Hannah Freeman and Hugo Hernandez form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Freeman, sole proprietorship: Hannah Freeman Proprietorship Balance Sheet June 1, 20Y3 Cash   $32,350 Accounts receivable $60,800     Less: Allowance for doubtful accounts 3,600   57,200 Land   146,000 Equipment $57,000     Less: Accumulated depreciation—equipment 34,900   22,100 Total assets   $257,650 Accounts payable   $18,100 Notes payable   53,250 Hannah Freeman, capital   186,300 Total liabilities and owner's equity   $257,650 Freeman obtained appraised values for the land and equipment as follows: Land $203,000 Equipment 17,200 An analysis of the accounts receivable indicated that the allowance for doubtful accounts should be increased to $5,300. Journalize the partnership's entry for Freeman’s investment. If an amount box does not require an entry, leave it blank.

Hw.114.

A and B are combining their separate businesses to form a partnership. Presented here are the Statements of Financial Position before any adjustments: Current Assets Non-current Assets Total Liabilities ● A 617,500 848,000 150,000 B 672,500 970,000 178,000 They agreed to set up P5,000 each as uncollectible accounts on their accounts receivable. They also found out that their Non-current assets (all depreciable assets) were under-depreciated by P80,000 each. The partners agreed to equalize their capital balance upon formation. Compute the total capital of the partnership.

Subject: accounting

Financial Statements for Partnership The ledger of Camila Ramirez and Ping Xue, attorneys-at-law, contains the following accounts and balances after adjustments have been recorded on December 31, 20Y2: Ramirez and Xue Trial Balance December 31, 20Y2   Debit Balances   Credit Balances Cash 40,700     Accounts Receivable 38,800     Supplies 1,500     Land 97,000     Building 105,600     Accumulated Depreciation—Building     60,600 Office Equipment 44,600     Accumulated Depreciation—Office Equipment     18,800 Accounts Payable     28,900 Salaries Payable     3,100 Camila Ramirez, Capital     100,000 Camila Ramirez, Drawing 43,700     Ping Xue, Capital     58,200 Ping Xue, Drawing 63,100     Professional Fees     349,200 Salary Expense 141,600     Depreciation Expense—Building 14,100     Heating and Lighting Expense 7,000     Depreciation Expense—Office Equipment 4,400     Property Tax Expense 8,700     Supplies Expense 5,000…

Vikarmbhai

1 John and Mary are equal partnership in a partnership. John's beginning basis is 50,000 and Mary's beginning basis is 70,000 Sales 200,000 Long term capital gain Short term capital loss 6,000 -4,000 Dividend income 2,000 salaries 50,000 Rent Expense 20,000 Interest income 5,000 Depreciation Section 179 expense 30,000 20,000 Distribution to Mary 40,000 Distrbution to John 30,000 1 Calculate ordinary income 2 Calculate Separately Reported Items 3 Calculate ending basis for John and Mary.

The CDG Carlos, Dan, and Gail Partnership has decided to liquidate as of December 1, 20X6. A balance sheet on the date follows: Assets Cash Accounts Receivable (net) Inventories Property, Plant and Equipment (net) Total Assets Liabilities and Capital Liabilities: Accounts Payable Capital: Carlos, Capital Dan, Capital Gail, Capital Total Capital Total Liabilities and Capital CDG PARTNERSHIP Balance Sheet At December 1, 20x6- Personal assets. Personal liabilities Personal net worth Preliquidation balances Sale of assets and distribution of loss Additional Information 1. Each partner's personal assets (excluding partnership capital interests) and personal liabilities as of December 1, 20X6, follow: Cash contributed by Gail to extent of positive net worth Distribution of deficit of insolvent partner Contribution by Dan to remedy deficit Payment to creditors Carlos $ 266,000 (238,000) $ 28,000 Payment to partner Postliquidation balances $136,000 66,000 76,000 2. Carlos, Dan, and Gail share…