Andy and lan formed a partnership on April 1, 2017. Andy contributes equipment to the business that originally cost $82,000 and on which accumulated depreciation of $16,000 has ndy contributes been recorded. The current market value of the equipment is $74,000. The value of the equipment recorded in the partnership journal is OA. $74,000 O B. $66,000 O C. $82,000 OD. $58,000
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- Chani contributes equipment to a partnership that she purchased 2 years ago for $10,000. The current book value is $7,500 and the market value is $9,000. At what value should the partnership record the equipment? A. $10,000 B. $9,000 C. $7,500 D. none of the aboveOn January 1, 2018 Jeff and Robert formed the Jeff and Robert Partnership. They made the following contributions to form the partnership: Adjusted Basis Fair Market Values Contributed by Jeff: Accounts Receivable $ 0- $ 20,000 Land Used as a Parking Lot 12,000 50,000 Inventory 25,000 50,000 Contributed by Robert Cash 120,000 120,000 The parking lot had been held for nine months at the date of contribution. Within thirty days of the formation, the inventory for $50,000 cash. The partnership used the land for the next ten months as a parking lot then sells it for $35,000 cash. partnership collected the receivables and also sells Question: Determine the amount of income or gain, if any, that the partnership would realize from the above transactions. SHOW ALL COMPUTATIONSItems 34 and 35 are based on the following information: On January 2,2010, Jason and Melissa formed a partnership by contributing the following assets: Cash Accounts Receivable Merchandise Inventory Land Building Jason P ? 80,000 100,000 Melissa 34. On January 2, 2010, Melissa, Capital amounts to a. P440,000 b. P600,000 P 380,000 240,000 The Land invested by Melissa is subject to mortgage loan of P160,000, which is to be assumed by the partnership. The accounts receivable invested by Jayson are believed to be only 90% collectible. d. P1,040,000 35. Assuming that Jayson is to contribute enough cash to bring his capital equal to that of Melissa, required cash contribution of Jayson is a. P268,000 b. P420,000 d. P600,000 c. P760,000 c. P440,000
- Bob is investing in a partnership with Jerry. Bob contributes equipment that originally cost P63,000, has a book value of P30,000, and a fair market value of P39.000. The entry that the partnership makes to record Bob's initial contribution includes a * O debit to Equipment for P33,000. debit to Equipment for P63,000. debit to Equipment for P39,000 credit to Accumulated Depreciation for P33,000.1. On January 1, 2017, Angel, Bea and Collen formed ABC & Co., a general professional partnership for the exercise of their common profession. Angel contributed a building with cost of P5M and accumulated depreciation of P4M. Based on the city assessor’s records, the building has an assessed value of P2M. The building has an annotated mortgage payable amount to P500, 000 to be assumed by the partnership. On the other hand, Bea contributed 10,000 shares of stocks with par value of P200/share and prevailing quoted price of P300/share. On January 2, 2017m the building contributed by Angel was sold for 5.5M. If Colleen wants to have 20% capital interest in the newly formed partnership, how much cash shall be contributed by her? a. P875,000 b. P1,125,000 c. P2,125,000 d. P2,000,000On March 1, 2015, II and JJ formed a partnership with each contributing the following assets: || JJ Cash 300,000 700,000 Machinery & equipment 250,000 750,000 Building 2,250,000 Furniture & fixtures 100,000 The building is subject to mortgage loan of P800,000, which is not to be assumed by the partnership agreement provides that II and JJ share profits and losses 30% and 70% respectively. On March 1, 2015, the balance in JJ's capital account should be: O A. 3,700,000 O B. 3,140,000 O C. 3,050,000 O D. 2,900,000 O Option 5
- Terrilson Trading is a company in the business of manufacturing parts for train wagons. Terri and Nilson formed this company in 2015 after they were both retrenched from their employment. The following information pertains to the business activities of the partnership for the year ended 31 August 2022. Extract from the statement of financial position as at 31 August 2022: 2022 2021 R R Land and buildings (at cost) 1,010,600 660,600 Equipment (at cost) 624,900 569,400 Accumulated depreciation: Equipment 175,200 74,400 Long-term loan 283,600 198,200 Members’ contributions 1,276,500 1,080,100 Retained earnings 231,200 79,700 Loans to members 98,100 34,100 Loans from members 118,700 - Distribution to members payable…Rodriguez and Ying started a partnership on July 1, 2019. Rodriguez contributes P4100 cash, furniture with a current market value of P47,000, outstanding accounts payable of P16,000 and computer equipment originally costing P48,000 with recorded accumulated depreciation of P28,000, but with a current market value of P18,000. a. Rodriguez, Capital will be credited for b. Total asset investment of Rodriguez amounts toOn June 1, 2015, DAVE and MAR are combining their separate business to form a partnership. Cash and noncash assets are to be contributed. The noncash assets to be contributed and the liabilities to be assumed are as follows: DAVE Fair value MAR Book value Account receivable Inventory PPE Accounts payable Book value P 25,000 40,000 100,000 15,000 P26,250 450,000 91,250 (15,000) P20,000 20,000 86,250 11,250 Fair value P19,500 20,750 82.250 11,250 DAVE and MAR are to invest equal amounts of cash such at hat the contribution of DAVE would be 10% more than the investment of MAR 8. What is the amount of cash presented on the partnership's statement of financial position on June 1, 2015? D. 251,250 A. 276,250 B. 480,500 C. 552,500
- Mary, Jane and Susan are in partnership sharing profits and losses in the ratio 2:2:1 respectively.The following was their balance sheet as at 31 December 2018: Cost Depreciation. NBVNon-Current Assets $ $ $Premises 42,000 32,000 10,000Motor Vehicles 14,000 10,000 4,000Furniture and Fittings 6,000 2,000 4,000 62,000 44,000 18,000Current Assets Inventory 24,000Trade Receivables 6,800 30,800 48,800Capital and LiabilitiesCapitals: Mary 7,000 Jane…On February 14, AA and BB formed a partnership and contributed the following assets at historical costs: AA BB Cash P600,000 P200,000 Inventories Furniture and fixtures Delivery equipment Land The land was subject to a mortgage which has an unpaid balance of P50,000. The mortgage will be assumed by the partnership. AA and BB agreed to share profits and losses in the ratio of 1:2, respectively. The partners agreed to contribute inventories (BB is to contribute inventories worth 2.5 times the peso value of the inventories to be contributed by AA) in order to have their capital credits in the same ratio as their profits and losses ratio.Claire,Dolly and Ellery formed the CDE Partnership on September 1, 2016, with the following assets, measured at book values in their respective records, contributed by each partner: CLAIRE DOLLY ELLERY Cash 486,000 460,107 231,903 Accounts Receivable 109,620 - 141,000 Property, Plant and Equipment 2,094,390 450,000 - A part of Claire's cash contribution, P324,000, comes from personal borrowings. Also, PPE of Claire and Dolly are mortgaged with the bank for P1,458,000 and P108,000, respectively. The partnership is to assume responsibility for these PPE mortgages. The fair value of the accounts receivable contributed by Ellery is P137,000 while the PPE contributed by Dolly at this date is P510,300. The partners have agreed to share interests on a 5:3:2 ratio, to Claire, Dolly and Ellery, respectively.