Amounts to be recorded for the building

Assignment Help Accounting Basics

Reference no: EM13142623

Chen and Wright are forming a partnership. Chen will invest a building that currently is being used by another business owned by Chen. The building has a market value of $90,000. Also, the partnership will assume responsibility for a $30,000 note secured by a mortgage on that building. Wright will invest $50,000 cash. For the partnership, the amounts to be recorded for the building and for Chen's Capital account are ??

Reference no: EM13142623

Questions Cloud

Difference between actual and budgeted costs : At normal capacity of 8,000 units, budgeted manufacturing overhead is: $48,000 variable and $135,000 fixed. If Wayman had actual overhead costs of $187,500 for 9,000 units produced, what is the difference between actual and budgeted costs

Explain indicated concentrations of total volatile solids : Influent sample collected from a wastewater treatment plant was analyzed for various solids concentrations. Results indicated concentrations of Total Volatile Solids (TVS)

Determining foreign exchange gain : When the receivable was collected on February 15, 2009, the U.S. dollar equivalent was $144,000. In Mills' 2009 consolidated income statement, how much should have been reported as a foreign exchange gain?

Find correlation between test and the bdi : The correlation between his test and the BDI was r =.14. Evaluate this correlation. What does this correlation tell us about the relationship between these two instruments?

Amounts to be recorded for the building : Also, the partnership will assume responsibility for a $30,000 note secured by a mortgage on that building. Wright will invest $50,000 cash. For the partnership, the amounts to be recorded for the building and for Chen's Capital account are ??

Explain important information about short essay : Important information about Short essay, In managing the uncertainties of ethical issues in engineering, what are some questions that we may ask to limit some of the risk

Controlling interest in consolidated net income : Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2009 and an additional 10% on April 1, 2010. What is the controlling interest in consolidated net income for 2010?

What average exceed to receive grade of c or better : he next 20%, a B; the next 40%, a C; the next 21%, a D; and the bottom 10%, an F. What average must you exceed to receive a grade of C or better?

Source and destination addresses of router solicitation : Source and destination addresses of router solicitation, Given an IPv6 network, assume a host using EUI-64 addressing has a MAC address of00:24:E8:3D:CA:35

User Account

All Pages