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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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The term given to units that represents the number of completed units that is equal, in terms of production inputs, to a given n
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Answer:

The answer is EQUIVALENT UNITS (not included as an option).

Explanation:

Equivalent units are the complete units that could have been produced or manufactured during a period of time given the amount of manufacturing inputs (materials, labor) used.

For example, we have 100 nits that are 40% completed in relation to direct labor and direct materials, we could say that we have 40 equivalent units.

4 0
3 years ago
Campbell a single taxpayer, has $400,000 of profits from her general store that she operates as a sole proprietorship. She has $
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Answer:

A) $80,000

Explanation:

According to the Internal Revenue Service (IRS), the deduction would be claim as a lower value of 20% qualified business income plus 20% of real investment or 20% of taxable income less net capital gains

So, 20% qualified business income = $400,000 × 20% = $80,000

And, the 20% of taxable income = $500,000 × 20% = $100,000

So, the lower value would be $80,000

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Each month a company can rent capital for $7.500 per unit and can hire workers for $2.500 each Currently me company is using 4 u
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Answer:

Please see attachment

Explanation:

Please see attachment

8 0
3 years ago
As a result of cash flow shortages, Washington Department Stores has fallen behind in payments to suppliers. Some suppliers are
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Answer:

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Explanation:

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So we can Say that The primary responsibility of the board of directors is to (D) make daily operational decisions

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