Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $6,600 and a fair market value of $13,400. Kelsey will invest a building with a book value of $32,700 and a fair market value of $63,400. What amount will be recorded to Kelsey's capital account? a. $32,700 b. $63,400 c. $13,400 d. $6,600

Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $4,700 and a fair market value of $12,600. Kelsey will invest a building with a book value of $37,400 and a fair market value of $64,500.What amount will be recorded to the building account? a.$12,600 b.$64,500 c.$4,700 d.$37,400

Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $7,000 and a fair market value of $14,300. Kelsey will invest a building with a book value of $43,300 and a fair market value of $68,700.What amount will be recorded to Kelsey's capital account?

James and Laura are forming a partnership. James will invest a truck with a book value of $10,000 and a fair market value of $14,000. Laura will invest a building with a book value of $30,000 and a fair market value of $42,000 with a mortgage of $15,000. Answer the following questions: 1- At what amount should the building be recorded? 2- What amount should be recorded in Laura's capital account? 3- What amount should be recorded in James' capital account? Essay Toolbar navigation BI U S A

Maxwell and Smart are forming a partnership. Maxwell is investing a building that has a market value of $180,000. However, the building carries a $56,000 mortgage that will be assumed by the partnership. Smart is investing $120,000 cash. The balance of Maxwell's Capital account will be: Multiple Choice $180,000. $124,000. $56,000. $64,000. $60,000.

Andy and Amy agree to form a partnership with Andy investing the following: Land (with mortgage note) Cost - P1,500,000 Market Value - P3,500,000 Building Cost - P5,000,000 Market Value - P2,500,000 Accumulated Depreciation Cost - P1,500,000 Amy will invest cash equal to half of Andy's investment. There is a PNB note of P1, 200, 000 which will be assumed by the partnership. Give two journal entries to record the investments of the partner.

Ana, Bea and Carol decided to form a partnership contributing the following items. Ana is to invest her existing business in the partnership consisting of the following accounts; cash of P20,000; accounts receivable of P50,000; inventory P30,000; fixtures of P40,000; payables of P12,000. Bea on the other hand is to invest cash of P15,000 and a delivery truck costing P30,000 but is mortgaged with the bank for P20,000. The partners agree that the receivables will re have a 90% realizable value. The inventory would be valued at P20,000. P5,000 of the payables would be paid prior to the formation of the partnership. The delivery truck would have a 20% increase in its market value. The partnership will shoulder only 80% of the mortgage and Carol is to invest cash to be able to have a 40% interest in the partnership.How much cash should Carol invest in the newly formed partnership?A. 61,200 B. 138,000 C. 60,800 D. 102,000

Samuel and Darci are partners. The partnership capital for Samuel is $50,000 and for Darci is $60,000. Josh is admitted as a new partner by investing $50,000 cash. Josh is given a 20% interest in retum for his investment. The amount of the bonus to the old partners is a. $8,000 b. $18,000 c. $0 d. $10,000

Marcee and Rebecca are partners. Marcee has a capital balance of $50,000 and Rebecca has a capital balance of $35,000. Rebecca sells $15,000 of her ownership to Jason. Which of the following is true of the journal entry to admit Jason?   A Rebecca, Capital will be credited for $15,000 B Jason, Capital will be debited for $20,000 C Jason, Capital will be credited for $15,000 D Rebecca, Capital will be debited for $20,000

Fill in the blnnks: Tim and Michelle have decided to form a partnership with a 60/40 partnership interest ratio. Tim contributes P7500 cash and merchandise invetory with a market value of P1500. a. Tim, Capital will be credited in the amount of b. Michelle's investment should be c. After accounting for the total investments of Tim and Michelle, the total assets of the partnership amounts to