Chani contributes equipment to a partnership that she purchased 2 years ago for $10,000. The current book
Question:
Chani contributes equipment to a partnership that she purchased 2 years ago for $10,000. The current book value is $7,500 and the market value is $9,000. At what value should the partnership record the equipment?
A. $10,000
B. $9,000
C. $7,500
D. None of the above
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 72% (11 reviews)
Value for partnership to record th...View the full answer
Answered By
James Warinda
Hi! I’m James Otieno and I'm an experienced professional online tutor with countless hours of success in tutoring many subjects in different disciplines. Specifically, I have handled general management and general business as a tutor in Chegg, Help in Homework and Trans tutor accounts.
I believe that my experience has made me the perfect tutor for students of all ages, so I'm confident I can help you too with finding the solution to your problems. In addition, my approach is compatible with most educational methods and philosophies which means it will be easy for you to find a way in which we can work on things together. In addition, my long experience in the educational field has allowed me to develop a unique approach that is both productive and enjoyable.
I have tutored in course hero for quite some time and was among the top tutors awarded having high helpful rates and reviews. In addition, I have also been lucky enough to be nominated a finalist for the 2nd annual course hero award and the best tutor of the month in may 2022.
I will make sure that any student of yours will have an amazing time at learning with me, because I really care about helping people achieve their goals so if you don't have any worries or concerns whatsoever you should place your trust on me and let me help you get every single thing that you're looking for and more.
In my experience, I have observed that students tend to reach their potential in academics very easily when they are tutored by someone who is extremely dedicated to their academic career not just as a businessman but as a human being in general.
I have successfully tutored many students from different grades and from all sorts of backgrounds, so I'm confident I can help anyone find the solution to their problems and achieve
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Students also viewed these Business questions
-
A seller is trying to sell an antique. As the seller's offer price x increases, the probability p(x) that a client is willing to buy at that price decreases with the function px)=1/(1+e). The seller...
-
On January 1, 2021, Sandy, Chris and Paul formed SCP Company with a total beginning capital balance of $210,000; Sandy had a beginning capital balance of $100,000 and Chris of $70,000. During 2021,...
-
A machine tool purchased 2 years ago for $40,000 has a market value best described by the relation $40,000 3000k, where k is the number of years from time of purchase. Experience with this type of...
-
In the context of supply and demand under international trade, when will a country decide to export a particular good? Import a good? Who gains and loses under each decision?
-
Show the physical damage loss distribution for Scary Airlines planes.
-
Simplify the expression. Write answers without negative exponents. Assume all variables represent nonzero real numbers. (3p -4 ) 2 (p 3 ) -1
-
Why does collusion pose unique prevention and detection challenges?
-
Lily Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through...
-
A company is planning to manufacture snowboards. The fixed costs are $129 per day and the total costs are $5,897 per daily output of 18 boards. What is the average costs per board tend to as...
-
A soft drink bottling company is interested in controlling its filling operation. Random samples of size 4 are selected and the fill weight is recorded. Table 7-17 shows the data for 24 samples. The...
-
What types of bases for dividing partnership net income or net loss are available?
-
Does each partner have to contribute an equal amount of assets in order to split profit and losses?
-
The following table shows 1-year European call and put option premiums at two strike prices The continuously compounded risk-free interest rate is 6%. Describe actions you could take to construct an...
-
A leader's personal values greatly influence his or her ethical leadership style. Using appropriate examples, critically discuss the relationship between leader's personal values and ethical...
-
Write a brief outline explaining what you hope to accomplish by the end of this course. Since this course focuses on Communications Management, your response needs to be specific in terms of...
-
What are the primary differences between due care and due diligence?
-
Explain the term due diligence in your own words and what reasonable steps an officer must take to ensure the business complies with its work health and safety obligations and the officer is...
-
ICANN Domain Name Dispute Resolution Policies. Next, outline the requirements for a successful complaint for canceling or transferring a domain name under the ICANN policies. Next, please consider...
-
Determine whether the graph is that of a function. An open circle indicates that the point does not belong to the graph. (a) (b) (c)
-
1. Firms may hold financial assets to earn returns. How the firm would classify financial assets? What treatment will such financial assets get in the financial statements in accordance with US GAAP...
-
Define geodemographic segmentation. Identify several types of firms that might employ this type of market segmentation, and explain why.
-
What are the two primary types of surveys a company might use to forecast sales? Why would a company use an outside expert forecasting survey?
-
Under what conditions are market tests useful for sales forecasting? What are the advantages and disadvantages of market tests?
-
Discuss whether it should be easier to hire and terminate civil servants based on their performance, and whether high-performing civil servants should receive merit-based compensation similar to...
-
You are evaluating the balance sheet for SophieLex's Corporation. From the balance sheet you find the following balances: cash and marketable securities $490,000; accounts receivable = $1,020,000;...
-
Cullumber Company has two temporary differences between its income tax expense and income taxes payable. The following information is available: 2025 2026 2027 Pretax financial income $224,000...
Study smarter with the SolutionInn App