FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Andy and Ian formed a partnership on April 1, 2015. Andy contributes equipment, purchased at a price of $85, 000 on April 1, 2014 the

image text in transcribed

Andy and Ian formed a partnership on April 1, 2015. Andy contributes equipment, purchased at a price of $85, 000 on April 1, 2014 the business. The accumulated depreciation of the equipment is $ 15, 000. the current market value of the equipment is $ 75, 000. The value of the equipment recorded in the partnership journal is__________

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Of The Federal Bureau Of Investigation Annual Financial Statements Fiscal Year 2015

Audit Of The Federal Bureau Of Investigation Annual Financial Statements Fiscal Year 2015

Authors: Office Of The Inspector G Eneral, U.S. Department Of Justice

1st Edition

1530341264, 978-1530341269

More Books

Students also viewed these Accounting questions

Question

★★★★★
Suppose you want to test H0: = 500 against Ha: > 500 using = .05. The population in question is normally distributed with standard deviation 100. A random sample of size n = 25 will be used. a....

Answered: 1 week ago

Question

★★★★★
Learn how to participate in and foster a climate of change

Answered: 1 week ago

Question

★★★★★
The housing crisis and lack of spending on roads and railways is leading to longer commutes for workers. The number of workers who commute daily for more than an hour has increased by a third in five...

Answered: 1 week ago

Question

★★★★★
EVA Company was incorporated on January 2, Year 5, and commenced active operations immediately. Ordinary shares were issued on the date of incorporation and no new ordinary shares have been issued...

Answered: 1 week ago

Question

★★★★★
Andy and Ian formed a partnership on April 1, 2015. Andy contributes equipment, purchased at a price of $85, 000 on April 1, 2014 the business. The accumulated depreciation of the equipment is $ 15,...

Answered: 1 week ago

Question

★★★★★
Answer the below question. (a) The following were transactions of Delphi Enterprise for the month of July: (1) On 1 July, the company established that they cannot collect $8,000 from a customer and...

Answered: 1 week ago

Question

★★★★★
Assume that the initial stock price is So = $ 1 0 0 . You would like to hedge a long position of 2 0 call contracts ( 1 0 0 shares per contract ) with 2 5 0 days to maturity anda strike price of $ 1...

Answered: 1 week ago

Question

★★★★★
. The Charter of Rights and Freedoms, part of Canada\'s constitution, was drafted broadly, with the expectation that its provisions would be interpreted by case law. Why do you think the drafters...

Answered: 1 week ago

Question

★★★★★
The COMMON law system is the system of law that courts follow in the U.S. It was borrowed from the British system and still exists in most countries that were once part of or still are part of the...

Answered: 1 week ago

Question

★★★★★
Mention a few food safety practices you will exercise when dealing with ready-to-eat foods?

Answered: 1 week ago

Question

★★★★★
Your team wants to compare two mean values after gathering eye tracking data of users who engaged with the Insurance Dashboard in Figure 1. You, as IT manager, suggest that they consider two...

Answered: 1 week ago

Question

★★★★★
2. Articles on Public-Sector Unionism. The Public Service Research Foundation, a private nonprofit organization, makes available papers and pamphlets that address a variety of issues related to...

Answered: 1 week ago

Question

★★★★★
2. Since the Priority Consideration under Article 22, Section 13 is included by the parties as a solution to a selection violation, is this priority selection the proper remedy? Why? Why not? At the...

Answered: 1 week ago

Question

★★★★★
3. What would be your ruling if the plant in Memphis had no union? Explain. TerryWilliams is an employee at a unionized plant in Memphis, Tennessee. Williams is a member of and represented by Local...

Answered: 1 week ago

Previous Question Next Question