Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 07, 2024

James had the following activity to it capital accounting in the SJB partnership: 1) May 15 th : James made a contribution of a building

James had the following activity to it capital accounting in the SJB partnership:

1) May 15^th: James made a contribution of a building to the Partnership. The building had a BV of $200K and a FV of $400K

2) June 1^st: James made a withdrawal of $5K from the Partnership

3) September 15^th: James made a withdraw of $10K from the Partnership

Based on the above, provide the SJB journal entry for May 15^th

Based on the above, provide the SJB journal entry for June 1st

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered Solutions

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

Step: 2

Step: 3

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions

Question

An investigator is interested in the possibility of merging the capabilities of television and the Internet. A random sample of n = 50 Internet users who were polled about the time they spend...

Answered: 1 week ago

Question

★★★★★

Prepare the 2015 schedule of cost of goods manufactured for Barton Company using the following information. Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $190,500...

Answered: 1 week ago

Question

★★★★★

$7000 are invested in a bank account at an interest rate of 8 percent per year. Find the amount in the bank after 13 years if interest is compounded annually. Find the amount in the bank after 13...

Answered: 1 week ago

Question

★★★★★

Yuri transfers business equipment with an adjusted basis of $30,000 and a fair market value of $41,000 in exchange for 100% of the stock of Beachco Corp. Yuri received stock with a fair market value...

Answered: 1 week ago

Question

★★★★★

Given the following information, write the equation of an ellipse. 11. Vertices: (0, 4) and (0, -4); Foci: (0, 23) and (0, -23) 12. Vertices: (0, 5) and (0, -5); Co-vertices: (1, 0) and (-1, 0) 13....

Answered: 1 week ago

Question

★★★★★

Imagine you are running an online retail business. How would you protect your customer's privacy? Why is it important? Now, think about how you can protect your business and customers from cyber...

Answered: 1 week ago

Question

★★★★★

According to Wikipedia (Right-to-work Law): A "right-to-work" law is a statute in the United States that prohibits union security agreements, or agreements between labor unions and employers, that...

Answered: 1 week ago

Question

★★★★★

7. IP A solenoid with 385 turns per meter and a diameter of 17.0 cm has a magnetic flux through its core of magnitude . (a) Find the current in this solenoid. (b) How would your answer to part (a)...

Answered: 1 week ago

Question

★★★★★

Peruse the website for companies in manufacturing that you feel would use process costing. Go to the company's website and review their annul report. Required: You are to assume the role of a Manager...

Answered: 1 week ago

Previous Question Next Question