Nancy Finch has been operating an apartment-locator service as a sole proprietörship. She and Mellssa Mienaeis $9,000; Furmiture, $13,000; Building (net), $58,000; and Notes Payable, $21,000. To determine Finch's equity in the partnership, she and Michaels hire an independent appraiser. The appraiser values all the assets and liabilities at their book value, except the building, which has a current market va 596,000. Also, there are additional Accounts Payable of $10,000 that Finch will contribute. Michaels will contribute cash equal to Finch's equity in the partnership. Read the requirements. equirement 1. Journalize the entry on the partnership books to record Finch's contribution. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Date Accounts and Explanation Debit Credit Requirements * 1. Journalize the entry on the partnership books to record Finch's contribution. 2. Journalize the entry on the partnership books to record Michaels's contribution. Print Done uirement 2. Journalize the entry on the partnership books to record Michaels's contribution. (Recorere
Nancy Finch has been operating an apartment-locator service as a sole proprietörship. She and Mellssa Mienaeis $9,000; Furmiture, $13,000; Building (net), $58,000; and Notes Payable, $21,000. To determine Finch's equity in the partnership, she and Michaels hire an independent appraiser. The appraiser values all the assets and liabilities at their book value, except the building, which has a current market va 596,000. Also, there are additional Accounts Payable of $10,000 that Finch will contribute. Michaels will contribute cash equal to Finch's equity in the partnership. Read the requirements. equirement 1. Journalize the entry on the partnership books to record Finch's contribution. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Date Accounts and Explanation Debit Credit Requirements * 1. Journalize the entry on the partnership books to record Finch's contribution. 2. Journalize the entry on the partnership books to record Michaels's contribution. Print Done uirement 2. Journalize the entry on the partnership books to record Michaels's contribution. (Recorere
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter14: Partnerships And Limited Liability Entities
Section: Chapter Questions
Problem 24P
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