E12-15 Nan Fuentes has been operating an apartment-locator service as a pre prietorship. She and Misti Fulmer have decided to form a partnership Fuentes's investment consists of cash, $8,000; accounts receivable $10,000; furniture, $1,000; a building, $55,000; and a note payabl. $10,000. To determine Funtes's equity in the partnership, she and Fulmer hime an independent appraiser. The appraiser values all the assets and liabil 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. (pp. 600–601)

E12-15 Nan Fuentes has been operating an apartment-locator service as a pre prietorship. She and Misti Fulmer have decided to form a partnership Fuentes's investment consists of cash, $8,000; accounts receivable $10,000; furniture, $1,000; a building, $55,000; and a note payabl. $10,000. To determine Funtes's equity in the partnership, she and Fulmer hime an independent appraiser. The appraiser values all the assets and liabil 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. (pp. 600–601)

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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