Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. qais & zaki formed a partnership on february 1

Qais & Zaki formed a partnership on February 10, 2009. Qais contributed cash of $150,000,...

60.1K

Verified Solution

Question

Accounting

Qais & Zaki formed a partnership on February 10, 2009. Qais contributed cash of $150,000, while Zaki contributed inventory with a fair value of $120,000. Due to Qais's expertise in selling, Zaki agreed that Qais should have 60 percent of the total capital of the partnership. Qais and Zaki agreed to recognize goodwill. What is the total capital of the QZ partnership and the capital balance of Zaki after the goodwill is recognized? O a. Total capital $270,000 and Zaki, Capital $162,000 O b. Total capital $300,000 and Zaki, Capital $180,000 Oc. Total capital $450,000 and Zaki, Capital $270,000 O d. Total capital $350,000 and Zaki, Capital $198,000
image
final answer asap
Qais \& Zaki formed a parinership on february 10, 2009, Qais contributed cash of \$150,000, while Zaki contributed inventory with a fair value of opreed to recognize poodwil. What is the fotal capital of the Q2 partnership and the capital balance of zaki affer the goodwill is recognized? a. Total capital $270,000 and Zaki, Capital $162,000 b. Total copital $300,000 and Zoki, Copital $180,000 1.. Totat coptal \$150,000 and Zoki, Copital $270,000 d. Totol copitol $50,000 and Zak, Copitol $198,000

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