Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $6,200 and a fair market value of $10,000. Kelsey will invest a building with a book value of $32,300 and a fair market value of $60,900. What amount will be recorded to Kelsey's capital account? Oa. $10,000 Ob. $32,300 Oc. $60,900 O d. $6,200
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- Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $4,900 and a fair market value of $16,500. Kelsey will invest a building with a book value of $35,500 and a fair market value of $76,900. What amount will be recorded to Sandra's capital account? Oa. $35,500 Ob. $16,500 O c. $76,900 O d. $4,900Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $6,600 and a fair market value of $13,400. Kelsey will invest a building with a book value of $32,700 and a fair market value of $63,400. What amount will be recorded to Kelsey's capital account? a. $32,700 b. $63,400 c. $13,400 d. $6,600Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $5,300 and a fair market value of $12,800. Kelsey will invest a building with a book value of $38,000 and a fair market value of $55,700. What amount will be recorded to Sandra's capital account? a. $38,000 b. $5,300 c. $55,700 D.12.800 d. $12,800
- Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $4,700 and a fair market value of $12,600. Kelsey will invest a building with a book value of $37,400 and a fair market value of $64,500.What amount will be recorded to the building account? a.$12,600 b.$64,500 c.$4,700 d.$37,400Sandra and Kelsey are forming a partnership. Sandra will invest a piece of equipment with a book value of $7,000 and a fair market value of $14,300. Kelsey will invest a building with a book value of $43,300 and a fair market value of $68,700.What amount will be recorded to Kelsey's capital account?Andy and Amy agree to form a partnership with Andy investing the following: Land (with mortgage note) Cost - P1,500,000 Market Value - P3,500,000 Building Cost - P5,000,000 Market Value - P2,500,000 Accumulated Depreciation Cost - P1,500,000 Amy will invest cash equal to half of Andy's investment. There is a PNB note of P1, 200, 000 which will be assumed by the partnership. Give two journal entries to record the investments of the partner.
- Maxwell and Smart are forming a partnership. Maxwell is investing a building that has a market value of $180,000. However, the building carries a $56,000 mortgage that will be assumed by the partnership. Smart is investing $120,000 cash. The balance of Maxwell's Capital account will be: Multiple Choice $180,000. $124,000. $56,000. $64,000. $60,000.James and Laura are forming a partnership. James will invest a truck with a book value of P10,000 and a fair market value of P14,000. Laura will invest a building with a book value of P30,000 and a fair market value of P42,000 with a mortgage of P15,000. What amount should be recorded in Laura's capital account? *James and Laura are forming a partnership. James will invest a truck with a book value of Pio,000 and a fair market value of P14,000. Laura will invest a building with a book value of P30,000 and a fair market value of P42,000 with a mortgage of P15,000. What amount should be recorded in James' capital account? *
- James joined a partnership by contributing the following: cash, P20,000;accounts receivable, P4,000; land, P240,000 fair value; and accounts payable, P16,000. What will be the initial amount recorded in James’ capital account? Give the entry to record the investment of JamesProblem 1. April invited May and June to join her in a partnership to be called Calendar Girls. The following were agreed upon: May is to invest sports equipment costing P195,000 with accumulated depreciation of P25,000. The current market a) value is P150,00. b) June isto invest land with an appraised value of P350,000. There is an attached mortgageto this which will be assumed by the partnership amounting to P130,000. c) April is investing her Slim Saloon, except for the cash, consisting of the following: Cash P10,000 Accounts receivable 30,000 Furniture and equipment 320,000 Accumulated depreciation 15,000 Accounts payable 15,000 10% of the accounts receivable is doubtful of collection. The furniture and equipment have a present market value of P300,000. What are the partners' capital balances just after the formation? 28. April, capital 29. Мay, capital 30. June, capital 31. What is the amount of the total current assets of the partnership immediately after formation? 32. What is…Urbana, Victoria and Warlita are professional makeup artists and hairdressers. They formed a partnership agreeing to invest cash that will satisfy the desired capital ratio of 2:3:3, respectively. How much was invested by Warlita if the net assets of the partnership immediately after formation amount to P 500,000? Group of answer choices P 187,500 P 100,000 P 150,000 P 125,500