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Problem 1: KATY, a sole proprietor wanted to expand her profitable business but she does not have enough resources. So, she thought of inviting PERRY to join her and formed a partnership on April 1, 2020. Just before admission, KATY had the following assets and liability accounts: Cash - ?420,000; Accounts receivable -?380,000; Inventories -?250,000;Notes payable -?100,000. PERRY agreed to contribute cash equal to 30% of KATY's capital after considering the following adjustments: (a) 2% allowance for bad debts should be recognized, (b) the inventories have fair market value equal to 120% of the balance. How much is the adjusted capital of Katy?
a. ? 992,400b. ? 950,000c. ? 1,242,400d. ? 1,007,600
transactions were selected from among those completed by Cadence Retailers
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