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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 $193,000 and accumulated depreciation of $103,000. The partners agree that the equipment is to be priced at $90,000, that $3,100 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,300 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Fallows contributes cash of $28,700 and merchandise inventory of $56,000. The partners agree that the merchandise inventory is to be priced at $60,500.
Journalize the entries to record in the partnership accounts (a) Barton's investment and (b) Fallows' investment. If an amount box does not require an entry, leave it blank or enter "0".
address in a conceptual manner how the deduction, assuming it is available, is calculated. At a minimum you should consult the following sources.
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The computer workstation furniture manufacturing that Santana Rey started January is progressing well. As of the end of June, Business Solutions' job cost sheets show the following total costs accumulated on three furniture jobs.
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