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frutty [35]
3 years ago
5

K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $45,000 of personal cash to the partnership.

Rosen owns land worth $10,000 and a small building worth $75,000, which she transfers to the partnership. Toso transfers to the partnership cash of $10,000, accounts recevable of $27,000 and equipment worth $14,000. The partnership expects to collect $24,300 of the accounts receivable.
Prepare the journal entries to record each of the partners' investments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation Debit Credit
(To record investment of Decker.)
(To record investment of Rosen.)
(To record investment of Toso.)
What amount would be reported as total owner's equity immediately after the investment?
Total owner's equity$_______
Business
1 answer:
Elis [28]3 years ago
6 0

Answer:

to record Decker's investment:

Dr Cash 45000  

    Cr Decker, Capital 45000

to record Rosen's investment:

Dr Land 10,000  

Dr Building 75,000  

    Cr Rosen, Capital 85,000

to record Toso's investment:

Dr Cash 10,000  

Dr Accounts Receivable 27,000  

Dr Equipment 14,000  

    Cr Allowance for Doubtful Accounts 2,700

    Cr Toso, Capital 48,300

total owners' equity = $178,300

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Answer:

a. Incremental analysis.

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Explanation:

a. Incremental analysis: examination of differences between costs to be incurred and revenue to be earned under different courses of action.

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c. Relevant information: costs and revenue that are expected to vary, depending on the course of action decided on. Hence, relevant cost are relevant for decision-making purposes but not sunk costs.

d. Opportunity cost: the benefit foregone by not pursuing an alternative course of action. Opportunity cost also known as the alternative forgone, can be defined as the value, profit or benefits given up by an individual or organization in order to choose or acquire something deemed significant at the time.

e. Joint products: products made from common raw materials and shared production processes.

f. Out-of-pocket cost: a cost yet to be incurred that will require future payment and may vary among alternative courses of action.

g. Split-off point: the point at which manufacturing costs are split equally between ending inventory and cost of goods sold. Thus, it give rise to joint products that emerge from the same raw materials and a shared manufacturing process.

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