Question
ASAP!! Problem 1. Smith contributes $20,000 and Jones contributes $25,000 to a new partnership. what is a Journal entry: ?? Problem 2 :Smith contributes $75,000
ASAP!!
Problem 1.
Smith contributes $20,000 and Jones contributes $25,000 to a new partnership.
what is a Journal entry: ??
Problem 2
:Smith contributes $75,000 cash to the partnership, and Jones contributes cash of $10,000, land that was purchased for $15,000 two years ago but has a current value of $20,000, and a building purchased for $50,000 two years ago and currently has a book value of $45,000 and a market value of $70,000.
what is a Journal entry: ??
Problem 3
Example: Smith contributes $50,000 and Jones contributes $20,000 cash to a partnership. Because Jones brings special skills to the partnership, the partners agree to split the capital (and future profits) evenly between themselves.
what is a Journal entry: ??
Problem 4 :
Under the goodwill method, the assumption is that a value can be asigned to any intangible contribution that a partner brings to the partnership. Smith contributes $50,000 and Jones contributes $20,000 cash to a partnership. Because Jones brings special skills to the partnership, the partners agree to split the capital (and future profits) evenly between themselves.
what is a Journal entry: ??
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