Question: Aaron and Bosh form a partnership. Aaron contributes $ 2 0 , 0 0 0 cash and merchandise inventory with a current market value of

Aaron and Bosh form a partnership. Aaron contributes $20,000 cash and merchandise inventory with a current market value of $62,000. Bosh contributes $3,000 in cash and land with a current market value of $35,000(cost of $2
A. Bosh, Capital is credited for $38,000.
B. Bosh receives a bonus of $35,000 from Aaron.
C. Bosh, Capital is debited for $23,000.
D. Bosh, Capital is credited for $23,000.
Aaron and Bosh form a partnership. Aaron contributes $20,000 cash and

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Anders and Bosh form a partnership. Anders contributes $12,000 cash and merchandise inventory with a current market value of $55,000, Bosh contributes $7,000 in cash and land with a current market...

Q:

Mario and Luigi decide to form a partnership. On 1 January, they combine their assets with the following current market values and book values: Mario's assets & liabilities Luigi's assets &...

Q:

Multiple Choice. 1. The articles of a partnership should make clear all of the following except: A. profit-sharing ratio B. causes of partnership dissolution C. withdrawals allowed to partners D....

Q:

1. Aaron and Kim form a partnership by combining the assets of their separate businesses. Aaron contributes accounts receivable with a face amount of $50,000 and equipment with a cost of $180,000 and...

Q:

ACC 511 In-Class Assignment for Chapter 10 - Lessons 6 and 7 Directions: Submit your response as a Word document in Blackboard. Only list the number of the question and the letter of the answer you...

Q:

Please see attached questions. Answer questions in the word document provided. Thank you 1. Which of the following is not a characteristic of a likekind exchange? (Points : 1) The holding period for...

Q:

please help me with the below multiple choice accounting questions, thank you 1. Which of the following is not a characteristic of a likekind exchange? (Points : 1) The holding period for likekind...

Q:

eBook Show Me How Entries and Balance Sheet for Partnership Instructions Chart of Accounts Labels and Amount Descriptions Journal Balance Sheet Instructions On March 1, 2078. Enc Keene and Renee...

Q:

1. Which of the following partnership owners is personally liable for the entitys debts to general creditors? Select the best answer and explain your answer. a. A general partner in a general...

Q:

Wiggins Company has 2,400 shares of $100 par preferred stock, which were issued at par. It also has 21,000 shares of common stock outstanding, and its total stockholders' equity equals $605,400. The...

Q:

Briefly discuss the incentives for financial managers to conduct their business to avoid unethical manner. Use the example of the case of Madoff Ponzi Scheme

Q:

A solution of Na2SO4 is added drop wise to a solution that is 0.010 M in Ba2+ and 0.010 M in Sr2+. (a) What concentration of SO42- is necessary to begin precipitation? (Neglect volume changes. BaSO4...

Q:

1 . Set Up 2 VLANs and Configure port 0 / 2 3 to be a trunk port Switch > enable Switch#config term Enter configuration commands, one per line. End with CNTL / Z . Switch ( config ) #hostname Switch...

Q:

WHAT IS the cash flow statement BBINFIT ,AND HOW WE CAN ANALAYSES

Q:

2. Jean-Baptiste Colbert was the Minister of Finance under King Louis XIV of France. He famously observed, The art of taxation consists in so plucking the goose as to obtain the largest possible...

Q:

3. Efficiency losses _______________. LO4.2 a. Are not possible if suppliers are willing to produce and sell a product. b. Can only result from underproduction. c. Can only result from...

Q:

4. Draw a production possibilities curve with public goods on the vertical axis and private goods on the horizontal axis. Assuming the economy is initially operating on the curve, indicate how the...