El-Hashem Partners is a partnership started by two brothers, Muhab and Ghassan El-Hashem. Each has an equal

Question:

El-Hashem Partners is a started by two brothers, Muhab and Ghassan El-Hashem. Each has an equal share of the total owners’ equity of $90,000. There is only one asset, a rental house listed at $350,000, and one liability, a mortgage loan of $260,000. The date is June 15, 20X0. The El-Hashem brothers are considering changing their to El-Hashem by issuing each brother 1,000 shares of .
1. Prepare a for the current
2. Prepare a if the brothers form a The of each share of is $1. Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...