K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $45,800 of...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $45,800 of personal cash to the partnership. Rosen owns land worth $12,200 and a small building worth $76,300, which she transfers to the partnership. Toso transfers to the partnership cash of $11,000, accounts receivable of $31,600, and equipment worth $21,800. The partnership expects to collect $28,440 of the accounts receivable. (a) Prepare the journal entries to record each of the partners' investments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record investment of Decker.) (To record investment of Rosen.) (To record investment of Toso.) > > > > > > > > K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $45,800 of personal cash to the partnership. Rosen owns land worth $12,200 and a small building worth $76,300, which she transfers to the partnership. Toso transfers to the partnership cash of $11,000, accounts receivable of $31,600, and equipment worth $21,800. The partnership expects to collect $28,440 of the accounts receivable. (a) Prepare the journal entries to record each of the partners' investments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record investment of Decker.) (To record investment of Rosen.) (To record investment of Toso.) > > > > > > > >
Expert Answer:
Answer rating: 100% (QA)
A D Accounts title and explanation Debit Credit 2 Cash 45800 3 To owners equity 4580... View the full answer
Related Book For
Accounting Principles
ISBN: 978-1118342190
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
Students also viewed these accounting questions
-
1/ You need to count colonies on a plate. The plate was created using a 1/103 dilution of a bacteria culture. You count 50 colonies after plating one ml of diluted sample. How many cells in the...
-
Prepare the journal entries to record each of the following items for Aromatics, Inc. 2016 bad debt expense 2016 depreciation expense 2016 cash collections from customers. Assume all sales are on...
-
Which of the following non-financial data would be excluded from management evaluation in making a decision? A. Employee turnover B. Contribution margin C. The environment D. The corporate profile in...
-
Solve the linear equation with the x-intercept method. Check your answer. Approximate the solution to the nearest thousandth whenever appropriate. 2x = -(3x)
-
In a Wall Street Journal article titled Sparing Fliers Even Higher Airfares, Scott McCartney claims that jet fuel hedging by Southwest Airlines resulted in lower airfares for passengers on all...
-
Make a statement of shareholders equity based off the following journal entries. The retained earnings are $25,771. 8/1 You filed a charter with the State of Louisiana to form your accounting...
-
Briefly describe each of the following kinds of social media: a. social networking service b. blog c. microblogging service d. social bookmarking service e. RSS aggregator f. sharing websites g....
-
1. Imagine that an agency or business has asked for help in gathering data about the number of sports anglers who fish off the coast of Georgia. What advice would you give about sampling? What method...
-
What is the most important function of Human Resource Management? How corporate culture impacts human resource management? How do firms benefit from a strong ethical culture? How can HR departments...
-
The Cincinnati Zoo and Botanical Gardens had a record attendance of 1.87 million visitors in 2017 (Cincinnati Business Courier website). Nonprofit organizations such as zoos and museums are becoming...
-
A company is offering you terms for payment on an invoice of $15,000 of "Discount 5% in 10 days Net 60 days." This means that you can either pay 95% of the amount due in 10 days or pay the entire...
-
For the simple linear regression model, show that the elements of the hat matrix are \[h_{i j}=\frac{1}{n}+\frac{\left(x_{i}-\bar{x} ight)\left(x_{j}-\bar{x} ight)}{S_{x x}} \text { and } h_{i...
-
Show that $\operatorname{Var}(\hat{\mathbf{y}})=\sigma^{2} \mathbf{H}$.
-
Suppose we fit the model $\mathbf{y}=\mathbf{X}_{1} \boldsymbol{\beta}_{2}+\boldsymbol{\varepsilon}$ when the true model is actually given by $\mathbf{y}=\mathbf{X}_{1}...
-
Consider the following two models where $E(\boldsymbol{\varepsilon})=\mathbf{0}$ and $\operatorname{Var}(\boldsymbol{\varepsilon})=\sigma^{2} \mathbf{I}$ : Model A: $\mathbf{y}=\mathbf{X}_{1}...
-
Let $\mathbf{x}_{j}$ be the $j$ th row of $\mathbf{X}$, and $\mathbf{X}_{-j}$ be the $\mathbf{X}$ matrix with the $j$ th row removed. Show that \[\operatorname{Var}\left[\hat{\beta}_{j}...
-
You are given three different liquids-water, oil and glycerin-and asked to predict which will occupy the top, middle, and bottom layers when all three are poured into the same beaker. You take down...
-
Why did management adopt the new plan even though it provides a smaller expected number of exposures than the original plan recommended by the original linear programming model?
-
Using the same data presented above in BE18-3 for Goody Company, illustrate vertical analysis. Using the following data from the comparative balance sheet of Goody Company, illustrate...
-
At the beginning of the question-and-answer portion of the annual stockholders meeting of Neosho Corporation, stockholder John Linton asks, Why did management sell the holdings in JMB Company at a...
-
For Eckstein Company, the predetermined overhead rate is 130% of direct labor cost. During the month, Eckstein incurred $100,000 of factory labor costs, of which $85,000 is direct labor and $15,000...
-
What are the PMI and PRINCE2?
-
What are the differences between a framework, a methodology and a standard?
-
Individually identify what you consider to be the greatest achievements accomplished by human kind in the last decade. Now share your list with other students in the class and come up with an...
Study smarter with the SolutionInn App