Brendan and Paul, owners of competing businesses, agree to form a partnership on 1 July 2017. Their
Question:
Brendan and Paul, owners of competing businesses, agree to form a partnership on 1 July 2017. Their individual assets and liabilities were independently valued, and it was on this basis that the following values were assigned to the partnership.
Required
Prepare a balance sheet for the new partnership as at 1 July 2017.
Transcribed Image Text:
Cash at bank Accounts receivable Inventory Equipment Land Building Mortgage Brendan 80 000 80 000 70 000 Paul 40 000 40 000 20 000 40 000 40 000 70 000 60 000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
Here is the balance sheet for the new partnership as of July 1 2017 Assets C...View the full answer
Answered By
BillClinton Muguai
I have been a tutor for the past 5 years. I have experience working with students in a variety of subject areas, including computer science, math, science, English, and history. I have also worked with students of all ages, from elementary school to college. In addition to my tutoring experience, I have a degree in education from a top university. This has given me a strong foundation in child development and learning theories, which I use to inform my tutoring practices.
I am patient and adaptable, and I work to create a positive and supportive learning environment for my students. I believe that all students have the ability to succeed, and it is my job to help them find and develop their strengths. I am confident in my ability to tutor students and help them achieve their academic goals.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting Business Reporting For Decision Making
ISBN: 9780730363415
6th Edition
Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver
Question Posted:
Students also viewed these Business questions
-
Samuel and Vinnie decided to form a partnership on 1 January 2017. They secured the services of a solicitor to draw up their partnership agreement as follows: a. Samuel is to contribute the...
-
Godfrey and Taylor formed a partnership on 1 July 2015 with initial capital balances of $90 000 and $60 000 respectively. For the year ended 30 June 2016, the Profit or Loss Summary account disclosed...
-
Penny and Lane formed a partnership on 1 July 2015 with initial capital balances of $200 000 and $220 000 respectively. For the year ended 30 June 2016, the Profit or Loss Summary account disclosed a...
-
Our thoughts return to Ambrose and his nuts and berries. Ambroses utility function is U(x1, x2) = 4x1 + x2, where x1 is his consumption of nuts and x2 is his consumption of berries. (a) Let us find...
-
1. Is Jaguar Electronics likely to be able to compete overseas with a new product that it feels will not be competitive in its home market? Why or why not? 2. Should Winklepleck bring up the...
-
The statements of financial position of Lochnagar Ltd for the past two years and the company's most recent income statement are set out below. Income statement for the year to 31 October 2018. ? ? ?...
-
Implement a data structure that represents search trees in a programming language of your choice. Have the program display the tree on the screen, and provide functions that can select nodes and...
-
As a study aid, your classmate Pascal Adams has prepared the following list of statements about decision-making and incremental analysis. 1. The first step in managements decision-making process is,...
-
EcoFabrics has budgeted overhead costs of $1,171,800. It has assigned overhead on a plantwide basis to its two products (wool and cotton) using direct labor hours which are estimated to be 558,000...
-
Grinzaid Home Nursing specializes in home nursing services. It bases its overhead on the flexible budget cost function of $33,000 + ($2.40 labor hours). Normal volume is based on 12,000 labor hours....
-
J. Robottom commenced business on 1 October 2017 as a beautician operating as iBeauty Salon and Services. Transactions for the month of October were as follows. Required a. Prepare a statement of...
-
In its first year of operations, Benson Pty Ltd earned $160000 in services revenue, $24000 of which was on account and still outstanding at the end of the reporting period. The remaining $136000 was...
-
Let f(x) = (1 + x)1/2 + (1 - x)1/2, find the Maclaurin series for f and use it to find f(4) (0) and f(51) (0)?
-
Assume the beaver company incurs 30,000 of factory labor costs. of that amount, 26,000 relates to wages payable and 4,000 relates to payroll taxes payable in February. What is the entry to record...
-
What is the professor asking: Further analyze the financial ratios and trend analysis to evaluate and make management decisions?
-
Chacko corp is a distributor of exotic fruits and vegetables. At the beginning of the year they had a provision for doubtful accounts of $1,100,000. At the end of the year they determined that their...
-
What is the 2024 remaining basis for a computer placed in service in 2023 for 100,000 that was fully deducted in 2023?
-
How can the principles of inherently safer design be applied throughout the lifecycle of a chemical process, from conceptualization and design to decommissioning, to minimize risk to personnel, the...
-
A crow perches on a clothesline midway between two poles. Each end of the rope makes an angle of q below the horizontal where it connects to the pole. If the weight of the crow is W, what is the...
-
Do the three planes x + 2x + x 3 = 4, X X 3 = 1, and x + 3x = 0 have at least one common point of intersection? Explain.
-
Discuss the four factors that should be considered before deciding on what form of business structure to operate under.
-
Refer to Figure 3.1 on page 84. ANZ Ltd's equity includes both ordinary and preference shares. What would be the advantages of owning preference compared to ordinary shares? Can you think of a reason...
-
Refer to the reality check on trusts 'Budget to target high earners' family trust schemes' on page 88. Explain how Australian families have been able to avoid paying tax in family trust schemes. Do...
-
Car A and car B travel in the same direction along a straight section of the interstate highway. For the entire interval shown on the velocity-versus-time graph (see figure below), car A is ahead of...
-
A novice golfer on the green takes three strokes to sink the ball. The successive displacements of the ball are d = 4.02 m to the north, d = 2.10 m northeast, and d3 = 1.18 m at 30.0 west of south
-
A point particle with charge q = = -200 nC and mass m = 3.0 106 g is released from rest at the midpoint of a parallel-plate capacitor. The capacitor has plate separation d 3.0 mm. The negative...
Study smarter with the SolutionInn App