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What are the total liabilities and total assets

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Question - On March 1, 2020, Medwin and Rose-lyn decided to combine their businesses and form a partnership. Account balances on March 1, before adjustments, showed the following:

Medwin Rose-lyn

Cash 35,000 56,250

Accounts receivable 277,500 202,500

Inventories 450,000 292,500

Furniture and fixture, net 450,000 125,000

Office equipment, net 172,500 41,250

Prepaid expenses 95,625 45,000

Accounts payable 686,250 270,000

Capital 794,375 492,500

They have agreed to record the following items in their books as adjustments: Provide 10% allowance for doubtful accounts. Medwin's furniture and fixtures should be 472,500 while Rose-lyn's office equipment is under-depreciated by 7,500. Rent expense incurred previously by Medwin was not yet recorded amounting to 17,000, while salary expense incurred by Rose-lyn was not also recorded amounting to 18,000. The fair market value of inventory amounted to 442,500 for Medwin and 315,000 for Rose-lyn.

Required - What are the total liabilities and total assets of the partnership after formation and how much is the capital recorded to Medwin and Roselyn? How much is the capital recorded to Rose-lyn and the net debit/credit adjustment for Rose-lyn?

Reference no: EM132875903

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