Balance Sheet | ||||
December 31,2020 | ||||
Assets | ||||
Current Assets | ||||
Cash | 37300 | |||
Accounts Receivable | 36600 | |||
Less: Allowance for Doubtful Accounts | 5500 or (5500) | 31100 | ||
Supplies | 4000 | |||
Total Current Assets | 72400 | |||
Property, Plant and Equipment | ||||
Land | 18300 | |||
Buildings | 75700 | |||
Equipment | 45600 | |||
Total Property, Plant and Equipment | 139600 | |||
Total Assets | 212000 | |||
Liabilities and Owner's Equity | ||||
Long term liabilities | ||||
Mortgage payable | 20500 | |||
Owner's Equity | ||||
Terry, Capital | 54500 | =30000+24500 | ||
Nick, Capital | 73500 | =18300+75700-20500 | ||
Frank, Capital | 63500 | =7300+31100+4000+21100 | ||
Total Owner's Equity | 191500 | |||
Total Liabilities and Owner's Equity | 212000 |
*Exercise 12-07 Your answer is partially correct. Try again. Terry, Nick, and Frank are forming The...
Terry, Nick, and Frank are forming The Sunland Partnership. Terry is transferring $30,300 of personal cash and equipment worth $25,400 to the partnership. Nick owns land worth $17,700 and a small building worth $75,700, which he transfers to the partnership. There is a long-term mortgage of $20,500 on the land and building, which the partnership assumes. Frank transfers cash of $6,300, accounts receivable of $35,500, supplies worth $3,300, and equipment worth $22,900 to the partnership. The partnership expects to collect...
Terry, Nick, and Frank are forming The Blossom Partnership. Terry is transferring $30,100 of personal cash and equipment worth $25,600 to the partnership. Nick owns land worth $17,300 and a small building worth $74,800, which he transfers to the partnership. There is a long-term mortgage of $20,700 on the land and building, which the partnership assumes. Frank transfers cash of $6,400, accounts receivable of $36,200, supplies worth $2,200, and equipment worth $22,500 to the partnership. The partnership expects to collect...
Exercise 12-07 Terry, Nick, and Frank are forming the bossen Partnership Terry is transferring 129.000 personal cash and equiment worth $24,000 to the partnership Nick owns and worth $17.000 and a small building worth $74,000, which he transfers to partner. There is a long-term mortgage of $19,000 on the land and building, which the other assumes Frank transfers cash of $5,000, accounts receivable of $35,000, supplies worth $2,000, and equipment worth $21,000 to the partner Barthe expects to collect $31.000...
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...
CALCULATOR FULL SCREEN PRINTER VERSION BACK Y. Nick, and Frank are forming The Sunland Partnership. Terry is transferring $30,300 of personal cash and equipment worth $25,400 to the partnership. Nick owns land worth $17,700 and a small building worth $75,700, which he transfers to the partnership. There is a long-term mortgage of $20,500 on the land and building, which the partnership assumes. Frank transfers cash of $6,300, accounts receivable of $35,500, supplies worth $3,300, and equipment worth $22,900 to the...
dance E12-7 Terry, Nick, and Frank are forming The Doctor Partnership. Terry is transferring $30,000 of personal cash and equipment worth $25,000 to the partnership. Nick owns land worth $28,000 and a small building worth $75,000, which he transfers to the partnership. There is a long-term mortgage of $20,000 on the land and building, which the partnership assumes. Frank transfers cash of $7,000, accounts receivable of $36,000, supplies worth $3,000, and equipment worth $27,000 to the partnership. The partnership expects...
Exercise 12-02 a-b (Part Level Submission) (Video) K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $53,900 of personal cash to the partnership. Rosen owns land worth $17,300 and a small building worth $78,600, which she transfers to the partnership. Toso transfers to the partnership cash of $13,300, accounts receivable of $35,600, and equipment worth $21,200. The partnership expects to collect $32,040 of the accounts receivable. (a) Prepare the journal entries to record each of...
Problem 5-2 Your answer is partially correct. Try again. Presented below are a number of balance sheet items for Whispering, Inc., for the current year, 2017. Goodwill Payroll Taxes Payable Bonds payable Discount on bonds payable Cash Land Notes receivable Notes payable (to banks) Accounts payable Retained earnings Income taxes receivable Notes payable (long-term) $ 126,320 Accumulated Depreciation Equipment 178,911 Inventory 301,320 Rent payable (short-term) 15,490 Income taxes payable 361,320 Rent payable (long-term) 481,320 Common stock, $1 par value 447,020...
Exercise 2-07 Your answer is partially correct. Try again. Suppose the following items were taken from the 2022 financial statements of Texas Instruments, Inc. (All dollars are in millions.) Common stock Prepaid rent Equipment Stock investments (long-term) Debt investments (short-term) Income taxes payable Cash $3,420 Accumulated depreciation-equipment $2,690 175 Accounts payable 1,080 6,110 Patents 2,120 670 Notes payable (long-term) 850 1,680 Retained earnings 160 Accounts receivable 1,740 1,060 Inventory 1,020 6,375 TEXAS INSTRUMENTS, INC. Balance Sheet December 31, 203 (in...
Exercise 16-5 Your answer is partially correct. Try again. Following is the balance sheet of the BDO Partnership: Cash $12,000 Liabilities $12,000 Accounts Receivable 41,000 Brink, Capital 47,000 Inventory 28,000 Davis, Capital 25,000 Equipment 58,000 Olsen, Capital 55,000 $139,000 $139,000 The partners share income 40:40:20, respectively. Assume that 70% of the receivables are collected and that inventory with a book value of $14,000 is sold for $10,000. All cash available at this time is to be distributed. Determine the proper...