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yarga [219]
3 years ago
13

Barton and Fallows form a partnership by combining the assets of their separate businesses. Barton contributes accounts receivab

le with a face amount of $48,000 and equipment with a cost of $193,000 and accumulated depreciation of $103,000. The partners agree that the equipment is to be priced at $90,000, that $3,100 of the accounts receivable are completely worthless and are not to be accepted by the partnership, and that $1,300 is a reasonable allowance for the uncollectibility of the remaining accounts receivable. Fallows contributes cash of $28,700 and merchandise inventory of $56,000. The partners agree that the merchandise inventory is to be priced at $60,500.Journalize the entries to record in the partnership accounts (a) Barton's investment and (b) Fallows' investment. If an amount box does not require an entry, leave it blank or enter "0".
Business
1 answer:
Zigmanuir [339]3 years ago
3 0

Answer:

(a) Barton's investment

Date   Account Titles and Explanation               Debit       Credit

          Accounts receivables                              $44,900

          ($48,000 - $3,100)

          Equipment                                                 $90,000

                 Allowances for uncollectible                               $1,300

                 Barton Capital                                                       $133,600

           (To record Barton's contribution)

(b) Fallows' investment

Date   Account Titles and Explanation               Debit       Credit

          Cash                                                           $28,700

          Merchandise Inventory                             $60,500

                  Fallow Capital                                                      $89,200

           (To record Fallow's contribution)

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1 year ago
Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of its liabilities? b. Total asset
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Answer:

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b. Total liabilities = $250,000

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Explanation:

As we know that

Total assets = Total liabilities + shareholder equity

So in the first case

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And, in the second case, the total assets is $500,000

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