Cindy, Casey, and Kara each invested $23,000 in a real estate venture. The partnership borrowed $207,000 and purchased a warehouse for $276,000. The note was secured by the building; there was no personal recourse against the partners. Required: What is each partner's beginning at-risk amount in the venture? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) Beginning at-risk amount of each partner

Cindy, Casey, and Kara each invested $23,000 in a real estate venture. The partnership borrowed $207,000 and purchased a warehouse for $276,000. The note was secured by the building; there was no personal recourse against the partners. Required: What is each partner's beginning at-risk amount in the venture? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.) Beginning at-risk amount of each partner

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Cindy, Casey, and Kara each invested $48,500 in a real estate venture. The partnership borrowed $258,000 and purchased a warehouse for $403,500. The note was secured by the building; there was no personal recourse against the partners. Required: What is each partner’s beginning at-risk amount in the venture?
Cindy, Casey, and Kara each invested $27,500 in a real estate venture. The partnership borrowed $216,000 and purchased a warehouse for $298,500. The note was secured by the building; there was no personal recourse against the partners. Required: What is each partner’s beginning at-risk amount in the venture? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)
Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $15,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $3,500.Prepare the entry to record Nichols’s investment in the partnership, assuming the equipment has a fair value of $4,000. What is the account title and explanation? what is debit? what is credit?
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E12-15 Nan Fuentes has been operating an apartment-locator service as a prietorship. She and Misti Fulmer have decided to form a partnershi Fuentes's investment consists of cash, $8,000; accounts receivabie $10,000; furniture, $1,000; a building, $55,000; and a note payable. $10,000. To determine Funtes's equity in the partnership, she and Fulmer hime an independent appraiser. The appraiser values all the assets and liabi ties at their book value except the building, which has a current marka value of $90,000. Also there are accounts payable of $3,000. Requirement Make the entry on the partnership books to record Fuentes's investment (pр. 600-601)
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