Question

Terry, Nick, and Frank are forming The Crane Partnership. Terry is transferring $29,500 of personal cash and equipment worth $26,000 to the partnership. Nick owns land worth $18,000 and a small building worth $74,500, which he transfers to the partnership. There is a long-term mortgage of $20,200 on the land and building, which the partnership assumes. Frank transfers cash of $6,400, accounts receivable of $36,800, supplies worth $2,000, and equipment worth $21,300 to the partnership. The partnership expects to collect $31,600 of the accounts receivable.

Prepare a classified balance sheet for the partnership after the partners’ investments on December 31, 2020. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)

THE CRANE PARTNERSHIP Balance Sheet For the Year Ended December 31 , 2020 or For the Quarter Ended December 31 , 2020 or December 31 , 2020
Assets
			$
	$
Add    Less     :
					$
					$
Liabilities and Owners’ Equity
					$
			$
					$

Answer 1

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LIELE CRANE PABINERSHIP Balance sheet December 31, 2020 Assels Current Assets: Cash $ 35,900 Accounts Receivable __ $36, 800 Lesso. Allowance for Doubtful Account (45.200) / $31,600 Supplies $2,000 Total Current Assets $69.500 $ 18,000 $74,500 $ 47, 300 $139,800 I$409,300 Property, plant & Equipment I Land Builling Equipment Total pro panty-plant sequipment Total Assets Liabilities and owner's equity Long term Liabilities mortgage capable mwner's fuity Terry, Capital Nick Capital frank, Capital Total owner's equity $20,000 $55,500 $72 300 $61,300 14189.100 total liabilitis Saunesseguito 14209,300