The two pictures are connected to each other 14. The following data as of June 1, 2020 weretaken from the records of Ravo:Cash 21,000Accounts Receivable 244,536Inventories 130,035Furniture & Fixtures 60,345Land 613,000Other assets 12,000Accounts Payable 188,940Notes Payable 210,000Ravo, capital 651,976And the following accounts and balances weretaken from the records of Erlie:Cash P 32,354Accounts Receivable 577,890Inventories 270,102Furniture and Fixtures 44,789Building 438,267Other Assets 13,600Accounts Payable 253,650Notes Payable 355,000Erlie, capital 738,352Ravo and Erlie agreed to form a partnership bycontributing their respective assets and equitiessubject to the following adjustments: And the following accounts and balances weretaken from the records of Erlie:Cash P 32,354Accounts Receivable 577,890Inventories 270,102Furniture and Fixtures 44,789Building 438,267Other Assets 13,600Accounts Payable 253,650Notes Payable 355,000Erlie, capital 738,352Ravo and Erlie agreed to form a partnership bycontributing their respective assets and equitiessubject to the following adjustments:a) Inventories of P6,500 and P6,700 are worthlessin Ravo's and Erlie's respective books.b) Accounts Receivable of P25,000 Ravo's bookand P30,000 in Erlie's book are uncollectiblec) Other assets of P4,000 and P6,000 in Ravo andErlie's respective books are to be written off.How much asset does the partnership have?

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Answered: How much asset does the partnership…

Business

Accounting

How much asset does the partnership have?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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