MIKASA invested office equipment with a fair market value of P496,000, delivery equipment with a fair market value of P600,000, and cash of P240,000. She owes P216,00o, represented by a note on the delivery equipment which the partnership assumes. The amount of MIKASA's capital would be:
MIKASA invested office equipment with a fair market value of P496,000, delivery equipment with a fair market value of P600,000, and cash of P240,000. She owes P216,00o, represented by a note on the delivery equipment which the partnership assumes. The amount of MIKASA's capital would be:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:MIKASA invested office equipment
with a fair market value of P496,000,
delivery equipment with a fair market
value of P600,000, and cash of
P240,000. She owes P216,000,
represented by a note on the delivery
equipment which the partnership
assumes. The amount of MIKASA's
capital would be:
Your answer
Which of the following is a
characteristic of most partnerships?
A. Limited liability
B. Mutual contribution
C. Unlimited life
D. Division of profits only
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