What amount would be reported as total owner, Accounting Basics

+44 141 628 6080
[email protected]

What amount would be reported as total owner

Meissner, S. Cohen, and E. Hughes are forming a partnership. Meissner is transferring $50,000 of personal cash to the partnership. Cohen owns land worth $15,000 and a small building worth $80,000, which she transfers to the partnership. Hughes transfers to the partnership cash of $9,000, accounts receivable of $32,000 and equipment worth $19,000. The partnership expects to collect $29,000 of the accounts receivable.
Journalize entry for formation of a partnership.

Instructions

• (a) Prepare the journal entries to record each of the partner's' investments.
• (b) What amount would be reported as total owner's' equity immediately after the investments?

View Complete Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What amount would be reported as total owner

Reference No:- TGS0707684

Expected delivery within 24 Hours

Have a Question? (oR Write a Review)

Write atleast 100 words!!

Recent Questions Asked Accounting Basics

Q : Explain why adjusting entries are necessary

You are an accountant in a medium-sized manufacturing company. You have been asked to mentor an accounting clerk who is new to your accounting department.

Q : Explain the calculation of total cost

Unit variable costs and total fixed costs are expected to remain unchanged next year. Calculate the unit cost and the total cost if 51,000 units are produced next year.

Q : Recorded with corresponding charges

None of the declines is judged to be other than temporary. Unrealized losses at December 31, 2010 should be recorded with corresponding charges against?

Q : What amopunt of liabilty should appear on the december

The interest rate is six percent per year, with 30,000 ( rounded ) payments made at the end of each year, starting December 31, 2008

Q : What amount would be reported as total owner

Meissner, S. Cohen, and E. Hughes are forming a partnership. Meissner is transferring $50,000 of personal cash to the partnership. Cohen owns land worth $15,000.

Q : What is the most practical and easily applied entity

What is the most practical and easily applied entity of Managerial Accounting?What is the hardest entity of Managerial Accounting to grasp and why?What is the most important aspect of Managerial Accounting everyone should know?

Q : What is the amount of interest expense on the date

On March 31, 2010, Willie market issued 150,000 worth 8% ten year bonds when the market rate was 8%. Proceeds were 140,000. The interest is paid annually on March, 31.

Q : Determine the volume of sales

Determine the volume of sales at which net income would be equal regardless of whether Pittman Company sells through agetnts (at a 20% commission rate) or employs its own sales force.

Q : Commission rate remains unchanged

Compute the degree of operating leverage that the company would expect to have on December 31 at the end of next year assuming.

1931645

Questions
Asked

3,689

Active Tutors

1413377

Questions
Answered

Start Excelling in your courses, Ask a tutor for help and get answers for your problems !!

ask Question

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What amount would be reported as total owner

Reference No:- TGS0707684

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : Explain why adjusting entries are necessary

Q : Explain the calculation of total cost

Q : Recorded with corresponding charges

Q : What amopunt of liabilty should appear on the december

Q : What amount would be reported as total owner

Q : What is the most practical and easily applied entity

Q : What is the amount of interest expense on the date

Q : Determine the volume of sales

Q : Commission rate remains unchanged

Incorporate the use of a couple of logic models

Elevating the role of school nurses in school-based mental

Describe the clinical setting

What is the pathophysiology of osteoarthritis

Resources about nursing profession issues in united states

List and define the seven types of elder abuse

Negative-positive feedback mechanisms in homeostasis

Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: What amount would be reported as total owner

Reference No:- TGS0707684

Recent Questions Asked Accounting Basics

Q : Explain why adjusting entries are necessary

Q : Explain the calculation of total cost

Q : Recorded with corresponding charges

Q : What amopunt of liabilty should appear on the december

Q : What amount would be reported as total owner

Q : What is the most practical and easily applied entity

Q : What is the amount of interest expense on the date

Q : Determine the volume of sales

Q : Commission rate remains unchanged

Asked Questions