85. Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $250,000; the partnership assumes responsibility for a $75,000 note secured by a mortgage on the property.Monroe invests $100,000 in cash and equipment that has a market value of $55,000. For the partnership, the amounts recorded for the building and for Fontaine’s Capital account are:
A. Building $250,000; Fontaine, Capital $250,000.
B. Building $175,000; Fontaine, Capital $175,000.
C. Building $250,000; Fontaine, Capital $75,000.
D. Building $250,000; Fontaine, Capital $175,000.
E. Building $175,000; Fontaine, Capital $75,000.
86. Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $250,000; the partnership assumes responsibility for a $75,000 note secured by a mortgage on the property. Monroe invests $100,000 in cash and equipment that has a market value of $55,000. For the partnership, the amounts recorded for Fontaine’s Capital account and for Monroe’s Capital account are:
A. Fontaine, Capital $175; Monroe, Capital $45,000.
B. Fontaine, Capital $0; Monroe, Capital $100,000.
C. Fontaine, Capital $250,000; Monroe, Capital $100,000.
D. Fontaine, Capital $250,000; Monroe, Capital $155,000.
E. Fontaine, Capital $175,000; Monroe, Capital $155,000.
87. Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $250,000; the partnership assumes responsibility for a $75,000 note secured by a mortgage on the property.Monroe invests $100,000 in cash and equipment that has a market value of $55,000. For the partnership, the amounts recorded for total assets and for total capital account are:
A. Total assets $405,000; total capital $330,000.
B. Total assets $350,000; total capital $350,000.
C. Total assets $350,000; total capital $275,000.
D. Total assets $305,000; total capital $230,000.
E. Total assets $405,000; total capital $305,000.
88. Cox, North, and Lee form a partnership. Cox contributes $180,000, North contributes $150,000, and Lee contributes $270,000. Their partnership agreement calls for the income or loss division to be based on the ratio of capital invested. If the partnership reports income of $150,000 for its first year, what amount of income is credited to Cox’s capital account?
A. $50,000.
B. $64,286.
C. $45,000.
D. $36,000.
E. $60,000.
89. Cox, North, and Lee form a partnership.Cox contributes $180,000, North contributes $150,000, and Lee contributes $270,000. Their partnership agreement calls for the income or loss division to be based on the ratio of capital invested. If the partnership reports income of $150,000 for its first year, what amount of income is credited to Lee’s capital account?
A. $50,000.
B. $67,500.
C. $45,000.
D. $54,000.
E. $60,000.
90. Cox, North, and Lee form a partnership. Cox contributes $180,000, North contributes $150,000, and Lee contributes $270,000. Their partnership agreement calls for a 5% interest allowance on the partner’s capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of $150,000 for its first year, what amount of income is credited to North’s capital account?
A. $50,000.
B. $63,500.
C. $61,500.
D. $47,500.
E. $45,000.
91. Cox, North, and Lee form a partnership. Cox contributes $180,000, North contributes $150,000, and Lee contributes $270,000. Their partnership agreement calls for a 5% interest allowance on the partner’s capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of $174,000 for its first year, what amount of income is credited to Lee’s capital account?
A. $58,000.
B. $57,000.
C. $61,500.
D. $55,500.
E. $48,000.
92. Mace and Bowen are partners and share equally in income or loss. Mace’s current capital balance is $135,000 and Bowen’s is $120,000. Mace and Bowen agree to accept Kent with a 30% interest in the partnership. Kent invests $115,000 in the partnership. The amount credited to Kent’s capital account is:
A. $111,000.
B. $115,000.
C. $92,500.
D. $120,000.
E. $119,000.
93. Mace and Bowen are partners and share equally in income or loss.Mace’s current capital balance is $135,000 and Bowen’s is $120,000.Mace and Bowen agree to accept Kent with a 30% interest in the partnership. Kent invests $115,000 in the partnership. The balances inMace’s and Bowen’s capital accounts after admission of the new partner equal:
A. Mace $135,000; Bowen $120,000.
B. Mace $137,000; Bowen $122,000
C. Mace $133,000; Bowen $118,000.
D. Mace $139,000; Bowen $120,000.
E. Mace $135,000; Bowen $124,000.
94. Peters and Chong are partners and share equally in income or loss. Peters’ current capital balance is $140,000 and Chong’s is $130,000. Peters and Chongagree to accept Aaron with a 30% interest in the partnership. Aaroninvests $98,000 in the partnership. The balances in Peters’s and Chong’s capital accounts after admission of the new partner equal:
A. Peters $140,000; Chong$130,000.
B. Peters$146,200; Chong$136,200.
C. Peters$145,000; Chong$135,000.
D. Peters$133,800; Chong$123,800.
E. Peters$166,027; Chong$156,027.
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more