Holly renfro contributed a patent, accounts receivable, and $20,000 cash to partnership. the patent had a book value of $8,000. however, the technology covered by the patent appeared to have significant market potential. thus, the patent was appraised at $92,000. the accounts receivable control account was $45,000, with an allowance for doubtful accounts of $3,000. the partnership also assumed a $14,000 account payable owed to a renfro supplier. on december 31, provide the journal entry for renfro’s contribution to the partnership. refer to the chart of accounts for exact wording of account titles.

Which of the following statements is true regarding the definition of a fund? a fund is a fiscal entity which is designed to provide reporting that demonstrates conformance with finance-related legal and contractual provisions separately from gaap reporting. a fund exists to assist in carrying on activities and attaining objectives where there are no specific rules or restrictions. a fund is an accounting entity which is designed to enable reporting in conformity with gaap without being restricted by legal or contractual provisions. a fund is a mechanism developed to provide accounting for revenues and expenditures that are subject to certain restrictions separate from revenues and expenditures that are not subject to restrictions.

Hanna intends to give her granddaughter, melodee, her antique hat pin. this heirloom has been kept under lock and key in the wall vault in the library of hanna's house in virginia. the hat pin is currently the only item in the vault. when hanna is visiting melodee in connecticut, hanna gives melodee the only key to the vault. melodee is grateful for the present and excitedly accepts. in this situation has there been a completed gift?

Dyed-denim corporation is seeking to lower the costs of value creation and achieve a low-cost position. as a result, it plans to move its manufacturing plant from the u.s. to thailand, which based on company research, is the optimal location for production. this strategic move will most likely allow the company to realize