Terry, nick, and frank are forming the doctor partnership. terry is transferring $30,100 of personal cash and equipment worth $25,100 to the partnership. nick owns land worth $17,600 and a small building worth $75,100, which he transfers to the partnership. there is a long-term mortgage of $19,900 on the land and building, which the partnership assumes. frank transfers cash of $7,100, accounts receivable of $36,300, supplies worth $3,600, and equipment worth $22,100 to the partnership. the partnership expects to collect $31,300 of the accounts receivable.

Question

Business

Aleena Gilbert

3 September, 08:58

Terry, nick, and frank are forming the doctor partnership. terry is transferring $30,100 of personal cash and equipment worth $25,100 to the partnership. nick owns land worth $17,600 and a small building worth $75,100, which he transfers to the partnership. there is a long-term mortgage of $19,900 on the land and building, which the partnership assumes. frank transfers cash of $7,100, accounts receivable of $36,300, supplies worth $3,600, and equipment worth $22,100 to the partnership. the partnership expects to collect $31,300 of the accounts receivable.

+1

Answers (1)

Know the Answer?

Mandy · Answer 1

Balance Sheet

Assets

Current Assets

Cash 37200

Accounts Receivable 36300

Less: Allowance for Doubtful Accounts (5000) [Computation: 36300-31300)

Supplies 3600

Total Current Assets 72100

Property, Plant, and Equipment

Land 17600

Building 75100

Equipment 47200

Total Property, Plant, and Equipment 139900

Total Assets $212000

Liabilities

Long term Liabilities

Mortagage Payable 19900

Owner's Equity

Terry, Capital 55200

Nick, Capital 72800

Frank, Capital 64100

Total Owner's Equity 192100

Total Liabilities and Owner's Equity $212000