1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Nadya [2.5K]
2 years ago
12

Thomas Engel contributed equipment, inventory, and $45,000 cash to a partnership. The equipment had a book value of $25,000 and

market value of $30,000. The inventory has a book value of $50,000 but only had a market value of $25,000 due to obsolescence. The partnership also assumed a $20,000 note payable owed by Thomas that was originally used to purchase the equipment. What amount(s) should be recorded in Thomas's capital account
Business
2 answers:
tankabanditka [31]2 years ago
8 0

Answer:

Explanation:

Cash contribution by Thomas = $45,000

Market value of the Inventory amount to = $ 25,000

Market value of the Equipment= $ 30,000

Notes payable by Thomas for the purchase of the equipment = $ 20,000

hence the amount recorded in Thomas account would be = 45000 + 25000 + 30000 + 20000

= $120,000

Troyanec [42]2 years ago
5 0

Answer:

Thomas capital

Equipment                $30,000

Inventory                   25,000

Cash                         <u> 45,000</u>

Total                       <u>  100,000</u>

Explanation:

Equipment : thebook value is $25,000 while the market value is $30,000.  the market value of the equipment will be used.

Inventory : the book value is $50,000 while the market value is $25,000. As a result of obsolescence, the inventory will be value at lower of cost and net realizable value(IAS2). therefore, $25,000 will be recognized for the inventory in the determination of Thomas capital

Cash: there is no changes in cash contributed.

You might be interested in
_____ is the amount of information a communication medium can carry and the extent to which the medium enables the sender and re
asambeis [7]

Answer:

Information richness.

Explanation:

<u>Information richness</u> is the amount of information a communication medium can carry and the extent to which the medium enables the sender and receiver to reach a common understanding. This is the correct answer to your question.

Hope this helps!!!

Kyle.

8 0
2 years ago
Assume that a butcher sells Cookout a quarter-pound of meat for $2 and that Cookout sells you a hamburger made from that meat fo
jeka57 [31]

Answer:

$4

Explanation:

Given that

Sale value of quarter-pound of meat = $2

And, the sale value that arises from the meat = $4

So, the value that included in the GDP i.e Gross domestic product is $4 as it reflects the final price of the hamburger rather than the value that is to be intermediate i.e $2 as it shows a quarter pound of meat

So, in the given case only $4 would be included in the GDP

7 0
3 years ago
Assuming the total population is 100 million, the civilian labor force is 50 million, and 44 million workers are employed, the u
TiliK225 [7]
Assuming the total population is 100 million, the civilian labor force is 50 million, and 47 million workers are employed, the unemployment rate it: 6 percent. The natural rate of unemployment is the: full-employment unemployment rate.
6 0
2 years ago
The mission of the Securities and Exchange Commission (SEC) is to: a. PROTECT SHAREHOLDERS' RIGHTS BY MAKING SURE THAT STOCK MAR
lilavasa [31]

Answer:

b. PROTECT SHAREHOLDERS' RIGHTS BY MAKING SURE THAT STOCK MARKETS ARE RUN FAIRLY

Explanation:

  • The U.S (SEC) securities and exchange commission is an independent agency of the American government and is responsible for enforcing the federal security laws and rules and regulated the industry.
  • The SEC was created by the securities exchange act of 1934, mission as to protect the investors, maintain fair and orderly, and have an efficient market.  
  • <u>Publishes quarterly and semi quarterly reports form the companies that are crucial for investors to make a sound decision when investing in the capital markets.</u>
8 0
3 years ago
If a​ firm's average total cost is less than price where MR​ = MC,
bekas [8.4K]

Answer:

C. the firm should produce if its price exceeds average variable cost.

Explanation:

WHen average total cost is less that price, this means you are making a profit, and since they are in the equilibrium sate with Margina revenue being equal to marginal cost, they are in the sweet spot of production, so the only thing left for them is producing if its price exceeds average variable cost, and that would maximize their profits.

3 0
3 years ago
Other questions:
  • Nu-Tek is expanding rapidly. As a result, the company expects to pay annual dividends of $.62, .80, and $1.05 per share over the
    6·1 answer
  • Traditionally, if sam, who is 17 years old, purchases a television from a store, signs a 11-month contract, and then drops it on
    9·1 answer
  • How does a traditional adversarial relationship with suppliers change when a firm decides to move to a few suppliers
    10·1 answer
  • Income is generated through the ______ of goods and services. In the United States, ________ of all income takes the form of wag
    5·1 answer
  • Suppose government belives the simple Keynesian model is descriptive of the current economy. Conress wants to lower Real Gdp by
    5·1 answer
  • Selecting EPEAT-compliant technology with a high rating over traditional, less energy efficient technology is an example of focu
    12·1 answer
  • Fitbit makes health and fitness tracking devices. some buyers want very basic fitness tracking such as steps taken and calories
    5·1 answer
  • Match each type of tax with an example of its use.
    7·1 answer
  • The fixed costs of doing business include
    6·1 answer
  • The following accounts have normal credit balances? a. liabilities b. revenues c. assets d. all of the listed accounts have a no
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!