User Account

All Pages

What the net debit to karr account is

Assignment Help Accounting Basics
Reference no: EM132820214

Problem 1: During the liquidation of the partnership of Karr, Rice and Long, Karr accepts, in partial settlement of his interest, machine with a cost to the partnership of P150,000, accumulated depreciation of P70,000, and a current fair market value of P110,000. The partners share net income and loss equally. The net debit to Karr's account (including any gain or loss on disposal of the machine) is

A. P100,000

B. P110,000

C. P90,000

D. P15,000

Reference no: EM132820214

Questions Cloud

What amount should ruiz record on march : The fair value of the detachable warrants was $2.00 each. What amount should Ruiz record on March 1, 2021 as paid-in capital from stock warrants?
Find out degenerative neurological disorder : Huntington's disease is a degenerative neurological disorder that leads to tremors, loss of motor control, wasting, and eventual death.
Which statements is correct regarding a partners debit : Which statements is correct regarding a partners' debit capital balances? Partners who absorb another's debit capital balance have a legal claim
Presence of mitochondria in most eukaryotes : The yellow-highlighted lineages are protists in this phylogenetic tree of the eukaryotes. Which of the following is true?
What the net debit to karr account is : he partners share net income and loss equally. The net debit to Karr's account (including any gain or loss on disposal of the machine) is
What net debit of hob capital account : What net debit of Hob's capital account (including any gain or loss on disposal of the equipment), assuming the noncash asset may be distributed safely to Hob
What is the cost of equity estimated using pe : Investors expect from this firm in the market. If PE is 77, what is the cost of equity estimated using PE? Is this cost of equity reasonable?
Components of the endomembrance system : Compare and contrast the structure and function of the following components of the endomembrance system
What is the purpose of the ice packs : Mrs. X was getting out of her car, when she slammed the car door on her knee, hurting it quite badly, even though there was no broken skin or bleeding.

Reviews

Write a Review

Accounting Basics Questions & Answers

  What should be the budgeted sales in units

The company plans to include a safety margin of $20 000 before tax. Assuming a tax rate of 30%, what should be the budgeted sales in units?

  What filing status should Wendy and Betty claim

Betty also received taxable retirement benefits of $55,000. What filing status should Wendy and Betty claim on their personal tax returns for 2020

  At october 31st trabert industries had a cash balance of

at october 31st trabert industries had a cash balance of 17600. deposits in transit amounted to 750 and outstanding

  Prepare nine journal enteries from which postings were made

Wyoming Tours Co. is a travel agency. The nine transactions recorded by Wyoming Tours during June 2016, its first month of operations.

  Assignment - AquaDrench CPA analysis based on sales

Part A - AquaDrench CPA analysis (based on sales). Prepare a report showing the relative profitability of each customer, allocating customer-related expenses

  Indicate whether each of the following accounts

Indicate whether each of the following accounts normally has a debit or credit balance: Interest Receivable, Interest Revenue, Dividends

  What is the company eva

1.What is the company's EVA?a. $67,200 b. $82,600 c. $64,400 d. $70,000e. $83,300

  Record all the necessary entries

FNSACC406 Set Up and Operate A Computerised Accounting System Assignment - Project, Academies Australasia, Australia. Record all the necessary entries

  Calculate the Stockholders Equity at January

Question - Presented below are data for Wildhorse Co. Required - Calculate the Stockholders' Equity at January 1, 2018

  Statement of profit or loss and other comprehensive

Question 1 On 1 July 2014 Kam Ltd acquired all the share capital of Maria Ltd when the equity of Maria Ltd consisted of the following: 100 000 ordinary shares issued at $1 paid to 75c each $75 000 General Reserve 15 000 Retained Earnings 12 000 Al..

  Determine variable factory overhead controllable variance

Determine the variable factory overhead Controllable Variance. Determine the fixed factory overhead volume variance.

  The accounting records of dolphin company revealed the

the accounting records of dolphin company revealed the following information total manufacturing costs 600000

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