At what value should the computer equipment be recorded
Course:- Accounting Basics
Reference No.:- EM132082196

Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Accounting Basics

Question - Rodriguez and Ying start a partnership on July 1, 2017. Rodriguez contributes $4,100 cash, furniture with a current market value of $55,000, and computer equipment. The computer equipment originally cost $48,000 in 2015, with recorded accumulated depreciation of $28,000. The current market value of the computer equipment is $17,000. At what value should the computer equipment be recorded in the accounting records of the partnership?

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Accounting Basics) Materials
For each of these situations, indicate the amount to be placed on a statement of financial condition   at December 31, 2008. a. Raj Reel owns the following securities: 1,000 s
When you are preparing a Statement of Owner's Equity and have to subtract the investments to get the beginning capital, do you subtract the cash in bank? Is that an investme
Prepare the liabilities section of life Inc balance sheet of Dec 31, 2012 to show how the company report these items, report current liabilities and total liabilities.
Provided below are a series or questions for chapters 8, 9, 11 (Modules 7, 8, and 9). For each section, answer the specified number of questions asked of you (number to answ
Each student is to evaluate a company that you believe is one of the best companies in the United States. There are several key attributes that you could use for determining
Equestrain Roads sold $50,000 of goods and accepted the customer's $50,000 10% 1-year note receivable in exchange. Assuming 10% approximates the market rate of return, what
Zee s Toy Store needs $187,000 for expansion. The firm has a target capital structure of 40 percent debt and 60 percent external equity. The flotation cost of debt is 5.5 pe
The students are surprised when they weigh the contents of their four pack- ages and find the average weight to be only 11.5 ounces. When they write to the company, its cons