Decide to merge their proprietorships into partnerships

Assignment Help Financial Accounting
Reference no: EM131247777

Penner and torres decide to merge their proprietorships into partnerships called pent or company. the balance sheet of torees co. shows accounts receivable $16,000 less : allowance for doubtful accounts 1,200 14,800 equitment 20,000 less:accumulated depreciation equip 7,000 13,000 the partners agree that the net realizable 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 balance sheet of the partnership.

Reference no: EM131247777

Questions Cloud

How are companies coming up with strategies to exploit : Along with providing your example, please answer the following question: How are companies coming up with strategies to exploit and benefit from the new era of digitalization
Activity-based costing uses : Activity-based costing uses. Hemingway's Hot Dogs sell for $2.00 each. The hot dogs cost Hemingway $0.95 and commissions are $0.15 per hot dog. How many dogs must Hemingway sell if his fixed costs for the stand and rent are $3,500?
Write the java file to define a class named account : Write the Java file to define a class named Account. This class will be used to track auser account for a members only website. Think about what attributes are needed. You can use your own web accounts (like onlinegaming accounts and Facebook) as ..
Key responsibilities of certified management accountants : Compare and contrast the key responsibilities of certified management accountants and certified public accountants. Select the career path that you plan to pursue, and explain why you chose that path.
Decide to merge their proprietorships into partnerships : Penner and torres decide to merge their proprietorships into partnerships called pent or company. the balance sheet of torees co. shows accounts receivable $16,000 less : allowance for doubtful accounts 1,200 14,800 equitment 20,000 less:accumulated ..
Draw systems diagram and process flow diagram : Derive data needs for the various processes in the PFD using SIPOC and Draw systems diagram and process flow diagram for existing business processes
Stock price in six years if p-e ratio remained unchanged : Kellogg Co. (K) recently earned a profit of $2.92 earnings per share and has a P/E ratio of 19.70. The dividend has been growing at a 7 percent rate over the past few years. If this growth rate continues, what would be the stock price in six years if..
How have san array controllers become smarter over time : How have SAN array controllers become "smarter" over time? What technological progress allowed operating system virtualization software -- like VMware -- to become a practical option for use in corporate data centers?
Find 2 videos that contain speeches made by osama bin laden : What have you understood to be bin Laden's stated goals in the tapes? How do you perceive the emotions that they are meant to arouse in the listener?

Reviews

Write a Review

 

Financial Accounting Questions & Answers

  Multiple choice question based on cash flow

multiple choice question based on cash flow statement.1.miller company purchased treasury stock with a cost of 15000

  What is the revaluation model of accounting

Intangible assets acquired via a separate acquisition are always recognised - how is an intangible asset acquired as part of a business combination measured for initial recognition? Why?

  Preferred stock pays-diluted earnings per share

DiCenta Corporation reported net income of $287,000 in 2014 and had 51,800 shares of common stock outstanding throughout the year. Also outstanding all year were 5,520 shares of cumulative preferred stock, each convertible into 2 shares of common. Th..

  Special order-short-run pricing

Special order, short-run pricing. Slugger Corporation produces baseball bats for kids that it sells for $36 each. At capacity, the company can produce 50,000 bats a year. Suppose Slugger is currently producing and selling 40,000 bats. At this level o..

  Units completed and transferred out during the period

Maxwell company had the following data for the current fiscal period. units in process at the beginning of the month 12000 units in process at the end of the month 8000 units started during the month 40000. Materials are added at the beginning of the..

  Cash basis to the accrual basis

A company switched from the cash basis to the accrual basis for recognizing warranty expense. The unrecorded liability for warranties was $2.1 million at the beginning of the year. Its tax rate is 35%. The company booked a year-end warranty liability..

  What is the monthly total cost equation

razier Manufacturing Company collected the following production data for the past month:- If the high-low method is used, what is the monthly total cost equation?

  Bad debt expense is recorded at year-end

Which of the following is correct when bad debt expense is recorded at year-end?

  Distinguish between assurance and attestation services

Audits typically consist of three phases: Planning; Fieldwork; Reporting. Describe activities that accompany each phase. Distinguish between Assurance and Attestation Services. What is a Peer Review and how and when are they performed? Why does gover..

  Prepare cash budget for three-month period ending december

Prepare a cash budget for the three-month period ending December 31. Include the detailed budgets: A sales budget, by month and in total. A schedule of expected cash collections from sales, by month and in total.

  Find the net cash flow provided by operating activities

Finding the Net cash flow provided by operating activities

  Prepare cost of goods manufactured statement

Cost data for T. Clark Manufacturing Company for the month ending April 30, 2008, are as follows: Prepare a cost of goods manufactured statement for April 2008. Determine the cost of goods sold for April 2008.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd