A. 572,000B. 548,400C. 582,400D. 594,200 C was admitted to the partnership when he invested P250,000 cash for a 20% interest in thepartnership. Immediately prior to C's admission, the carrying amounts and fair values of the assetsand liabilities of the partnership are as follows:Carrying amount Fair value100,000Cash100,000870,00050,000EquipmentAccounts payableProvision for pending litigationA, Capital (40%)B, Capital (60%)750,00050,00020,000300,000500,000N/AN/AHow much is the capital balance of B after the admission of C?

Partnership means where two or more person comes together to do some common business activity and…

Answered: C was admitted to the partnership when…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

ACCT340-4013/ In a 1031 exchange Winston White exchanged business real estate that had an adjusted basis of $16,000 and a FMV of $22,000 for other business real estate with a fair market value of $19,000. No boot was exchanged. What is Winston's basis in the property received? O $22,000 O $0 $16,000 O $19,000
4G 46 10:13 O O 3 N vo, 0.00 a 01:56:59 Remaining Multiple Choice Y leases a building to a client. During the year, he received the following remittance from the lessee: • Rental, net of 10% creditable withholding tax -P1,800,000 • Real property tax of the leased building-P60,000 • Reimbursement for utilities used by the lessee paid by Y-P150,000 Compute for the gross income subject to regular tax. P1,860,000 P1,950,000 P2,010,000 P2,060,000 43 of 60
48
7 8 9 10 11 12 13 15 16 Landscaping equipment Listed property. Enter the amount from line 29 . . . . . . 17 Part III Total elected cost of section 179 property. Add amounts in column (c), lines 6 and 7. Tentative deduction. Enter the smaller of line 5 or line 8 Carryover of disallowed deduction from line 13 of your 2021 Form 4562 14 Special depreciation allowance for qualified property (other than listed property) placed in service during the tax year (see instructions) Business income limitation. Enter the smaller of business income (not less than zero) or line 5 (see instructions) . . . . . . Section 179 expense deduction. Add lines 9 and 10, but don't enter more than line 11..... Carryover of disallowed deduction to 2023. Add lines 9 and 10, less line 12. . . . Note: Don't use Part II or Part III below for listed property. Instead, use Part V. Part Special Depreciation Allowance and Other Depreciation (Don't include listed property. See instructions.) II Property subject to section…
EXERCISE 11–1 Indicate whether the items below are to be capitalized as an intangible asset or expensed. Which account(s) would each item be recorded to? Salaries of research staff Costs to test prototypes Borrowing costs for development of a qualifying intangible asset Executive salaries for time spent on development of an intangible asset Costs to launch a new product Purchase cost of a patent from a third party Product research costs Costs internally incurred to create goodwill Legal costs to successfully defend a patent Purchase price of new software Training costs for new software Direct costs of special programming needed when purchasing new software Costs incurred in forming a corporation for purposes of commercializing a new product Operating losses incurred in the start-up of a business to manufacture a patented produce The purchase cost of a franchise The cost of developing a patent The cost of purchasing a patent from an inventor Legal costs incurred in securing a patent…
F15
An asset used in a four-year project falls in the five-year MACRS class (MACRS Table) for tax purposes. The asset has an acquisition cost of $7,700,000 and will be sold for $1,820,000 at the end of the project. If the tax rate is 24 percent, what is the aftertax salvage value of the asset? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Aftertax salvage value
Please do not give solution in image format thanku
Q 9.53: Which term refers to the systematic and rational allocation of cost related to a plant asset? A Depreciation Amortization Obsolescence Asset revaluation Stud - App plant Confidence SUBMIT O Mark for Review F10 P8 F6 %23 R
F1
9. The depreciation expense for 2003 is ______. (See Figure 301.)A. P0B. P200C. P50D. P1,000
Not use excel Q)What is the depreciation charge of an equipment purchased four years ago for $120,000, a salvage value of $20,000, and a expected life of 4 years if it is depreciated using a straight line method ? a. $14,285.71 b. 11,428.60 c. $25,000 d. $20,000

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS