After the cash adjustment in capitals what would be the cash balance of the partnership? Joe...
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After the cash adjustment in capitals what would be the cash balance of the partnership? Joe and Biden are combining their businesses to form a partnership, the non-cash assets to be contributed and the liabilities assumed are: JOE Carrying Value 100,000.00 400,000.00 Fair Value 80,000.00 480,000.00 BIDEN 1,400,000.00 560,000.00 Carrying Value 200,000.00 320,000.00 A/R, net Inventory Building & Equipment, (net of P200,000 Accumulated Depreciation) 800,000.00 Accounts Payable 560,000.00 80,000.00 80,000.00 Joe and Biden are to contribute or withdraw cash to bring their respective capital balances to P1,200,000.00 each. Fair Value 180,000.00 300,000.00 After the cash adjustment in capitals what would be the cash balance of the partnership? Joe and Biden are combining their businesses to form a partnership, the non-cash assets to be contributed and the liabilities assumed are: JOE Carrying Value 100,000.00 400,000.00 Fair Value 80,000.00 480,000.00 BIDEN 1,400,000.00 560,000.00 Carrying Value 200,000.00 320,000.00 A/R, net Inventory Building & Equipment, (net of P200,000 Accumulated Depreciation) 800,000.00 Accounts Payable 560,000.00 80,000.00 80,000.00 Joe and Biden are to contribute or withdraw cash to bring their respective capital balances to P1,200,000.00 each. Fair Value 180,000.00 300,000.00
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Advanced Accounting
ISBN: 978-1305084858
12th edition
Authors: Paul M. Fischer, William J. Tayler, Rita H. Cheng
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