Moss and Barber organize a partnership on January 1. Moss's initial net investment is $75,000, consisting of cash ($17,500), equipment ($82,500), and a note payable reflecting a bank loan for the new business ($25,000). Barber's initial investment is cash of $31,250.
Prepare journal entries to record
(1) Moss's investment and
(2) Barber's investment.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Moss and Barber organize a partnership on January 1. Moss's initial net investment is $75,000, consisting of cash ($17,500), equipment ...” 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
Assume a corporation has cumulative voting and there are two directors up for election. What is the minimum number of votes a shareholder who owns 100 shares can cast for Candidate Jones if there are a total of 5 candidates?
Answers (1)
What is the major difference between a corporation and other kinds of businesses? A. A corporation is much larger than other kinds of businesses. B. A corporation is not responsible for its debts if it fails. C.
Answers (1)
A broker at a FINRA member firm prepares sales literature for a new product that the firm is introducing. She intends to send the sales literature to 30 of her best customers in the next couple of weeks.
Answers (1)
Kenny Electric Company's noncallable bonds were issued several years ago and now have 20 years to maturity. These bonds have a 9.25% annual coupon, paid semiannually, sells at a price of $1,075, and has a par value of $1,000.
Answers (1)
The main source of profit for financial institutions is
Answers (1)
New Questions in Business
When the consumer price index rises, the typical family a. has to spend more dollars to maintain the same standard of living. b. can spend fewer dollars to maintain the same standard of living. c. finds that its standard of living is not affected. d.
Answers (1)
A magazine subscription costs $45 per year at the beginning of each year, or $115 now for a three-year subscription. If the subscriber elects to pay the $115 now, the rate of return on the investment will be nearest to:
Answers (2)
The second step in rational decision making is to: choose the solution that maximizes value. identify the criteria that are important in making the decision. evaluate the alternatives. implement the alternative.
Answers (1)
What impact will a spike in wages cause to the labor demand curve?
Answers (1)
A company issued 8%, 15-year bonds with a par value of $500,000 that pay interest semiannually. The market rate on the date of issuance was 8%.
Answers (1)