Penner and Torres decide to merge their proprietorships into a partnership called OrioleCompany. The balance sheet of Torres Co. shows:Accounts receivable $22,000Less: Allowance for doubtful accounts 1,540 $20,460Equipment 36,000Less: Accumulated depreciation—equip. 12,600 23,400The partners agree that the net realizable value of the receivables is $18,480 and that the fairvalue of the equipment is $19,800. Indicate how the accounts should appear in the openingbalance sheet of the partnership.Oriole Company.Balance Sheet (Partial
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Penner and Torres decide to merge their proprietorships into a
Company. The
Accounts receivable $22,000
Less: Allowance for doubtful accounts 1,540 $20,460
Equipment 36,000
Less:
The partners agree that the net realizable value of the receivables is $18,480 and that the fair
value of the equipment is $19,800. Indicate how the accounts should appear in the opening
balance sheet of the partnership.
Oriole Company.
Balance Sheet (Partial
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- Yin and Yang decide to merge their proprieorships into a partnership called YY Company. The statement of financial position of YY Co. shows (amounts in thousand) Account receivable 16,000 Less: Allowance for doubtful accounts 1,200 Equipment 20,000 Less: Accumulated depreciation - equip. 7,000 The partners agree that the net relizable value of the receivables is 14,500 and that the fair value of the equipment is 11,000. Indicate how the accounts should appear in the opening statement of financial position of the partnership.Penner and Torres decide to merge their proprietorships into a partnership called Sunland Company. The balance sheet of Torres Co. shows: Accounts receivable Less: Allowance for doubtful accounts Equipment Less: Accumulated depreciation-equip. $22,000 : 1,540 34,000 11,900 $20,460 22,100 The partners agree that the net realizable value of the receivables is $18,480 and that the fair value of the equipment is $18,700. Indicate how the accounts should appear in the opening balance sheet of the partnership. Sunland Company. Balance Sheet (Partial) $ LAPenner and Torres decide to merge their proprietorships into a partnership called Crane Company. The balance sheet of Torres Co. shows: Accounts receivable Less: Allowance for doubtful accounts Equipment Less: Accumulated depreciation-equip. Accounts Receivable $17,000 Less : Allowance for Doubtful Accounts Equipment 1,190 37,000 12,950 The partners agree that the net realizable value of the receivables is $14,280 and that the fair value of the equipment is $20,350. Indicate how the accounts should appear in the opening balance sheet of the partnership. $15,810 24,050 Crane Company. Balance Sheet (Partial) 17,000 12,950 $ 24,050 20,350
- Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivable with a face amount of $47,000 and equipment with a cost of $193,000 and accumulated depreciation of $101,000. The partners agree that the equipment is to be valued at $86,000, that $3,700 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,400 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Fallows contributes cash of $28,300 and merchandise inventory of $56,000. The partners agree that the merchandise inventory is to be valued at $60,500. Journalize the entries to record in the partnership accounts (a) Barton's investment and (b) Fallows's investment. If an amount box does not require an entry, leave it blank. (a) fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6 fill in the blank 8 fill in the blank 9…Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivable with a face amount of $46,000 and equipment with a cost of $186,000 and accumulated depreciation of $101,000. The partners agree that the equipment is to be valued at $83,000, that $3,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,200 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Fallows contributes cash of $28,300 and merchandise inventory of $56,000. The partners agree that the merchandise inventory is to be valued at $60,500. Journalize the entries in the partnership accounts for (a) Barton's investment and (b) Fallows's investment. If an amount box does not require an entry, leave it blank. a.Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivable with a face amount of $48,000 and equipment with a cost of $72,000 and accumulated depreciation of $46,500. The partners agree that the equipment is to be priced at $37,500, that $4,400 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,800 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Fallows contributes cash of $27,500 and merchandise inventory of $58,000. The partners agree that the merchandise inventory is to be priced at $47,000. Journalize the entries to record in the partnership accounts (a) Barton's investment and (b) Fallows' investment. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BI U S Paragraph Arial 10pt :3 Ev A A Ix Q 3 d ... 흥공 EE X² X₂ ள ள + ABC ✓ ✓ ¶T 8. 門国 图 † {} © Ⓒ 5* + 99 Ω Ⓒ 田く Table A A
- On June 1, 20x10, HEAD and ACHE decided to form a partnership contributing their existing businesses. The following is taken form their trial balance: HEAD ACHE Cash 250,000 150,000 Receivables (net) 100,000 80,000 Inventory 125,000 150,000 500,000 400,000 Fixed Assets (net) Liabilities 250,000 250,000 The partners agreed on the following: 1. P50,000 of HEAD'S cash represents converted foreign currencies amounting to FC1,000 on December 31, 20x9. The current spot rate of FC1 is equivalent to P53. 2. The receivables of HEAD and ACHE, currently have a net realizable value of 80% it is agreed that their net realizable value must be adjusted to 75%. 3. HEAD's inventory has a NRV of P140,000 and could be currently sold for P200,000. HEAD's machine was purchased last year with a 5-year life. It's estimated current value is 90% of its cost. 5. ACHE's fixed asset has an 80% condition percentage. If bought brand new, its price would be P550,000. 6. The partners are to share in profits and…On June 1, 20x10, HEAD and ACHE decided to form a partnership contributing their existing businesses. The following is taken form their trial balance: HEAD ACHE Cash 150,000 250,000 100,000 Receivables (net) 80,000 Inventory 125,000 150,000 500,000 400,000 Fixed Assets (net) Liabilities 250,000 250,000 The partners agreed on the following: 1. P50,000 of HEAD'S cash represents converted foreign currencies amounting to FC1, 000 on December 31, 20x9. The current spot rate of FC1 is equivalent to P53. 2. The receivables of HEAD and ACHE, currently have a net realizable value of 80% it is agreed that their net realizable value must be adjusted to 75%. HEAD's inventory has a NRV of P140,000 and could be currently sold for P200,000. 3. life. It's estimated HEAD's machine was purchased last year with a 5-year current value is 90% of its cost. 5. ACHE's fixed asset has an 80% condition percentage. If bought brand new, its price would be P550,000. 6. The partners are to share in profits and…On February 14, AA and BB formed a partnership and contributed the following assets at historical costs: AA BB Cash P600,000 P200,000 Inventories ? ? Furniture and fixtures 40,000 Delivery equipment 80,000 Land 300,000 The land was subject to a mortgage which has an unpaid balance of P50,000. The mortgage will be assumed by the partnership. AA and BB agreed to share profits and losses in the ratio of 1:2, respectively. The partners agreed to contribute inventories (BB is to contribute inventories worth 2.5 times the peso value of the inventories to be contributed by AA) in order to have their capital credits in the same ratio as their profits and losses ratio. How much is the capital account of AA upon formation of the partnership?
- The notes payable amount for Trent and Dana’s company totaled $55,000, and the accounts payable totaled $59,000. The total sale of noncash assets realized a gain of $7,400. If the partnership pays in full, how much will their creditors be paid? 1.$120,600 2.$106,600 3.$66,400 4.$114,000Raúl and Rigoberto decide to form a partnership combining the assets of their own businesses. Raúl contributes with the following assets: Cash $ 20,000 Accounts receivable 170,000 Allow For doubtful account -10,500 Inventory 150,000 Equipment (cost) 200,000 Accumm Depreciation -155,000 The partners agreed: -Do not accept $ 5,000 from accounts receivable as they have no value (“worthless”). -That $ 12,500 is a reasonable provision (‘allowance”) for uncollectible accounts. -That the inventory must be recorded at its current market value of $ 122,000. -That the equipment should be valued at $ 63,500. Required: Record the journal entry for Raúl's investment.Dallas and Weiss formed a partnership to manage rental properties, by investing $207,000 and $243,000, respectively. During its first year, the partnership recorded profit of $551,000. Required: Prepare calculations showing how the profit should be allocated to the partners under each of the following plans for sharing profit and losses: a. The partners failed to agree on a method of sharing profit. Profit > Answer is complete but not entirely correct. Share to Dallas Share to Weiss $ 306,000 $ 245,000 $ 551,000 Total
