On Oct. 31, 2019, Apalisoc and Tuddao agreed to combine their proprietorships as a3partnership. Their statements of financial position are as follows:Apalisoc's BusinessTuddao's BusinessВokCurrentВookCurrentAssetsValueMarket ValueValueMarketValueP 37,000P 37,000P 80,000P 80,00080,000340,000535,000CashAccounts Receivable (net)InventoryProperty and Equipment (net)220,000510,000202,000460,0001,235,00063,000351,0001,218,000574,000P1,985,000P1,934,000 P1,035,000P1,068,000Total AssetsLiabilities and CapitalP 236,000P 91,000P 236,00022,000P91,000Accounts PayableAccrued ExpensesNotes PayableApalisoc, CapitalTuddao, CapitalTotal Liabilities & Capital22,000750,00014,00014,000750,000977,000930,000P1,985,000P1,934,000 P1,035,000P1,068,000Required:1. Record the partnership formation.2. Prepare the partnership's statement of financial position as at Oct. 31, 2019.

There are different partnership accounts.

On Oct. 31, 2019, Apalisoc and Tuddao agreed to combine their proprietorships as a 3 partnership. Their statements of financial position are as follows: Apalisoc's Business Tuddao's Business Вook Current Book Current Assets Value Market Value Value Market Value P 80,000 63,000 351,000 P 37,000 P 80,000 P 37,000 220,000 Cash 202,000 460,000 1,235,000 P1,934,000 P1,035,000 80,000 340,000 535,000 Accounts Receivable (net) Inventory Property and Equipment (net) 510,000 1,218,000 574,000 P1,068,000 Total Assets P1,985,000 Liabilities and Capital P 236,000 P 91,000 P 236,000 22,000 750,000 P 91,000 14,000 Accounts Payable Accrued Expenses Notes Payable Apalisoc, Capital Tuddao, Capital Total Liabilities & Capital 14,000 22,000 750,000 977,000 930,000 P1,934,000 P1,035,000 P1,068,000 P1,985,000 Required: 1, Record the partnership formation. 2. Prepare the partnership's statement of financial position as at Oct. 31, 2019.

On Oct. 31, 2019, Apalisoc and Tuddao agreed to combine their proprietorships as a 3 partnership. Their statements of financial position are as follows: Apalisoc's Business Tuddao's Business Вook Current Book Current Assets Value Market Value Value Market Value P 80,000 63,000 351,000 P 37,000 P 80,000 P 37,000 220,000 Cash 202,000 460,000 1,235,000 P1,934,000 P1,035,000 80,000 340,000 535,000 Accounts Receivable (net) Inventory Property and Equipment (net) 510,000 1,218,000 574,000 P1,068,000 Total Assets P1,985,000 Liabilities and Capital P 236,000 P 91,000 P 236,000 22,000 750,000 P 91,000 14,000 Accounts Payable Accrued Expenses Notes Payable Apalisoc, Capital Tuddao, Capital Total Liabilities & Capital 14,000 22,000 750,000 977,000 930,000 P1,934,000 P1,035,000 P1,068,000 P1,985,000 Required: 1, Record the partnership formation. 2. Prepare the partnership's statement of financial position as at Oct. 31, 2019.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 18E

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