Business, 21.12.2019 04:31 paulonyemakonor549

Griffin and rhodes formed a partnership on january 1, 2009. griffin contributed cash of $120,000 and rhodes contributed land with a fair value of $160,000. the partnership assumed the mortgage on the land which amounted to $40,000 on january 1. rhodes originally paid $90,000 for the land. on july 31, 2009, the partnership sold the land for $190,000. assuming griffin and rhodes share profits and losses equally, how much of the gain from sale of land should be credited to griffin for financial accounting purposes?
a. $0
b. $15,000
c. $35,000
d. $45,000

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 14:40

Which website did you use to find the image you used in your career presentation? complete sentences are not necessary.

Answers: 1

Answer

Business, 22.06.2019 14:20

For the year ended december 31, a company has revenues of $323,000 and expenses of $199,000. the company paid $52,400 in dividends during the year. the balance in the retained earnings account before closing is $87,000. which of the following entries would be used to close the dividends account?

Answers: 3

Answer

Business, 22.06.2019 20:30

1. what is the lowest balance during this period? 2. lily just received her bank statement below. a. what does the bank think her ending balance is? b. how much more does the bank think lily has? c. what transactions are missing? 3. what is the danger of not balancing your bank account? lily’s bank statement deposits: 2/25 $35 2/26 $20 3/1 $256.32 checks: 2/24 ck #301 $25 2/26 #302 $150 debit card: 2/24 american eagle $75.48 2/25 chick fa la $4.67 2/27 mcdonalds $3.56 2/28 chevron $34.76 withdrawal: 2/27 $40 beginning balance $423.34 deposits $311.32 total debits $333.47 ending balance $401.19

Answers: 1

Answer

Business, 22.06.2019 21:30

Abond purchased for $950 was sold for $980 after one year. the interest received during the year is $25. the bond's yield is:

Answers: 1

Answer

You know the right answer?

Griffin and rhodes formed a partnership on january 1, 2009. griffin contributed cash of $120,000 and...

Questions