Solution-Determine the equipment would be recorded on the

Determine the equipment would be recorded on the partnership

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Reference no: EM132786872

Problem 1: Which of the following is a disadvantage of partnership firms?

a. These cannot be dissolved without the permission of SEC.

b. These are taxed at multiple levels: corporate level and individual level.

c. These have more difficulty in raising capital as compared to a sole proprietorship.

d. These have a mutual agency which creates personal obligations for each partner

Problem 2: Equipment with a cost of Php100,000 and accumulated depreciation of Php30,000 is contributed to a new partnership by Whitner. The current market value of the equipment is Php95,000. The replacement value of the equipment is Php135,000. The equipment would be recorded on the partnership books at:

a) Php70,000

b) Php65,000

c) Php135,000

d) Php95,000

Reference no: EM132786872

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Determine the equipment would be recorded on the partnership

Reference no: EM132786872

Reference no: EM132786872

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