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What amount would be reported as total owners equity

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Question - K. Billie, S. Piper, and E. Rose are forming a partnership. Billie is transferring $50,000 of personal cash to the partnership. Piper owns land worth $15,000 and a small building worth $80,000, which she transfers to the partnership. Rose transfers to the partnership cash of $9,000, accounts receivable of $32,000 and equipment worth $19,000. The partnership expects to collect $29,000 of the accounts receivable.

Instructions -

(a) Prepare the journal entries to record each of the partners' investments.

(b) What amount would be reported as total owners' equity immediately after the investments?

Reference no: EM132535351

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