Alex Kerr has been running Kerr Consulting as a proprietorship but is planning to expand operations in the near future. The Kerr Consulting January 31, 2014, balance sheet appears on the next page, with all amounts reflected at current market value. Alex Kerr is considering forming a partnership with Jill Monroe, who provides the market-value financial information shown on the next page. Create the Kerr and Monroe Consulting partnership balance sheet at January 31, 2014.

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Assets Cash Accounts receivable Inventory Supplies Prepaid rent Equipment Accumulated amortization-equipment Furniture Accumulated amortization-furniture Total assets Liabilities and Equity Accounts payable Salary payable Unearned service revenue Notes payable Alex Ke, ill Monroe, capital Total liabilities and capital Kerr Consulting Monroe's Business $32,350 4,900 2,713 100 2,000 2,000 (66) $11K),000 50,000 500 1,000 10,000 4,000 $170,000 $ 20,000 $49,797 $10,700 1,400 1,333 50,000 36,364 100,000