Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 6.00

partnership’s formation

Roberts and Smith drafted a partnership agreement that lists the following assets contributed at the partnership’s formation:

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Contributed by
 

Roberts

Smith

Cash

$20,000

$30,000

Inventory

--

15,000

Building

--

40,000

Furniture & equipment

15,000

--

The building is subject to a mortgage of $10,000, which the partnership has assumed. The partnership agreement also specifies that profits and losses are to be distributed evenly. What amounts should be recorded as capital for Roberts and Smith at the formation of the partnership?

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Roberts

Smith

a.

$35,000

$85,000

b.

$35,000

$75,000

c.

$55,000

$55,000

d.

$60,000

$60,000

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 08:07 PM My Price 6.00

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