Fontaine and Monroe Are Forming a Partnership

question 4

Multiple Choice

Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value of $250,000; the partnership assumes responsibility for a $75,000 note secured by a mortgage on the property. Monroe invests $100,000 in cash and equipment that has a market value of $55,000.
- For the partnership, the amounts recorded for Fontaine's Capital account and for Monroe's Capital account are:

• A) Fontaine, Capital $175,000; Monroe, Capital $45,000.
• B) Fontaine, Capital $250,000; Monroe, Capital $100,000.
• C) Fontaine, Capital $0; Monroe, Capital $100,000.
• D) Fontaine, Capital $250,000; Monroe, Capital $155,000.
• E) Fontaine, Capital $175,000; Monroe, Capital $155,000.

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Definitions:

Variable++

Variable++ denotes the increment operator in programming languages like C and C++, which increases the value of the variable by one.

Cast Operator

A unary operator that forces one data type to be converted into another data type.

Assignment Operator

In programming, an operator that assigns a value to a variable, commonly represented by the "=" symbol.

Lvalue

A location value, representing an object that occupies some identifiable location in memory (such as a variable), which can be assigned a value.