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 $6800 and Teresa contributes an additional $3200 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 contributions of $6800 by Jack and $3200 by Teresa will be recorded.
D) 63% of Jack's contribution and 37% of Teresa's contribution will be recorded.
C) Individual contributions of $6800 by Jack and $3200 by Teresa will be recorded.
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Indicate whether the statement is true or false
Silken Corp reported net income of $420,000 for 2014 . Changes occurred in several balance sheet accounts as follows: Equipment ................................. $35,000 increase Accumulated depreciation .................. 56,000 increase Note payable .............................. 42,000 increase Additional information: · During 2014, Silken sold equipment costing $35,000, with accumulated
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