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Fantom [35]
4 years ago
14

Maxwell and Smart are forming a partnership. Maxwell is investing a building that has a market value of $89,000. However, the bu

ilding carries a $47,000 mortgage that will be assumed by the partnership. Smart is investing $38,000 cash. The balance of Maxwell's Capital account will be:
a. $51,000
b. $89,000
c. $47000
d. $42,000
e. $80,000
Business
1 answer:
gogolik [260]4 years ago
6 0

Answer:

The correct option is D,$42,000

Explanation:

The balance on Maxwell capital account=market  value of building contributed less the mortgage on the building

market value of the building is $89,000

Mortgage on the building is $47,000

balance on Maxwell capital account=$89,000-$47,000

balance on Maxwell capital account=$42000

The correct option is D.

Care must taken so that one does include the cash of $38,000 contributed by Smart in Maxwell's capital account balance calculation,otherwise one would have concluded that option  E,$80,000($42,000+$38,000)

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The correct answer is letter "B": functional managers.

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In ________ ranking, raters look at a list of employees, decide who the best employee is, and cross that person's name off the l
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3 years ago
Chipman Sofware recently reported the following amounts in its unadjusted trial balance at its year-end:
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Answer:

What is allowance for doubtful debt?

This represents management's estimate of the amount of accounts receivable that will not be paid by customers. They are amount owed by debtors, whose likelihood of collection is not certain.

1 Bad debts expense Dr   ($18,000 × 0.25%)  $45  

              To Allowance for Doubtful Accounts $45

(Being the bad debt expense is recorded)

2.  Bad debts expense $45        

          ($72 - $27)

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(Being the bad debt expense is recorded)

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(Being the allowance for doubtful accounts is recorded)

Learn more about allowance for doubtful debts here : brainly.com/question/25687295

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Project manager in a functional matrix had more lesser influence over one in a dedicated project team because:

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<h3>Who is a Project manager?</h3>

A Project manager is a manager with the responsibiltiy of planning, organizing and directing the completion of specific projects for such organization.

<em />

In conclusion, in a functional matrix, the manager sdoes compensate for their lack of formal authority by exercising informal influence through the use of relationships and personal <em>currencies.</em>

<em />

<em />

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5 0
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Oksana_A [137]

Answer:

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Any taxpayer can deduct real estate taxes on the federal income tax return.  For 2019, the IRS says a taxpayer can deduct up to $10,000 ($5,000 if you're married filing separately) But limits apply and you have to itemize to take the deduction.

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6 0
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