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

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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