On December 31, 2016, the Slamet, Basuki, and Baskoro partnerships capital balances after closing are $125,000, $75,000,
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On December 31, 2016, the Slamet, Basuki, and Baskoro partnership’s capital balances after closing are $125,000, $75,000, and $100,000, respectively. Net income for 2016 is $30,000 and it is divided as follows: 40 percent to Slamet, 25 percent to Basuki, and 35 percent to Baskoro. On January 1, 2017, the partners agree to liquidate the business. However, they discover that the year-end inventory is undervalued by $20,000, and year-end equipment, net of accumulated depreciation, is overvalued by $10,000.
Related Book For
Advanced Accounting
ISBN: 978-0134472140
13th edition
Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith
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