Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Fellows and Marshall are partners in an accounting firm and share net income and loss equally. Fellows beginning partnership capital bolonce for the current year

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Fellows and Marshall are partners in an accounting firm and share net income and loss equally. Fellows beginning partnership capital bolonce for the current year is $302,000, and Marshall's beginning partnership capital balance for the current year is $340,000. The partnership had net income of $253,000 for the year. Fellows withdrew $90,000 during the year and Marshall withdrew $29,000. What is Marshali's return on equity? Multiple Choice 372% 1639 28.9n 34.2x 32.5% capital balances are Caltin, \$131,000; Chris, \$91,000; and Molly, $111,000. Poul is admitted to the parthership on July i wath a 158 ; equity and invests 5171,000 . The balance in Caitin's capital account immediately after Paurs admission is: Muttipie Choice sin1000 $159620 5120860 5130.620 5102,380 Maxwell and Smart are forming a partnership. Marwell is investing a building that has a market value of $92,000. However the bualding has a 544000 note payable that will be assumed by the partnership. Smart is investing $45,000 cash, The balance of Marwelis Capital accourt wil be Muitiple Choice 593.000. $98,000 $44.000 $92.000 $47000 Fontaine and Monroe are forming a partnenhip. Fontaine invests a bulding that has a market value of $340,000 and a $120,000 note payable. Monroe invests $95,000 in cash and equipment that has a market value of $70,000. For the partnership, the amount recorded for Fontaines Capital account is. Multipie Choice $120000 $460,000. $220000. 595.000 $340000

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

Forensic Accounting

Authors: Greg Shields

1st Edition

1727480988, 978-1727480986

More Books

Students also viewed these Accounting questions

Question

Deter 250 N-m B 75 N-m 325 N-m 500 mm C 400 mm 500 mm 150 N-m

Answered: 1 week ago

Question

Define recruitment.

Answered: 1 week ago

Question

Identify external recruitment sources.

Answered: 1 week ago