, respectively: they share income and loss in the ratio 1:3, respectively. The partners are considering the admission of San Pedro. Required: Prepare the entries to record the admission of San Pedro under each of the following independent situations: 1. San Pedro invested P100,000 cash in the partnership for a one-tenth interest. The net assets of the partnership are fairly valued. 2. San Pedro invested P140,000 cash in the partnership for a one-eight interest. Assets of the partnership are fairly valued except for equipment, which is undervalued by P80,000. Net assets of the partnership are to be revalued and San Pedro is to be admitted. 3. San Pedro is to receive a one-tenth interest in the partnership upon investing P180,000 cash. Net assets of the partnership are fairly valued. San Pedro…
- EXERCISE 6. Journal Entries - Capital share different from capital contribution. On June 1, 2022, Al and Ace formed a partnership. Al contributed cash of P600,000, inventories of P100,000, and furniture and fixtures of P120,000. On the other hand, Ace contributed cash of P520,000, building of P330,000, and land of P200,000. The building was mortgaged for a loan amounting to P500,000 of which 70% had already been paid. The remaining balance would be assumed by the partnership. The partners agreed to share profits and losses equally. Prepare and upload journal entries related to partnership formation, assuming: 1. Each partner would be credited for the full amount of net assets invested 2. Each partner initially should have equal interest in partnership capital. To ensure this, it was agreed that partner with a lower capital balance had to invest additional cash.FINANCIAL ACCOUNTING AND REPORTING LEARNING MODULES 11. Under the bonus method, the asset contribution of the partner receiving a bonus is debited at a. fair value b. an increased amount with a corresponding decrease to the other partner's asset 12. Qand R formed a partnership. Q contributed cash of P500,000 while R contributed land with a carrying amount of P400,000 and a fair value of P800,000. The land has an unpaid mortgage of P200,000 which is assumed by the partnership. How much is the correct valuation of R's capital immediately after the partnership formation? a. P400,000 b. P500,000 C. P600,000 d. P800,000 contributions c. a decreased amount with a corresponding increase to the other partner's asset contributions d. bor c, depending on which partner is receiving the bonus 13. On July 1, a partnership was formed by Wand 14. Tingga contributes equipment to a B. W contributed the cash. B previously a sole proprietor, contributed property other than cash including realty subject…SCORE: NAME: PROFESSOR: SECTION: Problem #15 Determining a New Partner's Investment Cost respectively. P150,000 Accounts Payable Morales, Capital Gamino, Capital Quito, Capital Total Liabilities and Capital 260,000 P 40,000 710,000 Cash 180,000 Other Assets 160,000 P750,000 Total Assets P750,000 Assume that the partnership decided to admit Abello as a new partner with a one. fourth interest. Required: For each of the following independent cases, determine the amount that Abello must contribute in cash or other assets: 1. No goodwill or bonus will be recorded. 2. A bonus of P24,000 is to be paid by Abello and allocated to the prior partners. 3. The partners agreed that total resulting capital should be P820,000 and no goodwill should be recognized. 4. Other assets are written down by P20,000 and a bonus of P40,000 is paid to Abello at the time of admission.