Question: ASAP!! Problem 1. Smith contributes $20,000 and Jones contributes $25,000 to a new partnership. what is a Journal entry: ?? Problem 2 :Smith contributes $75,000

ASAP!!

Problem 1.

Smith contributes $20,000 and Jones contributes $25,000 to a new partnership.

what is a Journal entry: ??

Problem 2

:Smith contributes $75,000 cash to the partnership, and Jones contributes cash of $10,000, land that was purchased for $15,000 two years ago but has a current value of $20,000, and a building purchased for $50,000 two years ago and currently has a book value of $45,000 and a market value of $70,000.

what is a Journal entry: ??

Problem 3

Example: Smith contributes $50,000 and Jones contributes $20,000 cash to a partnership. Because Jones brings special skills to the partnership, the partners agree to split the capital (and future profits) evenly between themselves.

what is a Journal entry: ??

Problem 4 :

Under the goodwill method, the assumption is that a value can be asigned to any intangible contribution that a partner brings to the partnership. Smith contributes $50,000 and Jones contributes $20,000 cash to a partnership. Because Jones brings special skills to the partnership, the partners agree to split the capital (and future profits) evenly between themselves.

what is a Journal entry: ??

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!