How much is the total asset of partnership upon formation

Assignment Help Financial Accounting
Reference no: EM133097322

Question - Bonnie and Clyde enters into a partnership agreement in which Bonnie is to have 40% interest in the partnership and 35% in the profits and losses, while Clyde will have 60% interest in the partnership and 65% in the profits and losses. Bonnie contributed the following:

 

Cost

Fair value

Building

235,000

255,000

Equipment

168,000

156,000

Land

500,000

525,000

The building and the equipment has a mortgage of 50,000 and 35,000 respectively. Clyde is to contribute 150,000 cash and equipment. The partners agreed that only the building mortgage will be assumed by the partnership.

Required - How much is the total asset of the partnership upon formation?

Reference no: EM133097322

Questions Cloud

Identify a person presenting with complaints of pain : You are required to administer medication to at least three (3) people in your workplace under the supervision of a registered nurse.
At what amount should the patent be reported : If the patent has a remaining life of nine years, at what amount should the patent be reported on Van Buren's consolidated balance sheet at December 31, 2021
Calculate the correct dose of medication : Demonstrate this procedure using the manikin in the simulated nursing laboratory. Your assessor will provide voice over for the manikin and respond
How job enrichment is different from job enlargement : How Job enrichment is different from job enlargement. Explain with the help of examples of your choice.
How much is the total asset of partnership upon formation : The building and the equipment has a mortgage of 50,000 and 35,000 respectively. How much is the total asset of partnership upon formation
Hrm related responsibilities of line managers : While HRM is responsible for acquiring and managing talent, employee motivation would not be possible without proactive involvement by Line Managers. Discuss so
Job specification of a medical representative job : Assuming someone is hired as a job analyst in a pharmaceutical company. Write down the job description and job specification of a medical representative's job.
Difference between diversity and inclusion in workplace : A diverse and inclusive workplace is one where all employees feel involved and supported. Explain the difference between diversity and inclusion in workplace.
Describe the key objectives of the drugs and poisons : Briefly describe the use and actions of fentanyl as a narcotic analgesic agent and Briefly describe the use and actions of diazepam as a hypnotic or sedative

Reviews

Write a Review

Financial Accounting Questions & Answers

  Multiple product cvp analysis hawaiian fruit pizza was a

multiple product cvp analysis hawaiian fruit pizza was a huge success and fairfield pizza has decided to start a second

  How the yield of newly issued US corporate bonds will change

Explain how the yield of newly issued U.S corporate bonds will change to a different degree that the yield of newly issued U.S treasury bonds.

  How do evaluate what is the project mirr

What is the project's MIRR? A project has an initial cost of $70,000, expected net cash inflows of $11,000 per year for 8 years, and a cost of capital of 10%.

  What is the project year one cash flow for alcoa company

ALCOA Company considers a new project whose data are as below. What is the project's Year 1 cash flow? Sales revenues $22,250

  How much is the break-even point in units

ABC Company produces tie racks. The estimated fixed costs for the year are $288,000, and the estimated variable costs per unit are $14. ABC expects to produce and sell 60,000 units at a price of $20 per unit. How much is the break-even point in units..

  Analyze consolidated financial statements

Analyze your chosen consolidated financial statements , my chosen is income statement from St. Jude Children Research Hospital.

  Calculate the canada pension plan contribution for alberta

Calculate the Canada Pension Plan (CPP) contribution. To date has had $773.40 in Canada Pension Plan contributions and $561.20 in Employment Insurance premium

  Calculate depreciation expense of the equipment

Super Saver Groceries purchased store equipment for $25,000. Super Saver estimates that at the end of its 10-year service life, the equipment will be worth $4,000. During the 10-year period, the company expects to use the equipment for a total of 10,..

  The chocolate candy factory process cost accounting

The Chocolate Candy Factory’s Process Cost Accounting. Determine the general journal entry for each of the following transactions. Use the following accounts from the manufacturing accounting system, plus use any other accounts, such as Cash, Wages P..

  What is the value of the firm if recapitalized

The Nexxt Co. is reviewing its capital structure. What is the value of the firm if recapitalized, assuming the debt issued will be outstanding indefinitely?

  Interest on bonds payment-corporate income taxes

RST Corporation 's EBIT for 2016 amounted to P200,000. The company's capital structure consists of 100, 15%, $5,000par value bonds; 1,00012% preferred shares

  Discuss two key financial reporting areas

Discuss TWO key financial reporting areas that could considerably impact annual financial statements due to the COVID-19 pandemic

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