User Account

All Pages

Journalize the entry for Smith contribution

Assignment Help Accounting Basics
Reference no: EM133059583

Question - Trevor Smith contributed equipment, inventory, and $48,000 cash to a partnership. The equipment had a book value of $26,000 and a market value of $29,000. The inventory had a book value of $80,000, but only had a market value of $40,000, due to obsolescence. The partnership also assumed a $15,100 note payable owed by Smith that was used originally to purchase the equipment. Journalize the entry for Smith's contribution to the partnership. If an amount box does not require an entry, leave it blank.

Reference no: EM133059583

Questions Cloud

Exploiting the arbitrage opportunity : Suppose the spot and one-year forward exchange rates on the New Zealand dollar are NZD1.055/AUD and NZD1.110/AUD, respectively.
What the Jordon capital account balance at the end : Jordon and Heidi share income equally. For the current year, the partnership net income is $40,000. What the Jordon capital account balance at the end
What is meant by the complementarity principle : What is meant by the complementarity principle, where is it regulated in the Rome statute, and in what way does it serve the purpose of ICC
Record the issuance of the bonds and warrants : Blossom Corporation issued 1,900 $1,000 bonds at 103. Use the proportional method to record the issuance of the bonds and warrants
Journalize the entry for Smith contribution : Trevor Smith contributed equipment, inventory, and $48,000 cash to a partnership. Journalize the entry for Smith contribution
Compute the bond interest expense : On January 1 of the current year, Barton Corporation issued 8%, 5-year bonds with a face value of $84,000. Compute the bond interest expense
What is the times interest earned ratio : Balance sheet and income statement data indicate the following: Bonds payable, 8% (due in 15 years) $1,348,708, What is the times interest earned ratio
Determine the revenue per employee : During Year 2, the business expanded into three new regions of the country. For Year 1 and Year 2, determine the revenue per employee
Nutrition in your everyday life : Consider the ways you have heard the words nutrient and nutrition in your everyday life. Based on your exposure so far, what do you think these words mean? H

Reviews

Write a Review

Accounting Basics Questions & Answers

  What is the product contribution margin ratio

ACECO markets a simple water control and timer that it mass-produces. What is the product's contribution margin ratio? (Round to nearest whole percentage)

  For what values of sample proportion will the assembly line

An assembly line will be shut down for maintenance if the defect rate exceeds 1.5%. For what values of sample proportion will the assembly line

  What entry should american bank make on january

Compute the loss American Bank will suffer under this new term modification. Prepare the journal entry to record the loss on American's books.

  Janet gross income for current year

Because her medical costs are lower than expected, Janet gets back only $1,250 of the $1,300 she paid into the plan. What is Janet's gross income for the current year?

  What tax basis does oscar have in felix partnership interest

Eastside's income statement for the current year reflects the revenues. What tax basis does Oscar have in his partnership interests at the end of the year?

  Prepare the entry to record the write-off of uncollectible

Prepare the entries to record the recovery of the uncollectible account during the period. Prepare the entry to record the write-off of uncollectible accounts

  Compute the total bond proceeds

In May 2011, French real estate company issued convertible bonds with a total face value of 480 million. Compute the total bond proceeds

  Determine towson company net cash flows

Dividends paid were $30,000. Use this information to determine Towson Company's Net Cash Flows from Operating Activities

  Prepare a table that summarizes the total cost

Venice Enterprises, which began operations in 2011, invests in long-term available-for-sale securities. Following is a series of transactions and events.

  What is the current market price of these bonds

The bonds have a $1,000 par value, and the coupon interest rate is 8%. The bonds have a yield to maturity of 9%. What is the current market price of these bonds

  Calculate the total applied variable overhead

Understanding Relationships between Overhead Variances, Budgeted Amounts, and Actual Units Produced and Direct Labor Hours Worked Last year.

  Compute the basic eps and diluted eps for ramon inc

Ramon Inc. reported net income of $300,000 for the year ended December 31, 2006. Compute the basic EPS and diluted EPS for Ramon Inc. for 2006

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd