Formulate the situation as a system of two linear equations in two variables. Be sure to state clearly the meaning of your x- and y-variables. Solve the system by the elimination method. Be sure to state your final answer in terms of the original question. A lawyer has found 60 investors for a limited partnership to purchase an inner-city apartment building, with each contributing either $4,000 or $8,000. If the partnership raised $320,000, then how many investors contributed $4,000 and how many contributed $8,000? X = $4,000 investors $8.000 investors
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- 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 $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. $6,600James and Laura are forming a partnership. James will invest a truck with a book value of $10,000 and a fair market value of $14,000. Laura will invest a building with a book value of $30,000 and a fair market value of $42,000 with a mortgage of $15,000. Answer the following questions: 1- At what amount should the building be recorded? 2- What amount should be recorded in Laura's capital account? 3- What amount should be recorded in James' capital account? Essay Toolbar navigation BI U S A
- Ahmed for Mujeeb Leasing for several years. Muscat Leasing is a company that leases high-tech medical equipment to hospitals. Ahmed for Mujeeb have decided that, with their financial expertise, they might start their own company to provide consulting services to individuals interested in leasing equipment. One form of organization they are considering is a partnership. If they start a partnership, each individual plan to contribute OMR50,000 in cash. In addition, Ahmed has a used computer that originally cost OMR370, which he intends to invest in the partnership. The computer has a present market value of OMR150.Although both Ahmed for Mujeeb are financial wizards, they do not know a great deal about how a partnership operates. As a result, they have come to you for advice. What type of document is needed for a partnership, and what should this document contain?2) Jim and Carol both work in the real estate market. One day, a great investment property came on the market, and they decided to pool their money to buy and renovate it. They plan to spend six weeks on the renovation, and they hope to make a nice profit when they turn around and sell it. Jim and Carol's partnership is an example of A) a limited partnership. B) a cooperative. C) an S corporation. D) a limited liability company. E) a joint venture.E12-15 Nan Fuentes has been operating an apartment-locator service as a prietorship. She and Misti Fulmer have decided to form a partnershi Fuentes's investment consists of cash, $8,000; accounts receivabie $10,000; furniture, $1,000; a building, $55,000; and a note payable. $10,000. To determine Funtes's equity in the partnership, she and Fulmer hime an independent appraiser. The appraiser values all the assets and liabi ties at their book value except the building, which has a current marka value of $90,000. Also there are accounts payable of $3,000. Requirement Make the entry on the partnership books to record Fuentes's investment (pр. 600-601)
- Can you help me answer this problem with a detailed solution so I can be able to understand it and learn further how to solve similar problems as this one? I'd prefer it if you'd present it with an excel and give some explanations to accompany it. Thank you so much in advance. Your help is greatly appreciated. PROBLEM: Alpha, Beta and Gamma are partners who have capital balances of $480,000, $500,000, and $180,000 respectively. P/L is distributed in the ratio of 4:2:1. Beta received $260,000 as a result of liquidating the partnership when 60% of the non cash assets of the partnership is realized. The partnership has total assets totalling to $500,000 including $50,000 cash before liquidation. The partnership also incurred $35,000 liquidation expenses and withheld $28,000 for the unpaid liabilities of the partnership. What is the loss on realization of noncash assets? A. 632,000 B. 875,000 C. 855,000 D. 612,000Important Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. Moss and Barber organize a partnership on January 1. Moss's initial net investment is $79,000, consisting of cash ($21,000), equipment ($73,000), and a note payable reflecting a bank loan for the new business ($15,000). Barber's initial investment is cash of $35,000. Prepare journal entries to record (1) Moss's investment and (2) Barber's investment. No A B Transaction (1) (2) Cash Equipment Note payable Moss, Capital Cash Barber, Capital Answer is not complete. General Journal 0000 30 Debit CreditSandra 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
- A, B, C are new lawyers and are decided to form a partnership. A is to contribute cash of P50,000 and his computer originally cost P60,000 but has a fair value of P25,000. . B is to contribute cash of P80,000. C, whose family is selling computers, is to contribute cash of P25,000 and a computer with a fair market value of P60,000 but which cost P50,000. Compute C's Capital account to be credited upon formation. . .Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $30,000 and $39,000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted to the partnership at a 30% interest for a purchase price of $19,000. a. Determine the recipient and amount of the partner bonus. b. Provide the journal entry to admit Solano into the partnership. If an amount box does not require an entry, leave it blank. c. Why would a bonus be paid in this situation? Apparently, Jenkins and Tanner value offered by Solano.Cody Jenkins and Lacey Tanner formed a partnership to provide landscaping services. Jenkins and Tanner shared profits and losses equally. After all the tangible assets have been adjusted to current market prices, the capital accounts of Cody Jenkins and Lacey Tanner have balances of $78,000 and $46,000, respectively. Valeria Solano has expertise with using the computer to prepare landscape designs, cost estimates, and renderings. Jenkins and Tanner deem these skills useful; thus, Solano is admitted to the partnership at a 30% interest for a purchase price of $32,000. Determine the recipient and amount of the partner bonus. Provide the journal entry to admit Solano into the partnership. For a compound transaction, if an amount box does not require an entry, leave it blank.