Below is the journal entry for the requirement: -
Date | Account titles and Explanation | Debit | Credit |
Merchandise Inventory | 97,000 | ||
Furniture and fixtures | 67,000 | ||
Accounts Receivable($57,000 - $8,000) | 49,000 | ||
Accounts payable | 39,000 | ||
Miller's capital | 174,000 | ||
(to record the receipt of the assets and liabilities by the partnership) |
Janice Miller operates a sole proprietorship business that sells camping equipment. On January 1, 2019. Miller...
Terrell Owens operates a small shop that sells fishing equipment. His postclosing trial balance on December 31, 2019. is shown below. Owens plans to enter into a partnership with Cathy Turner, effective January 1, 2020. Profits and losses will be shared equally. Owens is to transfer all assets and liabilities of his store to the partnership after revaluation as agreed. Turner will invest cash equal to Owens's Investment after revaluation. The agreed values are Accounts Receivable (net). $14,200; Merchandise Inventory....
blem 19.1A ctive 19-3 Accounting for formation of a partnership. Jack Tyler operates a store that sells computer software. Tyler has agreed to enter into a part- nership with Oliver Preston, effective January 1, 2019. The new firm will be called Global Computing. Tyler is to transfer all assets and liabilities of his firm to the partnership at the values agreed on. Preston will invest cash that is equal to 75 percent of Tyler's investment after revalu- ation. The accounts...
total equity is owned by Jack Tyler Accounting for formation of a partnership. Terrell Owens operates a small shop that sells fishing equipment. His postclosing trial balance on December 31, 2019, is shown below Problem 19.2A Objective 19-3 GL Owens plans to enter into a partnership with Cathy Turner, effective January 1, 2020. Profits and losses will be shared equally. Owens is to transfer all assets and liabilities of his store to the partnership after revaluation as agreed. Turner will...
acct hw QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship. combines the records of the business with the personal records of the owner. has tax advantage over corporation. is classified as a separate legal entity. QUESTION 3 Retained earnings is part of stockholders' equity is part of assets is part of liabilities is part of common stock QUESTION 4 A payment of a portion of an accounts payable will increase liabilities decrease stockholders' equity....
QUESTION 1 Manuela has worked as an accountant in her own accounting business, a sole proprietorship, for more than seven years. Among the services she offers is tax return filing and personal investment advising. Which of the following is true of Manuela’s business? A. Manuela has little control over the management and operations of her business. B. Manuela has unlimited liability. C. Outside funding for the business has been easy for Manuela to obtain. D. Manuela had varied and complicated...
Please read the article and answer about questions. You and the Law Business and law are inseparable. For B-Money, the two predictably merged when he was negotiat- ing a deal for his tracks. At other times, the merger is unpredictable, like when your business faces an unexpected auto accident, product recall, or government regulation change. In either type of situation, when business owners know the law, they can better protect themselves and sometimes even avoid the problems completely. This chapter...