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Question
B. Tanner contributed $14,000 in cash plus office equipment valued at $7,000 to the JT Partnership. The journal entry to record the transaction for the partnership is:
A.
| Cash................................................................................. | 14,000 | |
| Office equipment............................................................. | 7,000 | |
| B. Tanner, Capital...................................................... | 21,000 |
B.
| Cash................................................................................. | 14,000 | |
| Office equipment............................................................. | 7,000 | |
| JT Partnership, Capital...................................................... | 21,000 |
C.
| JT Partnership, Capital...................................................... | 21,000 | |
| B. Tanner, Capital...................................................... | 21,000 |
D.
| Partnership Assets | 21,000 | |
| JT Partnership, Capital.................................................. | 21,000 |
E.
| B. Tanner, Capital.................................................................. | 21,000 | |
| JT Partnership, Capital.................................................. | 21,000 |
Answer
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Related questions
Q:
Periods
12 Percent 1
8929 2
1.6901 3
2.4018 4
3.0373 Assuming all revenue is to be received at the end of each year, what are the net cash flows for this investment if net present value equals ($11,790)?
A. $78,210
B. $10,920
C. $25,750
D. $237,547
E. $33,513
Q:
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B. $(251.52) and Scott would be willing to pay $29,748.48 for the machine.
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E. $900 but Scott would not be willing to acquire the machine.
Q:
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Q:
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Year 3
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i = 10% n = 2
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.8264
.7513 A. $6,217.50
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E. $0.00
Q:
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B. Internal rate of return, payback period, and accounting rate of return.
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Q:
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Q:
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Q:
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Q:
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Q:
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Q:
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Q:
The process of restating future cash flows in terms of their present value is called _____________________.
Q:
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B. A monthly period separated into daily budgets.
C. A quarterly period separated into weekly budgets.
D. An annual period separated into weekly budgets.
E. An annual period separated into quarterly and monthly budgets.
Q:
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A. From the top down.
B. From the bottom up following a participatory process.
C. Solely by the budget committee.
D. By the CEO.
E. After the accounting period has begun.
Q:
Preparing a master budget is usually the responsibility of:
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B. The marketing department.
C. A budget committee.
D. The chief financial officer.
E. Lower level management.
Q:
Part of the cash budget is based on information drawn from the capital expenditures budget.
Q:
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Q:
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Q:
The ______________________________ shows the budgeted costs for direct materials, direct labor, and overhead based on the budgeted production volume from the production budget.
Q:
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May
June
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580
530
600 Ending Raw Materials Inventory
663 lbs. Ending Finished Goods Inventory
174 units Desired ending inventory:
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Finished goods = 20% of next month's sales
Pounds of raw material required for each finished Unit = 5 lbs.
Direct labor hours per unit = 0.5 hrs
Direct labor rate = $12/hour
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Q:
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5,400 5,700 Rent
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40,000 Bank loan payable
16,000 Additional data:
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(3) Operating expenses are paid in the month they are incurred.
(4) A minimum cash balance of $40,000 is required at the end of each month.
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Q:
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B. It is not permitted to be used for financial reporting.
C. It is not permitted to be used for tax reporting.
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E. It requires only variable costs to be treated as product costs.
Q:
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C. Direct materials.
D. Manufacturing overhead.
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Q:
When units produced exceed the units sold, income under absorption costing is higher than income under variable costing.