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
A firm based in a country with a national competitive advantage is not guaranteed success as it implements its chosen internatio
Damm [24]

Answer:

True

Explanation:

When a company finds itself in a country that has a competitive advantage in a particular product and the company produces goods aimed at competiting against the local market by using international production. It will most likely fail as it cannot meet up low cost of local firms.

If however the manager's of the company make a strategic decision of manufacturing locally, this will take advantage of the lower cost of production.

The company can take ownership of a local firm through which it can successfully produce locally.

6 0
3 years ago
In order to finance The Shortbread Shack, a mobile bakery business that services several large Silicon Valley companies, Marcy d
vaieri [72.5K]

Answer:

her business plan document

Explanation:

A crucial criteria to receive funding from banks is to have a detailed business plan document.

This document would explain Mercy' mobile bakery business:

1. financial needs and viability,

2. marketing strategy,

3. Competitor analysis,

4. Service process etc

The bank has the responsibility of analysing this document and then making a decision whether to grant her funds.

4 0
2 years ago
The graph above shows how the price of video games varies with the demand quantity. The equilibrium _____ is $50, and the equili
cricket20 [7]
<span>The graph above shows how the price of video games varies with the demand quantity. The equilibrium price is $50, and the equilibrium quantity is 200 video games.

Answer choice:

</span>A. price, quantity

Concept:

<span>Equilibrium is the point where supply and demand meet and the prices are set. Because the price is set as equilibrium.
</span>The quantity demanded is the amount of a product people are willing to buy at a certain<span> price.</span>
3 0
3 years ago
The ____________ of the note is the one that signed the note and promised to pay at maturity. the (maker/payee) of the note is t
Aleksandr [31]

The (maker/signer) of the note is the one that signed the note and promised to pay at maturity. The (maker/payee) of the note is the person to whom the note is payable.

A note that the maker has neglected to settle upon maturity is referred to as a dishonored note. The note is removed from notes receivable since it has matured, and the payee or holder reports the amount owed in accounts receivable. At the note's maturity date, the maker is obligated to pay the principal and interest.

Bad debt costs. Customers with (Bad/Invalid)(Collectible/Debts) accounts fail to honor their payment obligations. It is regarded as a cost associated with selling on credit. An amount owed by another party is known as a receivable.

To learn more about maturity from the given link.

brainly.com/question/28039417

#SPJ4

7 0
1 year ago
Fess Hardware Store had net credit sales of $8,500,000 and cost of goods sold of $5,000,000 for the year. The Accounts Receivabl
polet [3.4K]

Answer: 12.5 times

Explanation:

The accounts receivable turnover tells you how effective your company's collection mechanism is.

Accounts Receivable turnover = net credit sales/accounts receivables

= 8500000/600000+760000 = 12.5 times.

5 0
3 years ago
Other questions:
  • Sales to customers who use bank credit cards, such as MasterCard and Visa, are generally treated as a. cash sales b. sales retur
    5·1 answer
  • Is it against the law to require a student to pay their own money to go on a trip that will affect grade?
    11·1 answer
  • In 2018, a marketing manager for New Balance’s Minimus golf shoe needs to forecast sales through 2020. She begins with the known
    9·1 answer
  • A construction company takes a loan of $1,531,000 to cover the cost of a new grader. If the interest rate is 6.75% APR, and paym
    12·1 answer
  • Jade International is a highly diversified global firm with headquarters in New Jersey. It manufactures a variety of products ra
    15·1 answer
  • One of the biggest problems with telephone surveys is that 
    11·2 answers
  • During its first month of operations, Labrador Corporation provided $10,000 of services to it customers. Its costs included rent
    9·1 answer
  • 4) The management of Stanforth Corporation is investigating automating a process. Old equipment, with a current salvage value of
    9·1 answer
  • Free Brainlist lol<br><br> Last time im doing it cause im BROKE now i have 1 point (⌐■_■)
    14·2 answers
  • Problem solving is defined as
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!