Penner and Torres decide to merge their proprietorships into a partnership called Pentor Company. The balance...
Penner and Torres decide to merge their proprietorships into a partnership called Pentor Company. The balance sheet of Torres Co. shows: Accounts receivable $32,000 Less: Allowance for doubtful accounts 2,400 $29,600 Equipment 88,000 Less: Accumulated depreciation—equip. 30,800 57,200 The partners agree that the net realizable value of the receivables is $26,880 and that the fair value of the equipment is $48,400. Indicate how the accounts should appear in the opening balance sheet of the partnership.
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Penner and Torres decide to merge their proprietorships into a
partnership called Pentor Company. The balance...
1. Jim Steele and John Rich operate separate auto repair shops as proprietorships. On January...
1. Jim Steele and John Rich operate separate auto repair shops as proprietorships. On January 1, 2019, they decide to combine their separate businesses to form Steele Rich Auto Repair, a partnership. Information from their separate balance sheets is presented below: Steele Auto Repair Rich Auto Repair Cash................................................................................ $ 5,000 $10,000 Accounts receivable......................................................... 8,000 5,000 Allowance for doubtful accounts...................................... 1,000 500 Accounts payable............................................................. 3,000 6,000 Notes payable.................................................................. — 5,000 Salaries payable............................................................... 1,000 500 Equipment...................................................................... 12,000 26,000 Accumulated depreciation—equipment........................... 2,000 4,000 It is agreed that the expected realizable value of Steele's accounts receivable is $5,000 and Rich's receivables...
Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The...
Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet information is provided by Derr from his sole proprietorship. 5 1.000 3,000 1 Cash 2 Supplies 3 Equipment 4 Less: Accumulated depreciation Is Land 6 Total assets Accounts payable Notes payable Total liabilities 4.500 2.100 7,600 Equip 2.100 M. Dern Capital Total liabilities and equity S10.000 The new partners obtain appraised values and agree to recept the book values for Derr's...
The following balance sheet was prepared by the bookkeeper for Perry Company as of December 31,...
The following balance sheet was prepared by the bookkeeper for Perry Company as of December 31, 2020. Balance Sheet as of December 31, 2020 $ 75,000 107,200 219,900 Cash $80,000 Current Liabilities Accounts Receivable (net) 53,600 Long-term Liabilities Inventories 57,000 Stockholder's Equity Prepaid Insurance 7,200 Long-Term Investments 76,300 Equipment (net) 96,000 Intangibles 32,000 TOTAL ASSETS (NET) $402,100 TOTAL LIAB & SHE The following additional information is provided: $402,100 1. Cash includes the cash surrender value of a life insurance policy...
Kimberly Payne and Arionna Maples decide to form a partnership by combining the assets of their...
Kimberly Payne and Arionna Maples decide to form a partnership by combining the assets of their separate businesses. Payne contributes the following assets to the partnership: cash, $22,420; accounts receivable with a face amount of $148,390 and an allowance for doubtful accounts of $4,620; merchandise inventory with a cost of $84,200; and equipment with a cost of $146,270 and accumulated depreciation of $45,790. The partners agree that $5,580 of the accounts receivable are completely worthless and are not to be...
please help with both parts. someone else may know it. 14.12 Retirement Effects on Partnership Balance...
please help with both parts.
someone else may know it.
14.12 Retirement Effects on Partnership Balance Sheet and Income Urban Tech is a na providing technology services to local businesses. Its balance sheet is as follows: Cash... Receivables ............... Supplies ............ Equipment, net......... Building, net.......... Land. $ 340,000 100,000 25,000 450,000 975,000 300,000 $2,190,000 Accounts payable........... Loans payable ..... Lopez, capital. Martinez, capital..... Nunez, capital. ....... $ 125,000 500,000 90,000 650,000 825,000 Total assets .......... Total liabilities and capital .......
E5-5 (L03) (Preparation of a Corrected Balance Sheet) Uhura Company has decided to expand its operations....
E5-5 (L03) (Preparation of a Corrected Balance Sheet) Uhura Company has decided to expand its operations. The book keeper recently completed the balance sheet presented below in order to obtain additional funds for expansion 242 Chapter 5 Balance Sheet and Statement of Cash Flows UHURA COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017 $230,000 30. 400.00 140,000 520,000 160,000 175,000 0.00 90.000 12.000 Current assets Cash Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (trading at cost (fair value $120,000) Property,...
Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet information is provided by Derr from his sole proprietorship. 5 1.000 3,000 1 Cash 2 Supplies 3 Equipment 4 Less: Accumulated depreciation Is Land 6 Total assets Accounts payable Notes payable Total liabilities 4.500 2.100 7,600 Equip 2.100 M. Dern Capital Total liabilities and equity S10.000 The new partners obtain appraised values and agree to recept the book values for Derr's...
The following balance sheet was prepared by the bookkeeper for Perry Company as of December 31, 2020. Balance Sheet as of December 31, 2020 $ 75,000 107,200 219,900 Cash $80,000 Current Liabilities Accounts Receivable (net) 53,600 Long-term Liabilities Inventories 57,000 Stockholder's Equity Prepaid Insurance 7,200 Long-Term Investments 76,300 Equipment (net) 96,000 Intangibles 32,000 TOTAL ASSETS (NET) $402,100 TOTAL LIAB & SHE The following additional information is provided: $402,100 1. Cash includes the cash surrender value of a life insurance policy...
please help with both parts.
someone else may know it.
14.12 Retirement Effects on Partnership Balance Sheet and Income Urban Tech is a na providing technology services to local businesses. Its balance sheet is as follows: Cash... Receivables ............... Supplies ............ Equipment, net......... Building, net.......... Land. $ 340,000 100,000 25,000 450,000 975,000 300,000 $2,190,000 Accounts payable........... Loans payable ..... Lopez, capital. Martinez, capital..... Nunez, capital. ....... $ 125,000 500,000 90,000 650,000 825,000 Total assets .......... Total liabilities and capital .......
E5-5 (L03) (Preparation of a Corrected Balance Sheet) Uhura Company has decided to expand its operations. The book keeper recently completed the balance sheet presented below in order to obtain additional funds for expansion 242 Chapter 5 Balance Sheet and Statement of Cash Flows UHURA COMPANY BALANCE SHEET FOR THE YEAR ENDED 2017 $230,000 30. 400.00 140,000 520,000 160,000 175,000 0.00 90.000 12.000 Current assets Cash Accounts receivable (net) Inventory (lower-of-average-cost-or-market) Equity investments (trading at cost (fair value $120,000) Property,...
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