User Account

All Pages

How the accounts should appear in the opening balance

Assignment Help Financial Accounting
Reference no: EM13516813

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

Accounts receivable

$16,000

Less:Allowance for doubtful accounts

1,200

$14,800

Equipment

20,000

Less:Accumulated depreiciation-equip

7,000

13,000

The partners agree that the net realizable value of the receivables is $14,500 and that the fair value of the equipment is $11,000. Indicate how the accounts should appear in the opening balance sheet of the partnership.

Reference no: EM13516813

Questions Cloud

Find what should its radius of curvature be : A luminous object is 5.00 m from a wall. You are to use a concave mirror to project an image of the object on the wall, with the image 2.23 the size of the object
Prepare the entry to record nicholss investment : Barbara Ripley and Fred Nichols decide to organize the ALL-Star partnership. Ripley invests $15,000 cash, and Nichols contributes $10,000 cash and equipment having a book value of $3,500. Prepare the entry to record Nichols"s investment in the pa..
Explain an alkyll group covalently bonded to the c : Which of the following compounds does NOT have an alkyll group covalently bonded to the C of the carbonyl group
What force does the particle experience : An particle with a charge value of 0.21 C is moving in the presence of an electric field of 5.5 N/C. What force does the particle experience
How the accounts should appear in the opening balance : The partners agree that the net realizable value of the receivables is $14,500 and that the fair value of the equipment is $11,000. Indicate how the accounts should appear in the opening balance sheet of the partnership.
Explain the process of combustion of complete oxidation : Consider the process of combustion, of complete oxidation -- that is, reaction with oxygen resulting in the conversion of every carbon atom to CO2.
Determine the magnetic flux through the conductor : A 2.0 m conductor is formed into a square and placed in the horizontal xy-plane. What is the magnetic flux through the conductor
Explain the final ph of the solution naoh was added : A buffer solution contained 0.135 M HCO2H and 0.215 M HCO2Na and had a pH of 3.95. What is the final pH of the solution if 5.00 mL of 1.00 M NaOH was added to 100. mL of this solution
Code of professional ethics : Regulate the distribution and trading of securities offered for public sale - establish its own code of professional ethics.

Reviews

Write a Review

Financial Accounting Questions & Answers

  What is the weighted average contribution margin

What would be the financial impact, What is the weighted average contribution margin(WACM) percentage for Bridgestone's next annual budget

  Evaluate and present the difference in eps and net income

Determine EPS under IFRS rules; Criticize and Defend IFRS Accounting; Evaluate and present the difference in EPS and Net Income between US GAAP and IFRS;

  What is the entry made by nadeau at the maturity date

What is the entry made by Nadeau at the maturity date, assuming Nicole pays the note and interest in full at that time?

  What is the journal entry required to establish the lifo

What is the journal entry required to establish the LIFO reserve for Orange Corporation?

  Determine the present value of the debt

Borrowed $100,000 for six years. Interest payments of $6,200 will be due at the end of each year and the $100,000 will be repaid at the end of the sixth year.

  Prepare journal entries to record these merchandise

A company that uses the perpetual inventory system purchased $8,500 worth of inventory on September 25. Terms of the purchase were 2/10, n/30. The invoice was paid in full on October 4. Prepare the journal entries to record these merchandise trans..

  Compute the revenue recognized, construction costs expensed

Compute the revenue recognized, construction costs expensed, and income earned for each year using the percentage of completion method. Explain the potential risks associated with this accounting method and discuss why an analyst would be interes..

  Calculate the unit costs for materials and conversion costs

Calculate the unit costs for materials and conversion costs. Determine the costs to be assigned to the units transferred out and ending work in process.

  Will the event be profitable for the sorority

Will the event be profitable for the sorority? Show computations and how many people must attend for the sorority to break even?

  Evaluate the internal depreciation charge

Evaluate the internal depreciation charge that was made last year

  How much will the capital accounts of mccune

how much will the capital accounts of McCune, Oakley and Nall increases, correspondingly, due to the revaluation of the assets and recognition of goodwill?

  Evaluate clients financial statement balance for inventory

Evaluate clients financial statement balance for inventory

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd