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(Part A, Part B, and Part C) Hello If anyone can help me with this three part problem that I don't seem to get that
(Part A, Part B, and Part C) Hello If anyone can help me with this three part problem that I don't seem to get that would be greatly appreciated and if you can make sure it's correct.Thanks again
Part A
Part B
Part C
Brekke and Fig decide to organize a partnership. Brekke invests $ 31000 cash, and Fig contributes $23200 cash and equipment having a book value of $ 11600. Choose the entry to record Fig's investment in the partnership assuming the equipment has a fair value of $ 17000. Cash 23200 Equipment 11600 Fig, Capital 34800 O Equipment 11600 Fig, Capital 11600 Cash 23200 Fig, Capital 23200 o Cash 23200 Equipment 17000 Fig, Capital 40200 Nate is investing in a partnership with Deidre. Nate contributes as part of his initial investment, Accounts Receivable of $59600; an Allowance for Doubtful Accounts of $ 9600; and $ 6700 cash. The entry that the partnership makes to record Nate's initial contribution includes a O credit to Nate, Capital for $ 56700. O debit to Accounts Receivable for $ 50000. O credit to Nate, Capital for $ 66300. O debit to Allowance for Doubtful Accounts for $ 9600. Partners Gary and Elaine have agreed to share profits and losses in an 70: 30 ratio respectively, after Gary is allowed a salary allowance of $ 29600 and Elaine is allowed a salary allowance of $ 14400. If the partnership had net income of $ 30100 for 2020, Elaine's share of the income would be O $ 10230. O $ 13900. O $ 3820. O $ 19870Step by Step Solution
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