Jack holds an ownership interest of 63% and Teresa holds an ownership interest of 37% in the J and T Partnership.This year,in order to further develop the business,Jack contributes an additional $6,800 and Teresa contributes an additional $3,200 to the partnership.Which of the following is true of this scenario?
A) Either the total contribution of $10,000 or the contribution in relationship to the ownership interest ratio will be recorded.
B) Only the total contribution of $10,000 will be recorded.
C) Individual contribution of $6,800 by Jack and $3,200 by Teresa will be recorded.
D) 63% of Jack's contribution and 37% of Teresa's contribution will be recorded.
Correct Answer:
Verified
Q32: A _ is a form of business
Q39: Which of the following is an advantage
Q41: Sasha and Michelle form a partnership.Sasha contributes
Q43: In their business partnership,George has an ownership
Q44: An asset received from a partner as
Q46: Steve owns 64% and Mark owns 36%
Q47: The financial statements of a partnership are
Q48: Which of the following is true of
Q56: If a partner's capital account is credited
Q58: The statement of partners' equity shows the
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents