not use ai please Use this information to answer the questions that follow.Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $7,500 and a fair marketvalue of $18,000. Kelsey will invest a building with a book value of $40,000 and a fair market value of $44,000.What amount will be recorded to the building account?(1pts)Question 1 - Use this information to answer the questions that follow.Sandra and Kelsey are forming a partnership. Sandra will invest apiece of equipment with a book value of $7,500 and a fair market value of $18,000. Kelsey will invest a building with a book value of $40,000 and a fair market value of $44,000. What amount will be recorded to the building account?$24,000$14,000$40,000$44,000

We need to understand the accounting principle used when recording assets in a partnership…

Answered: Use this information to answer the…

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 1MP

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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 $4,900 and a fair market value of $16,500. Kelsey will invest a building with a book value of $35,500 and a fair market value of $76,900. What amount will be recorded to Sandra's capital account? Oa. $35,500 Ob. $16,500 O c. $76,900 O d. $4,900
Brian and Sandy are forming a partnership. Brian will invest a truck with a book value of $11000 and a fair value of $13000. Sandy will invest a building with a book value of $30600 and a fair value of $42300 with a mortgage of $14000. What amount should be recorded in Brian’s capital account? $30600 $28300 $42300 $13000
QUestion-based on partnership. I have tried it but incorrect answer.
Required information Important Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. [The following information applies to the questions displayed below.] ** Ramer and Knox began a partnership by investing $68,000 and $102,000, respectively. During its first year, the partnership earned $205,000. Prepare calculations showing how the $205,000 income is allocated under each separate plan for sharing Income and loss. Important Notel Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. 1. The partners did not agree on a plan, and therefore share Income equally Ramer Knox Show Transcribed Text
Please answer it in detailed and comprehensively with explanation. Please use proper accounting format.
David and Sandy are forming a partnership. David will invest a truck with a book value of $11000 and a fair value of $13000. Sandy will invest a building with a book value of $30600 accumulated depreciation of $14000, and a fair value of $42300. After the assets of David and Sandy are properly recorded on the partnership's books, what is the total amount of partnership assets? O $53300 O $41600 O $43600 O $55300
2. Recording investment of assets and liabilities in a partnership. Sarah Punter operates a sole proprietorship business that sells golf equipment. In 2019, Punter agrees to transfer her assets and liabilities to a partnership that will operate The Golf Shop. Punter will own a two-thirds interest in the capital of the partnership. The agreed-upon values of assets and liabilities to be transferred follow: Total accounts receivable of $260,000 will be transferred and approximately $10,000 of these accounts may be uncollectible Merchandise inventory, $212,000 Furniture and fixtures, $96,000 Accounts payable, $37,000Required: Record the receipt of the assets and liabilities by the partnership in the general journal.
Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $15,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $3,500.Prepare the entry to record Nichols’s investment in the partnership, assuming the equipment has a fair value of $4,000. What is the account title and explanation? what is debit? what is credit?
Please do not give solution in image format thanku
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.
12. Help me selecting the right answer. Thank you

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