Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $250,000; the partnership assumes responsibility for a $75,000 note secured by a mortgage on the property. Monroe invests $100,000 in cash and equipment that has a market value of $55,000. For the partnership, the amounts recorded for the building and for Fontaine's Capital account are:
a. Building $250,000; Fontaine, Capital $250,000. b. Building $175,000; Fontaine, Capital $175,000. c. Building $250,000; Fontaine, Capital $75,000. d. Building $250,000; Fontaine, Capital $175,000. e. Building $175,000; Fontaine, Capital $75,000
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $250,000; the partnership assumes ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
The OECD's Principles of Corporate Governance insists on: greater immunity power for corporate managers. lesser transparency within corporate structures. greater concealment of corporate governance policies to avoid conflicts of interest.
Answers (1)
To achieve a goal, which stage of change should you be in? A. The maintenance stage B. The contemplation stage C. The preparation stage D. The action stage
Answers (2)
A car increases its speed from 9.6 meters per second to 11.2 meters per second in 4.0 seconds. The average acceleration of the car during this 4.0-second interval is: a. 2.8 m/s2 b. 0.40 m/s2 c. 5.2 m/s2 d. 2.4 m/s2
Answers (1)
Personality types are: groups of people who share traits or characteristics tendencies to contribute to groups in a particular way your individual levels of certain personality characteristics groups of people who share similar career skills,
Answers (2)
In 1-2 sentences, explain why the private businesses will not provide public goods.
Answers (1)
New Questions in Business
Statement of Cash Flows W. C. Cycling had $55,000 in cash at year-end 2013 and $25,000 in cash at year-end 2014. The firm invested in property, plant, and equipment totaling $250,000. Cash flow from financing activities totaled + $170,000. 1.
Answers (1)
Joel operates his business, carson collectibles, by himself. he has made no election with his state regarding his business. what is the most likely form of joel's business?
Answers (1)
Sheridan Company received $135000 in cash and a used computer with a fair value of $318000 from Carla Vista Co. for Sheridan Company's existing computer having a fair value of $453000 and an undepreciated cost of $420300 recorded on its books.
Answers (1)
A profit-maximizing firm in a monopolistically competitive market differs from a firm in a perfectly competitive market because the firm in the monopolistically competitive market a. sells its product in a highly-concentrated market. b.
Answers (1)
At the end of the accounting period, Isaac Company had a balance of $4,000 in its common stock account, additional paid in capital of $4,000, retained earnings of $3,000, and $1,000 of treasury stock. The total amount of stockholders' equity is:a.
Answers (1)