Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. max, jones and waters shared profits and losses 20

Max, Jones and Waters shared profits and losses 20%, 40%, and 40% respectively and their...

50.1K

Verified Solution

Question

Accounting

Max, Jones and Waters shared profits and losses 20%, 40%, and 40% respectively and their partnership capital balance is $10,000, $30,000 and $50,000 respectively. Max has decided to withdraw from the partnership. An appraisal of the business and its property estimates the fair value to be $200,000. Land with a book value of $30,000 has a fair value of $45,000. Max has agreed to receive $20,000 in exchange for her partnership interest after revaluation. At what amount should land be recorded on the partnership books?

$20,000.

$30,000.

$45,000. .

$50,000.

$200,000.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Two chemicals are present in the same sample, where compound A is the analyte of interest...

Psychology
1.2K views

Are individuals who use social networking sites displaying traits of narcissism? Is this a developmental stage...

Biology
1.2K views

What are examples of fungal virulence factors O Aflatoxin Gliotoxin Elastase Catalase O All are...

Physics
1.2K views

A lens of focal length f 40 cm is cut along the diameter into two...

Physics
1.2K views

The two plates of a parallel plate capacitor of capacitance C carry total charge Qand...

Geometry
1.2K views

4 a Draw the area 9x y 9z 18x 4y 18z 32 0 b In...

Basic Math
1.2K views

11A 5-foot ladder is leaning against a vertical wall. If the bottom of the ladder...

Statistics
1.2K views

A psychologist determined that the number of sessions required to obtain the trust of a...

Statistics
1.2K views

Solve for c 12c 240 Oc 20 Oc 20 Oc 20 Oc 20

Accounting
1.2K views

Below are the accounts shown in the December 31, 2020 trial balance of ABC Corporation:...

Accounting
1.2K views

Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance...

Accounting
1.2K views

Qu asiento de diario refleja la siguiente transaccin?: BOC compr un edificio de $300,000...