Prepare a statement of financial position

Reference no: EM13168886

Commencement of business

1. What date did business commence?

2. Work out how much it will cost to commence business.

3. The capital to start business must come from the partners. Work out how much each partner is contributing (REALISTIC NUMBERS, REMEMBER IT'S A JUICE BAR BUSINESS). Write the details of each partner's contribution in narrative form. At least one of the partners must have contributed more than just cash. If other assets are introduced, they must be realistic. Explain where they came from if necessary.

2. Prepare general journal entries to account for the capital contributed by the partners. Include narrations.

3. Prepare a statement of financial position on the day of formation.

Reference no: EM13168886

Questions Cloud

Determine the ratio of water to copper sulfate : a mass of 2.50 g of hydrated copper sulfate is placed in a crcible and heated. on heating, 1.59 g of white anhydrous copper sulfate is left behind. determine the ratio of water to copper sulfate.

Prepare journal entries to close the drawings accounts : Prepare a worksheet to show the calculation of the new partner's capital and any bonus to or from the existing partners.

Verify boyle law using the relationship : To verify Boyle's Law using the relationship between gas volume and gas pressure when the amount of gas remains constant at certain temperature.

Bill to be debated and voted : If you were a member of the U. S. House of Representatives, and were able to introduce a bill to be debated and voted on, what topic would you choose for your bill? Why?

Prepare a statement of financial position : Prepare general journal entries to account for the capital contributed by the partners. Include narrations and prepare a statement of financial position on the day of formation.

How many grams of bromine are used in the reaction : A 13-g sample of calcium reacts with bromine to form 24g of calcium bromide. How many grams of bromine are used in the reaction?

When a minor avoids contracts, : When a minor avoids contracts, the minor always must return the other contracting parties to their original financial positions.

Calculate the partial presure of no2 after the reaction : If 400. mL of NO at STP is reacted with 500. mL of O2 at STP, calculate the partial presure of NO2 after the reaction goes to completion. Assume constant volume.

Compute the partnerships ordinary income : Compute the partnership's ordinary income and separately stated items and show Mark's and Pamela's shares of the items in Part a.

User Account

All Pages