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

Question

1 Approved Answer

Sally Smythe enters into a partnership by contributing the following: Cash $15.900: Accounts Receivable $5,400; Machinery which cost $3,900 and has a fair market value

image text in transcribed
Sally Smythe enters into a partnership by contributing the following: Cash $15.900: Accounts Receivable $5,400; Machinery which cost $3,900 and has a fair market value of $3,025; and accounts payable of $1,650. What amount will be recorded in her capital account? Multiple Choice $24,325 $25,200 $22,675 $23,550

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

Petroleum Accounting Principles Procedures And Issues

Petroleum Accounting Principles Procedures And Issues

Authors: Dennis Jennings, Joe Feiten, Horace Brock

5th Edition

0940966255, 978-0940966253

More Books

Students also viewed these Accounting questions

Question

★★★★★
Comparative income statements of Stu Corporation for the calendar years 2011, 2012, and 2013 are as follows (in thousands): ADDITIONAL INFORMATION 1. Stu was a 75 percent-owned subsidiary of Pit...

Answered: 1 week ago

Question

★★★★★
Video Sharing In 2006 about 33% of Americans reported watching online videos via sharing sites such as YouTube and Vimeo. By 2011 this number increased to 71%. (a) Find a formula for a linear...

Answered: 1 week ago

Question

★★★★★
A continuous variable X has density function f (x) = 2c + 3, 2 x 6. Then the value of c is 12.

Answered: 1 week ago

Question

★★★★★
Computing materials, labor, and fixed cost variances Lennox Manufacturing Company produces a component part of a top secret military communication device. Standard production and cost data for the...

Answered: 1 week ago

Question

★★★★★
Consider the following set of processes, with the length of the CPU burst given in milliseconds: Process Burst Time Priority P1 6 3 P2 1 1 P3 2 5 P4 3 4 P5 5 2 The processes are assumed to have...

Answered: 1 week ago

Question

★★★★★
Stocks offer an expected rate of return of 18%, with a standard deviation of 22%. Gold offers an expected return of 10% with a standard deviation of 30%. In light of the apparent inferiority of gold...

Answered: 1 week ago

Question

★★★★★
Meeting privately with Carl and Amy, Daniel told each of them, "I understand how strongly you feel about this situation both the light rail itself and the other issues that it brings up for you about...

Answered: 1 week ago

Question

★★★★★
Describe a time when a message you sent was misunderstood or failed to engage the intended audience. Next, use the module resources or other outside sources to locate two strategies for reaching...

Answered: 1 week ago

Question

★★★★★
Now that you have learned about the murders of Gwen and Lawrence, answer the following questions. To what degree might an explanation of Gwen's murder lie in the "psychological functions" served by...

Answered: 1 week ago

Question

★★★★★
psychodynamic therapy with children principles emphasizes following the child this thought principle guides the therapy structure in all the following ways except: A. length is based on childs...

Answered: 1 week ago

Question

★★★★★
What are the challenges faced by workers all across the world as suburbanization expands and the distance traveled to the workplace increases? Can this be addressed through telecommuting and a more...

Answered: 1 week ago

Question

★★★★★
1. Research indicates that employee misconduct tends to increase in companies where mergers, acquisitions, and restructurings are under way. Why do you think this happens?

Answered: 1 week ago

Question

★★★★★
3. Most employees do not disclose the fraud and corruption they observe in the workplace, and, therefore, criminal and immoral behaviors continue to flourish. Who or what can intercept this lack of...

Answered: 1 week ago

Question

★★★★★
2. Do you think it is realistic to attempt to encourage a lifetime of customer patronage in todays uncertain business climate? Elaborate on your response.

Answered: 1 week ago

Previous Question Next Question