The following data as of June 1, 2020 were taken from the records of X:Cash 21,000Accounts Receivable 244,536Inventories 130,035Furniture & Fixtures 60,345Land 613,000Other assets 12,000Accounts Payable 188,940Notes Payable 210,000X, capital 681,.976And the following accounts and balances were taken from the records of Y:Cash P 32,354Accounts Receivable 577,890Inventories 270,102Furniture and Fixtures 44,789Building 438,267Other Assets 13.600Accounts Payable 253,650Notes Payable 355,000Y. capital 768,352X & Y agreed to form a partnership by contributing their respective assets and equities subject tothe following adjustments:a Inventories of P6,500 and P6,700 are worthless in X & Y respective books.b) Accounts Receivable of P25,000 X's book and P30,000 in Ys book are uncollectibleo Other assets of P4,000 and P6,000 in X and Y's respective books are to be written off.How much capital does partner X have?

At the time of formation or investment in partnership firm, all non cash assets invested by the…

X & Y agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a Inventories of P6,500 and P6,700 are worthless in X & Y respective books. b) Accounts Receivable of P25,000 X's book and P3B0,000 in Y's book are uncollectible o Other assets of P4,000 and P6,000 in X and Y's respective books are to be written off. How much capital does partner X have? *

X & Y agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a Inventories of P6,500 and P6,700 are worthless in X & Y respective books. b) Accounts Receivable of P25,000 X's book and P3B0,000 in Y's book are uncollectible o Other assets of P4,000 and P6,000 in X and Y's respective books are to be written off. How much capital does partner X have? *

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 10MC

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- The following data as of June 1, 2020 were taken from the records of X: Cash 21,000 Accouns Receivable 244,536 Inverntories 130,035 Furniture & Fixtures 60,345 Land 613,000 Other assets 12,000 Accounts Payable 188,940 Notes Payable 210,000 X capital 681,976 And the following accounts and balances were taken from the records of Y: Cash P 32,354 Accounts Receivable 577,890 Inventories 270,102 Furniture and Fixtures 44,789 Building 438,267 Other Assets 13,600 Accounts Payable 253,650 Notes Payable 355,000 Y, capital 768,352 X & Y agreed to form a partnership by contributing their respective assets and equities subject to the following adjustments: a) Inventories of P6,500 and P6,700 are worthless inX& Y respective books. b) Accounts Receivable of P25 000 X's book and P30.000 in Ys book are uncollectible c) Other assets of P4,000 and P6,000 in X and Ys resbective books are to be written off. How much is the capital adjustment of partner Y?
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
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