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

Question

1 Approved Answer

Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $24,000 cash, and Nichols contributes $10,000 cash and equipment having a book

image text in transcribed

Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $24,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $5,120. Prepare the entry to record Nichols's investment in the partnership, assuming the equipment has a fair value of $6,400. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

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_2

Step: 3

blur-text-image_3

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

Maintenance Management Auditing In Search Of Miantenance Management Excellence

Maintenance Management Auditing In Search Of Miantenance Management Excellence

Authors: Anthony Kelly

1st Edition

0831132671, 978-0831132675

More Books

Students also viewed these Accounting questions

Question

★★★★★
What does a debit balance in the cash short and over account represent? What does a credit balance in this account represent?

Answered: 1 week ago

Question

★★★★★
27. F(x) = 2x2 + 10x, a = 3 29. F(t) = t - 2t2 , a = 3

Answered: 1 week ago

Question

★★★★★
3. Did Barbaras parents play an influential role in the development of her sexual problems? Many children grow up in similar homes without experiencing orgasmic difficulties as adults. Why did...

Answered: 1 week ago

Question

★★★★★
Allison Cooper opened Allisons Toy House. As her newly hired accountant, your tasks are to do the following: 1. Journalize the transactions for the month of October. 2. Record to subsidiary ledgers...

Answered: 1 week ago

Question

★★★★★
Piedmont Company has one service department and three operating departments. During a particular year, a substantial variance developed between the actual costs and the budgeted costs of the service...

Answered: 1 week ago

Question

★★★★★
The Starlight Theater is the only movie theater in Terlingua, TX, and therefore operates as a monopoly. The theater has a capacity of 80 seats. The daily inverse demand curve for movie tickets is...

Answered: 1 week ago

Question

★★★★★
PORTAGE COLLEGE Diversity Awareness Course Score | Home | Help | Exit Module 2 Post-Test Module 1 Module 2 Module 3 Module 2 Post-Test h As we grow and learn more about diversity we will transition...

Answered: 1 week ago

Question

★★★★★
Markus Ltd., a one-year-old e-marketing company, aspires to have the best risk management processes. However, as the company has only been around for a short period of time, it lacks risk management...

Answered: 1 week ago

Question

★★★★★
Why is there a rule-making process for information contained in financial reports? Select an answer: so outsiders can compare different companies so companies in different industries can have custom...

Answered: 1 week ago

Question

★★★★★
Which level of conflict (discomfort, misunderstanding or tension) is described in the following situations? - a) A manager thinks it is a reasonable expectation that employees turn up for work ten...

Answered: 1 week ago

Question

★★★★★
An immunology clinic is required to have at least one physician who is board certified in infectious diseases. This is a/an: Question 7 options: Process measure Outcome measure Patient experience...

Answered: 1 week ago

Question

★★★★★
the Business Leaders Programme, which addresses the needs of the changing roles of newly appointed managers and professionals, and develops business understanding and leader skills in the changing...

Answered: 1 week ago

Question

★★★★★
The new Growth, Employment and Redistribution policy (GEAR) which was presented to parliament in June 1996 has continued to attract criticism from the trade union movement for its implications for...

Answered: 1 week ago

Question

★★★★★
The number of people completing their artisan training in 1992 was 5,588: less than half the 1985 figure.

Answered: 1 week ago

Previous Question Next Question