Ask Question
BusinessBusiness
11 March, 17:00

Ben and Sam Jenkins formed a partnership. Ben contributed $8,000 cash and a used truck that originally cost $35,000 and had accumulated depreciation of $15,000. The truck's fair value was $16,000. Sam, a builder, contributed a new storage garage. His cost of construction was $40,000. The garage has a fair value of $55,000. What is the combined total capital that would be recorded on the partnership books for the two partners?

+5
Answers (1)
  1. 11 March, 20:56
    0
    The combined total capital that would be recorded on the partnership books for the two partners is $79,000

    Explanation:

    Partnership : In partnership, there are two or more members who are called partners which are ready to share the profit or loss percentage according to their agreed ratio

    The combined total capital for both partners is shown below:

    = Contributed cash + truck fair value + garage fair value

    = $8000 + $ 16,000 + $55,000

    = $79,000

    The other cost like purchase price, depreciation, construction cost is irrelevant for computation. Thus, these cost will not be considered.

    Hence, the combined total capital that would be recorded on the partnership books for the two partners is $79,000
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Ben and Sam Jenkins formed a partnership. Ben contributed $8,000 cash and a used truck that originally cost $35,000 and had accumulated ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Hat task can't be performed by using task manager?
Answers (1)
Under the Uniform Commercial Code (UCC), when a buyer agrees to an offer made by a seller, but indicates a desire for a different schedule of delivery or term of payment, such a response is considered to be a rejection of the offer. T/F
Answers (1)
A contract between recreational games & rides, inc., and summer fair corporation includes a provision excluding liability as a result of fraud. this provision is
Answers (1)
Chris plans on saving $4,000 a year at 4 percent interest for five years. Which one of these is the correct formula for computing the future value at Year 5 of these savings
Answers (1)
If two organizations pool markets and expertise that result in lower costs and generate profits it is often referred to as creatingA) a value web. B) a value chain. C) synergies. D) core competencies
Answers (1)
New Questions in Business
Two goods are substitutes when a decrease in the price of one good a. decreases the demand for the other good. b. decreases the quantity demanded of the other good. c. increases the demand for the other good. d.
Answers (1)
How does supply and demand affect prices?
Answers (2)
In accordance with International Financial Reporting Standards (IFRS), which translation combination would be appropriate for a foreign operation whose functional currency is the currency of the host country (foreign currency) ? a.
Answers (1)
Marcia believes that people have an internal set of conditions that are largely responsible for determining their actions in life. Marcia would probably be most affiliated with which school of psychological thought
Answers (1)
Briefly discuss the importance of the project charter, and compare the roles played by the project sponsor and the project manager with respect to the preparation of this document.
Answers (1)
Home » Business » Ben and Sam Jenkins formed a partnership. Ben contributed $8,000 cash and a used truck that originally cost $35,000 and had accumulated depreciation of $15,000. The truck's fair value was $16,000. Sam, a builder, contributed a new storage garage.
Sign Up Forgot Password?