Reference no: EM131219388
Terry, Nick, and Frank are forming The Doctor Partnership. Terry is transferring $29,531 of personal cash and equipment worth $24,857 to the partnership. Nick owns land worth $17,646 and a small building worth $75,981, which he transfers to the partnership. There is a long-term mortgage of $19,766 on the land and building, which the partnership assumes. Frank transfers cash of $7,524, accounts receivable of $36,524, supplies worth $2,457, and equipment worth $21,384 to the partnership. The partnership expects to collect $32,028 of the accounts receivable.
Prepare a classified balance sheet for the partnership after the partners’ investments on December 31, 2014. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings and Equipment.)
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Prepare classified balance sheet for the partnership
: Terry, Nick, and Frank are forming The Doctor Partnership. Terry is transferring $29,531 of personal cash and equipment worth $24,857 to the partnership. Nick owns land worth $17,646 and a small building worth $75,981, which he transfers to the partn..
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