On June 30, 2016, Rick Reeves, Jason Bateman, and Oliver Morali started a partnership called RJO Enterprises Prepare an opening balance sheet showing their investments R Reeves Land appraised at $150,000 J Bateman Cash, $175,000 O Morali Inventory, $105,000 accounts payable $30,000 ...

RJO Enterprises Balance Sheet June 30 2016 ASSETS LIABILITIE ...

On June 30, 2016, Rick Reeves, Jason Bateman, and Oliver Morali started a partnership called RJO Enterprises.

Question:

On June 30, 2016, Rick Reeves, Jason Bateman, and Oliver Morali started a called RJO Enterprises. Prepare an opening showing their investments:
R. Reeves .................. Land appraised at $150,000
J. Bateman ................. Cash, $175,000
O. Morali................... Inventory, $105,000; $30,000
Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive... 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... 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...