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A business owned by Parker was short of cash and Parker decided to form a partnership with Sawyer and Emily. Sawyer was able to contribute cash thrice the interest of Parker in the partnership while Emily was able to contribute cash twice the interest of Sawyer in the partnership. The assets contributed by Parker were as follows: Cash P18,000; Accounts receivable P378,000 with allowance for doubtful accounts of P12,000; Inventory P840,000; and store equipment of P300,000 with accumulated depreciation of P30,000 but with current worth of P250,000 and agreed value of P200,000.
Parker, Sawyer and Emily agreed that the allowance for doubtful accounts was inadequate and should be P20,000. They also agreed that the fair value of the inventory is P920,000.
Problem 1: The total assets of the partnership are:
Group of answer choices
a. P7,880,000
b. P7,092,000
c. P15,460,000
d. P14,960,000
Financial Statement Analysis and Preparation
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