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aliina [53]
3 years ago
5

Catrina Santana contributed a patent, accounts receivable, and $23,000 cash to a partnership. The patent had a book value of $8,

000. However, the technology covered by the patent appeared to have significant market potential. Thus, the patent was appraised at $85,000. The accounts receivable control account was $38,000, with an allowance for doubtful accounts of $2,000. The partnership also assumed a $10,000 account payable owed to a Santana supplier. On December 31, provide the journal entry for Santana's contribution to the partnership.
Business
1 answer:
Tju [1.3M]3 years ago
7 0

Answer:

Date               Account Title                                      Debit              Credit

12/31               Cash                                               $23,000

                      Patent                                             $85,000

                      Accounts Receivable                    $38,000

                     Accounts Payable                                                    $10,000

                    Allowance for doubtful debt                                    $2,000

                    Capital                                                                      $134,000

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Alex73 [517]

Answer:

d. management

Explanation:

Based on the job tasks described within the question it seems that you were recently hired as a management accountant. This role focuses on (like mentioned in the question) preparing reports and analyzing as much financial information as possible in order to best inform yourself, so that you can help you make the best and most strategic decisions for the organization. Which seems to by why RLM Inc. has hired you.

I hope this answered your question. If you have any more questions feel free to ask away at Brainly.

4 0
3 years ago
Josh has a master’s degree in business administration and supply chain management. What company might be in interested in hiring
sweet [91]

Answer:

A

Explanation:

he would be better suited for the position going off his degree

4 0
3 years ago
Read 2 more answers
If a company spends $20 million to install new footwear-making equipment with capacity to produce 1 million pairs of athletic fo
labwork [276]

Answer: 10% or $2,000,000

Explanation:

Seeing as no figures were produced, we will have to do this ourselves.

We will make assumptions which include the following,

Life of the equipment = 10 Years

Salvage value = 0

Those are our 2 assumptions.

In that case then,

The Annual Depreciation will be,

Depreciation = (Cost of equipment - Estimated salvage value) / Estimated useful life

= (20 - 0) / 10

= $2 million

Seeing as 2 million is,

= 2/20 * 100

= 10%

That would mean that annual depreciation costs at that facility will rise by $2 million or 10%.

If you need any clarification do react or comment.

3 0
3 years ago
You are considering two ways of financing a spring break vacation. you could put it on your credit​ card, at 17 % ​apr, compound
shutvik [7]
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7 0
3 years ago
Acme Home Lending offers home equity loans up to 80% of the home value for its customers. If Sally Johnson has a home valued at
EastWind [94]

Answer:

She can borrow $110,000 in a home equity loan from Acme

Explanation:

Home equity loan is available to the 80% of the Home value. sally has already a mortgage of $50,000 so she can only borrow the differential amount of Allowable loan and existing loan.

As per given data

Home value = $200,000

Allowable Loan limit = $200,000 x 80% = $160,000

Existing Loan = $50,000

Available limit of Loan = Allowable Loan limit - Existing Loan = $160,000 - $50,000 = $110,000

She can borrow $110,000 in a home equity loan from Acme

7 0
3 years ago
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