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How the accounts should appear in opening balance sheet

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Reference no: EM133027001

Question - Penner and Torres decide to merge their proprietorships into a partnership called Ivanhoe Company. The balance sheet of Torres Co. shows:

Accounts receivable $20,000

Less: Allowance for doubtful accounts 1,400

$18,600

Equipment 35,000

Less: Accumulated depreciation-equip. 12,250

22,750

The partners agree that the net realizable value of the receivables is $16,800 and that the fair value of the equipment is $19,250. Indicate how the accounts should appear in the opening balance sheet of the partnership.

Reference no: EM133027001

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