• Question: After the formation of RGM Partnership on July 4, 2023, the balances in the generalledger accounts reflect the following balances: Debit CreditCash P 205,000Accounts Receivable 95,000Allowance for DoubtfulAccountsP 10,000Office Supplies 12,000Office Equipment 320,000Furniture and Fixture 140,000Rosario, Capital 320,000Guadalupe, Capital 225,000Maria,

  After the formation of RGM Partnership on July $4,2023,$ the balances in the generalledger accounts reflect the following balances: Debit CreditCash P $205,000$Accounts Receivable $95,000$Allowance for DoubtfulAccountsP $10,000$Office Supplies $12,000$Office Equipment $320,000$Furniture and Fixture $140,000$Rosario, Capital $320,000$Guadalupe, Capital $225,000$Maria, Capital $217,000$Total P $772,000$ P $772,000$Rosario invested the office equipment, Guadalupe invested accounts receivable andFurniture and Fixtures, and Maria invested cash and office supplies. Compute thetotal assets of the partnership upon formation.

Answer rating: 100% (QA)

To compute the total assets of the partnership upon formation we ... View the full answer