Question

Prepare a classified balance sheet for the partnership after the partners’ investments on December 31, 2022. 

THE IVANHOE PARTNERSHIP Balance Sheet choose the accounting period                                                           For the Quarter Ended December 31 , 2022December 31 , 2022For the Year Ended December 31 , 2022
Assets
select an opening name for subsection one                                                           Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owners’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners’ EquityTerry, CapitalNick, CapitalFrank, Capital
enter a balance sheet item			$enter a dollar amount
enter a balance sheet item	$enter a dollar amount
select between addition and deduction                                                           AddLess: enter a balance sheet item	enter a dollar amount		enter a subtotal of the two previous amounts
enter a balance sheet item			enter a dollar amount
select a closing name for subsection one                                                           Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owners’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners’ EquityTerry, CapitalNick, CapitalFrank, Capital					$enter a total amount for subsection one
select an opening name for subsection two                                                           Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owners’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners’ EquityTerry, CapitalNick, CapitalFrank, Capital
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
enter a balance sheet item			enter a dollar amount
select a closing name for subsection two                                                           Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owners’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners’ EquityTerry, CapitalNick, CapitalFrank, Capital					enter a total amount for subsection two
select a closing section name for this part of the balance sheet                                                           Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owners’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners’ EquityTerry, CapitalNick, CapitalFrank, Capital					$enter a total amount for this part of the balance sheet
Liabilities and Owners’ Equity
select an opening subsection name                                                           Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owners’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners’ EquityTerry, CapitalNick, CapitalFrank, Capital
enter a balance sheet item					$enter a dollar amount
select an opening section name                                                           Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owners’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners’ EquityTerry, CapitalNick, CapitalFrank, Capital
select a balance sheet item                                                           Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owners’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners’ EquityTerry, CapitalNick, CapitalFrank, Capital			$enter a dollar amount
select a balance sheet item                                                           Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owners’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners’ EquityTerry, CapitalNick, CapitalFrank, Capital			enter a dollar amount
select a balance sheet item                                                           Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owners’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners’ EquityTerry, CapitalNick, CapitalFrank, Capital			enter a dollar amount
select a closing subsection name                                                           Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owners’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners’ EquityTerry, CapitalNick, CapitalFrank, Capital					enter a subtotal of the three previous amounts
select a closing name for this part of the balance sheet                                                           Current AssetsCurrent LiabilitiesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentOwners’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Owners’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Owners’ EquityTerry, CapitalNick, CapitalFrank, Capital					$enter a total amount for this part of the balance sheet

Answer 1

Answer
	The Sheridan Partnership
	Balance Sheet
	As on December 31, 2020
	Assets	Amount ($)	Amount ($)
	Current Assets
	Cash		36500
	Accounts Receivable	36600
	Less: Provision of Doubtful Debts	-5400	31200
	Supplies		2800
	Property Plan & Equipment
	Land	18000
	Building	75300
	Equipment	47800	141100
	Total Assets		211600
	Liabilities & Owner' Equity	Amount ($)	Amount ($)
	Long Term Liabilities
	Mortgage Payable		19400
	Partners' Capital A/c
	Terry's Capital	54600
	Nick's Capital	73900
	Frank's Capital	63700	192200
	Total Liability and Equity		211600

	Working Note					Amount ($)
		Terry's Capital	Nick's Capital	Frank's Capital	Total Assets	Total Liability
	Cash	29500		7000	36500
	Accounts Receivable	-	-	31200	31200
	Supplies			2800	2800
	Equipment	25100		22700	47800
	Land	-	18000		18000
	Building	-	75300		75300
	Mortgage	-	-19400			19400
	Total Capital	54600	73900	63700	211600	19400

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