On January 1, Bob contributed cash of $12,000 and Kim contributed office equipment that cost $10,000 but was valued at $8,000 to the formation of a new partnership. Prepare the journal entry to form the partnership.
Answer to relevant QuestionsMatch the terms on the left with the definitions on the right:____ 1. Accounting____ 2. Profitability____ 3. Liquidity____ 4. Financing activities____ 5. Investing activities____ 6. Operating activities____ 7. Financial ...Cellhealth Pharmacy has recently been formed to develop a new type of drug treatment for cancer. Previously a partnership, Cellhealth has now become a corporation.List the various groups that will have an interest in the ...Max wants to know if his company’s profitability performance has increased from 2010 to 2011. Specifically, he wants to know if the company is maintaining its margin on revenues. The company had net income of $24,000 in ...The summer after finishing her junior year in college, Beth Murphy started a lawn service business in her neighborhood. On June 1, she deposited $2,700 in a new bank account in the name of her corporation. The $2,700 ...In January 2011, Ed Rivers and Bob Bascomb agreed to produce and sell chocolate candies. Rivers contributed $240,000 in cash to the business. Bascomb contributed the building and equipment valued at $220,000 and $140,000, ...
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