Homework Answers
| Transaction | General Journal | Dr | Cr |
| 1 | Cash | 1900 | |
| Supplies | 3900 | ||
| Equipment | 5900 | ||
| Land | 8900 | ||
| Accounts payable | 5400 | ||
| Notes payable | 4000 | ||
| M. Derr, capital | 11200 | ||
| [Being investment of Derr recorded] |
Note:- Equipment and Land are recorded at agreed value
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Mike Derr and Mark Finger form a partnership by imbinjng
assets of their separate businesses. The...
Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The...
Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet information is provided by Derr from his sole proprietorship. 5 1.000 3,000 1 Cash 2 Supplies 3 Equipment 4 Less: Accumulated depreciation Is Land 6 Total assets Accounts payable Notes payable Total liabilities 4.500 2.100 7,600 Equip 2.100 M. Dern Capital Total liabilities and equity S10.000 The new partners obtain appraised values and agree to recept the book values for Derr's...
Problem 12-1A Recording partnership formation LO P1 Mike Derr and Mark Finger form a partnership by...
Problem 12-1A Recording partnership formation LO P1 Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's sole proprietorship. The market value of Derr's equipment is $6,100 and the market value of land is $9,100. Balance Sheet Assets Cash Supplies Equipment Accumulated depreciation-Equip. Land Total assets Liabilities Accounts payable Notes payable Total liabilities Equity M. Derr, Capital Total liabilities and equity $ 2,100 4,100 $ 16,500 (13,400) 3,100...
Please answer in this format Problem 12-1A Recording partnership formation LO P1 Mike Derr and Mark...
Please answer in this format
Problem 12-1A Recording partnership formation LO P1 Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's sole proprietorship. The market value of Derr's equipment is $6,300 and the market value of land is $9,300. Balance Sheet Assets Cash Supplies Equipment Accumulated depreciation-Equip. Land Total assets Liabilities Accounts payable Notes payable Total liabilities Equity M. Derr, Capital Total liabilities and equity $ 2,300...
No need to explain, please I beg just solve everything, would be greatly appreciated (thumbs up)!...
No need to explain, please I beg just solve
everything, would be greatly appreciated (thumbs up)!
:)
Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's sole proprietorship. The market value of Derr's equipment is $5,300 and the market value of land is $8,300. Balance Sheet $ 4,800 Assets Cash Supplies Equipment Accumulated depreciation-Equip. Land Total assets Liabilities Accounts payable Notes payable Total liabilities Equity M. Derr,...
Hannah Freeman and and Hugo Hernandez form a partnership by combining assets of their former businesses....
Hannah Freeman and and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship: Hannah Freeman Proprietorship Balance Sheet June 1, 20Y3 Cash $42,350 Accounts receivable $79,600 Less: Allowance for doubtful accounts 4,700 74,900 Land 191,000 Equipment $74,000 Less: Accumulated depreciation-equipment 45,700 28,300 Total assets $336,550 Accounts payable $23,700 Notes payable 68,950 Hannah Freeman, capital 243,900 Total liabilities and owner's equity $336,550 Freeman obtained appraised values for...
DUUN Hannah Freeman and and Hugo Hernandez form a partnership by combining assets of their former...
DUUN Hannah Freeman and and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship: Hannah Freeman Proprietorship Balance Sheet June 1, 2013 Cash $56,600 Accounts receivable Less: Allowance for doubtful accounts $106,400 6,200 100,200 255,000 Land Equipment Less: Accumulated depreciation-equipment $99,000 61,100 37,900 Total assets $449,700 $31,700 Accounts payable Notes payable 92,000 Hannah Freeman, capital 326,000 Total liabilities and owner's equity $449,700 Freeman obtained appraised values...
1. Aaron and Kim form a partnership by combining the assets of their separate businesses. Aaron...
1. Aaron and Kim form a partnership by combining the assets of their separate businesses. Aaron contributes accounts receivable with a face amount of $50,000 and equipment with a cost of $180,000 and accumulated depreciation of $100,000. The partners agree that the equipment is to be priced at $68,000, that $3,500 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,000 is a reasonable allowance for the uncollectibility of the remaining...
Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes...
Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $45,000 and equipment with a cost of $182,000 and accumulated depreciation of $97,000. The partners agree that the equipment is to be valued at $68,400, that $3,700 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,200 is a reasonable allowance for the uncollectibility of the remaining accounts...
Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes...
Jesse and Tim form a partnership by combining the assets of their separate businesses. Jesse contributes accounts receivable with a face amount of $45,000 and equipment with a cost of $175,000 and accumulated depreciation of $103,000. The partners agree that the equipment is to be valued at $67,600, that $4,000 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,400 is a reasonable allowance for the uncollectibility of the remaining accounts...
Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes...
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 $192,000 and accumulated depreciation of $104,000. The partners agree that the equipment is to be valued at $87,000, that $3,900 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...
Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet information is provided by Derr from his sole proprietorship. 5 1.000 3,000 1 Cash 2 Supplies 3 Equipment 4 Less: Accumulated depreciation Is Land 6 Total assets Accounts payable Notes payable Total liabilities 4.500 2.100 7,600 Equip 2.100 M. Dern Capital Total liabilities and equity S10.000 The new partners obtain appraised values and agree to recept the book values for Derr's...
Problem 12-1A Recording partnership formation LO P1 Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's sole proprietorship. The market value of Derr's equipment is $6,100 and the market value of land is $9,100. Balance Sheet Assets Cash Supplies Equipment Accumulated depreciation-Equip. Land Total assets Liabilities Accounts payable Notes payable Total liabilities Equity M. Derr, Capital Total liabilities and equity $ 2,100 4,100 $ 16,500 (13,400) 3,100...
Please answer in this format
Problem 12-1A Recording partnership formation LO P1 Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's sole proprietorship. The market value of Derr's equipment is $6,300 and the market value of land is $9,300. Balance Sheet Assets Cash Supplies Equipment Accumulated depreciation-Equip. Land Total assets Liabilities Accounts payable Notes payable Total liabilities Equity M. Derr, Capital Total liabilities and equity $ 2,300...
No need to explain, please I beg just solve
everything, would be greatly appreciated (thumbs up)!
:)
Mike Derr and Mark Finger form a partnership by combining assets of their separate businesses. The following balance sheet is from Derr's sole proprietorship. The market value of Derr's equipment is $5,300 and the market value of land is $8,300. Balance Sheet $ 4,800 Assets Cash Supplies Equipment Accumulated depreciation-Equip. Land Total assets Liabilities Accounts payable Notes payable Total liabilities Equity M. Derr,...
DUUN Hannah Freeman and and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship: Hannah Freeman Proprietorship Balance Sheet June 1, 2013 Cash $56,600 Accounts receivable Less: Allowance for doubtful accounts $106,400 6,200 100,200 255,000 Land Equipment Less: Accumulated depreciation-equipment $99,000 61,100 37,900 Total assets $449,700 $31,700 Accounts payable Notes payable 92,000 Hannah Freeman, capital 326,000 Total liabilities and owner's equity $449,700 Freeman obtained appraised values...
1. Aaron and Kim form a partnership by combining the assets of their separate businesses. Aaron contributes accounts receivable with a face amount of $50,000 and equipment with a cost of $180,000 and accumulated depreciation of $100,000. The partners agree that the equipment is to be priced at $68,000, that $3,500 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $2,000 is a reasonable allowance for the uncollectibility of the remaining...
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 $192,000 and accumulated depreciation of $104,000. The partners agree that the equipment is to be valued at $87,000, that $3,900 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...
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