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8) Sue Ellen joins a partnership by contributing a vehicle that she purchased three years earlier for $36,000. As of today when she joins the partnership, she is showing $20,000 of accumulated depreciation on the vehicle and it has a fair market value of $14,000. What amount will her capital account be? A) $14,000 B) $15,000 C) $16,000 D) $20,000 E) $36,000

8) Sue Ellen joins a partnership by contributing a vehicle that she purchased three years earlier for $36,000. As of today when she joins the partnership, she is showing $20,000 of accumulated depreciation on the vehicle and it has a fair market value of $14,000. What amount will her capital account be? A) $14,000 B) $15,000 C) $16,000 D) $20,000 E) $36,000

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter5: Completing The Accounting Cycle
Section: Chapter Questions
Problem 15MC: If current assets are $112,000 and current liabilities are $56,000, what is the current ratio? A....
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8) Sue Ellen joins a partnership by contributing a vehicle that she purchased three years earlier for $36,000. As of today when she joins the partnership, she is showing $20,000 of accumulated depreciation on the vehicle and it has a fair market value of $14,000. What amount will her capital account be? A) $14,000 B) $15,000 C) $16,000 D) $20,000 E) $36,000 ос D B E OA
Transcribed Image Text:8) Sue Ellen joins a partnership by contributing a vehicle that she purchased three years earlier for $36,000. As of today when she joins the partnership, she is showing $20,000 of accumulated depreciation on the vehicle and it has a fair market value of $14,000. What amount will her capital account be? A) $14,000 B) $15,000 C) $16,000 D) $20,000 E) $36,000 ос D B E OA
7) A ratio of 4:2:1 is the same as A) 40%:20%: 10% B) 4/7:2/7:1/7 C) 4/10:2/10:1/20 D) 7/4:7/2:7/1 OD B
Transcribed Image Text:7) A ratio of 4:2:1 is the same as A) 40%:20%: 10% B) 4/7:2/7:1/7 C) 4/10:2/10:1/20 D) 7/4:7/2:7/1 OD B
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