Austin Fisher contributed land, inventory, and $32,000 cash to a partnership. The land had a book value of $59,000 and a market value of $103,000. The inventory had a book value of $70,900 and a market value of $65,900. The partnership also assumed a $42,000 note payable owed by Fisher that was used originally to purchase the land. Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require an entry, leave it blank.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Austin Fisher contributed land, inventory, and $32,000 cash to a partnership. The land had a book value of $59,000 and a market value of ...” 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
There is only one small clothing store in the remote village of hooterville, and until recently all of the townspeople bought most of their shirts there.
Answers (1)
At the beginning of 2015, the balance in Jackson Enterprises' Allowance for Uncollectible Accounts was $31,800. During 2015, the company wrote off $38,000 of accounts receivable. Writing off the individual bad debts would include a: a.
Answers (1)
Which of the four functions in the management process is dedicated to arranging tasks, people, and other resources to accomplish the work?
Answers (1)
A grocery chain delivers leaflets that contain an ad about the chain. the leaflets are ready to be tucked into the sunday newspaper before delivery. the grocery chain is using:
Answers (1)
Businesses hold short-term securities for which of the following reasons A. As a substitute for cash B. As a temporary repository for cash being accumulated for a specific purpose C. As a buffer against bad debt losses D. Answers a. and b.
Answers (1)
New Questions in Business
Consider an economy with only two sectors: manufacturing and service. Both sectors are perfectly competitive, and labor is homogeneous. Assume that changes in the labor market do not affect the product demand curve in either sector.
Answers (1)
A variable that likely is incorporated in the error term is: A. The fixed cost of production B. the variable cost of production C. Profit from popsicle sales
Answers (1)
Domingo Corporation makes a variety of headphones with logos. The company has discovered a new market for wireless headphones with logos. Market research indicates that these headphones would sell well in the market priced at $34.80 each.
Answers (1)
Derek has liquid assets of $4,450 and he saves $615 a month. His current liabilities are equal to $1,750 and monthly credit payments of $425. Derek's gross income is $5,900 each month and a take-home pay of $4,775.
Answers (1)
The sausage hut is looking at a new sausage system with an installed cost of $438,000. this cost will be depreciated straight-line to zero over the project's four-year life, at the end of which the sausage system can be scrapped for $69,000.
Answers (1)