Prepare and post the financials for LM Partnership and discuss the differences that you have with your
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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...
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Proprietors Assets, Liabilities & Equities Cash AR Inventory Land Plant and Equipment Less: Accumulated Depreciation Goodwill S40,000 $15,000 $105,000 $60,000 S400,000 $150,000 $10,000 $25,000 S10,000 $15,000 S10,000 S30,000 S5,000 SO $480,000 $50,000 S100,000 S330,000 S480,000 SO $85,000 $15,000 Patent Total Assets AP Loan- Owners Equity $70,000 Total Liabilities & Equity $85,000
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The steps required to form the partnership In a general partnership at least two people share owners...View the full answer
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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