Question

gaodun on april 30, 20x1, algee, belger, and ceda formed a partnership by combining their separate business proprietorships. algee contributed cash of $50,000. belger contributed property with a $36,000 carrying amount, a $40,000 original cost, and $80,000 fair value. the partnership accepted responsibility for the $35,000 mortgage attached to the property. ceda contributed equipment with a $30,000 carrying amount, a $75,000 original cost, and $55,000 fair value. the partnership agreement specifies that profits and losses are to be shared equally but is silent regarding capital contributions. which partner has the largest april 30, 20x1, capital account balance?

Answer 1

The largest capital account balance was by Ceda. Ceda contributed most at $55,000.

Ceda contributed 55,000 fair value

Algee contributed 50,000 cash

Belger using (fair value - mortgage) contributed

(80,000 - 35,000) = 45,000

Therefore, Ceda contributed the most at 55,000

An agreement between two or more people to manage a firm and distribute its assets and liabilities is known as a partnership. Assets and liabilities are distributed equally among all partners in a general partnership corporation. One benefit of cooperation is that two or more minds are superior to one. Your company has low startup expenses and is simple to operate. The business has access to extra funding. As we carry out our duties, make plans for the future, and increase our knowledge of products, developments, and trends, business partner partnerships act as crucial connectors and resources. When a product or service evolves or when a new product or service is required, building relationships with potential business partners may be advantageous.

To learn more about partnership: https://brainly.com/question/14034519

#SPJ4