Balance in annes capital account

Assignment Help Accounting Basics
Reference no: EM13144856

Allen invests $20,000 cash and Anne invests land that originally cost $20,000 in their new partnership. The land is now worth $35,000. Which of the following is the balance in Anne's capital account?

A) $30,000

B) $35,000

C) $20,000

D) $25,000

E) None of the above

Reference no: EM13144856


Write a Review


Accounting Basics Questions & Answers

  Amount of the lease receivable of wadkins company

Wadkins Company, a machinery dealer, leased a machine to Romero Corporation on January 1, 2011. Compute the amount of the lease receivable.

  Determine the balance in the finished goods inventory

Determine the balance in the Finished Goods Inventory and compute the cost of goods manufactured for November

  Journal entry to record the investment

Barr Company acquires 60, 10%, 5 year, $1,000 Community bonds on January 1, 2010 for $61,250. This includes a brokerage commission of $1,250. The journal entry to record this investment includes a debit to

  Annual payment due on the note

The note requires annual payments of $15,208, with the first payment occurring on the last day of the fiscal year. The first payment consists of interest of $4,400 and principal repayment of $10,808. The journal entry Hawthorne would record to mak..

  Corporation payout ratio

Ferman Corporation's common stockholders' equity at the beginning and end of 2010 was $870,000 and $1,130,000, respectively. Ferman Corporation's payout ratio for 2010 was ?

  How much gain did xyz corporation recognize

XYZ Corporation distributed land to its sole shareholder in a liquidating distribution. At the time of the distribution, the land had a fair market value of $120,000.

  Recognizing the gains or losses

a. What are the amounts and character of Tom's recognized gains or losses? b. What is Tom's basis in the Total stock and notes? c. What is Total's basis in the property received from Tom?

  How might the nature of the business affect your decision

Imagine you are preparing a business's cash budget, which involves determining the amount of cash to keep on hand. How might the nature of the business affect your decision? Provide specific examples in your response.

  Social security benefits

Wilma is a widow, age 80 and blind, who is claimed as a dependent by her son. During 2010, she received $4,800 in Social Security benefits, $2,200 in bank interest, and $1,800 in cash dividends from stocks. Wilma's taxable income is:

  Components of postretirement benefit expense

The components of postretirement benefit expense are similar to the components of pension expense. How does the service cost component differ between the two expenses?

  Problem related to installment sales

Newton Co. had installment sales of $1,000,000 and cost of installment sales of $700,000 in 2010. A 2010 sale resulted in a default in 2012, at which time the balance of the installment receivable was $30,ooo. The repossessed merchandise had a fai..

  Why vial-tek may desire to have an audit

Vial-tek has an existing loan in the amount of 3.5 million with an annual interest rate of 9.5%. The company provides an internal company prepared financial statement to the bank under the loan agreement.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd