Edwin and Darren Have Decided to Form a Partnership

question 2

Multiple Choice

Edwin and Darren have decided to form a partnership.Edwin contributes $80,000 cash and merchandise inventory with a current market value of $17,000.Darren contributes $2,400 cash and office furniture with a current market value of $3,200.When journalizing this transaction ________.

• A)Office Furniture will be debited for $1,070
• B)Office Furniture will be credited for $3,200
• C)Office Furniture will be debited for $3,200
• D)Office Furniture will be credited for $1,070

---

Definitions:

Standard Deviation

An indicator showing how much a group of values diverges or spreads out.

Finite Population Correction Factor

A factor applied to the calculation of standard errors when sampling from a finite population to adjust for the sample size relative to the population size.

Sample Mean

The average value obtained from a sample, a subset of a larger population.

Population Mean

The average of a set of values in the entire population.