Prepare journal entries to record of partners investments

Assignment Help Financial Accounting
Reference no: EM131256179

K decker, S rosen , and E toso are forming a partnership.Decker is transferring $50,000 of personal cash to the partnership[. Rosen owns land worth $15,000 and a small building worth $80,000 which she transfers to the partnership . Toso transfers to the partnership cash $9,000 accounts receivable $32,000 and equipment worth $39,000. The partnership expects to collect $29,000 of the accounts receivable . (a) prepare the journal entries to record each of the partners investments (b) what amount would be reported as total owners equity immediately after the investments ?

Reference no: EM131256179

Questions Cloud

Responsibilites of a manager of type of establishment : What is a "Green Hotel" and what are the responsibilites of a manager of this type of establishment?
Important in the hospitality industry : What are GenXer's and are they important in the hospitality industry? Why?
Simple concept-paid keyword advertising : Google built their business success on a simple concept-paid keyword advertising. Although advertising remains the primary source of Google revenue, the company has explored a number of other ventures, including the recent introduction of hardware..
Discuss how many channel members you will use : Discuss how many channel members you will use (intensive distribution, exclusive distribution, or selective distribution), and explain why. Recommend a channel organization (conventional, vertical, horizontal, or multichannel marketing system), and ..
Prepare journal entries to record of partners investments : K decker, S rosen , and E toso are forming a partnership.Decker is transferring $50,000 of personal cash to the partnership. Toso transfers to the partnership cash $9,000 accounts receivable $32,000 and equipment worth $39,000. The partnership expect..
Create a table and divide in categories : In a word document create a table and divide in 3 categories (Android Obesitiy, Gynoid Obesity and Waist circumference) add 2 pictures of people under each category anddescribe why do you think that body type match with that particular obesity typ..
Advantages and disadvantages of product layout : What are the advantages and disadvantages of product layout? - What are the alternative forms of work cells discussed in this textbook?
Which of the following is an advantage of a corporation : Which of the following events would be most likely to increase the quantity breakeven point, assuming other factors remain constant? Which of the following is an advantage of a corporation
Prepare departmental income statements : King Galleries of Scottsdale began operations in January of this year with two operating (selling) departments and one service (office) department. Prepare departmental income statements that show the company’s predicted results of operations for the..

Reviews

Write a Review

Financial Accounting Questions & Answers

  Prepare an after-closing trial balance as of december

Prepare closing entries and post to ledger accounts. Prepare an after-closing trial balance as of December 31. During December, this company's cash balance has fallen from $200,000 to $65,000. Does it appear headed for insolvency in the near future..

  Specifically identify the shares of stock

On April 28, 2015, Sandy sold 200 shares of stock for $8,000. Sandy did not specifically identify the shares of stock sold. What is the recognized gain or loss

  Compute the physical units of production

Compute the physical units of production and compute equivalent units of production for materials and for conversion costs.

  Gross wages for the week using the percentage method

Sergio is single, is paid $1,200 per week, and claims one withholding allowance. What is the amount of federal income tax withheld from Sergio's gross wages for the week using the percentage method?

  Effective interest rate over the remaining life of the bonds

Aaron Company's books show current earnings of $430,000 and $46,000 in cash dividends. Zeese Company earns $164,000 in net income and declares $11,500 in dividends. On January 1 of the current year, Zeese acquired in the open market $64,400 of Aaron’..

  Prepare a monthly flexible budget for each increment of sale

Prepare a monthly flexible budget for each $10,000 increment of sales within the relevant range for the year ending December 31, 2017.

  What was the noncontrolling interest share of sparis

At the end of each year, Gibson still owned 30% of the goods. Net income for Sparis was $912,00 during 2011. What was the noncontrolling interest's share of Sparis net income for 2011?

  Integrated accounting and financial reporting model

Explain the components of the Governmental Accounting Standards Board’s (GASB) integrated accounting and financial reporting model, including: Government-wide financial statements. Fund financial statements

  Spent in the future to service warranty claims

Street Factory provides a 3-year warranty with one of its products which was first sold in 2012. In that year, Street spent $80,000 servicing warranty claims. At year-end, Street estimates that an additional $300,000 will be spent in the future to se..

  Potential supplier has offered to sell feast the rolls

Feast Corporation currently makes the rolls that it uses for its sandwiches, It uses 50,000 rolls annually. A potential supplier has offered to sell Feast the rolls for 0.11 each. If the rolls are purchased, 20% of the fixed overheads could be avoide..

  Compute NPV of tax savings

Company X suffered a $350,000 NOL in 2014. The company will carryback this NOL two years (2012 net income = $60,000 and 2013 net income = $110,000) and carryforward the remaining NOL to 2016, a year in which the company expects it's net income to be ..

  What is the annual breakeven point in units sold-revenues

The Walkrite Shoe Company operates a chain of shoe stores that sell 10 different styles of inexpensive men’s shoes with identical unit costs and selling prices. A unit is defined as a pair of shoes. What is the annual breakeven point in (a) units sol..

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