Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. p12-1a the post-closing trial balances of two prop

P12-1A The post-closing trial balances of two proprietorships on January 1, 2012, are pre- Williams...

50.1K

Verified Solution

Question

Accounting

image
P12-1A The post-closing trial balances of two proprietorships on January 1, 2012, are pre- Williams and Jones decide to form a partnership, Wijo Company, with the following agreed upon valuations for noncash assets. All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships. Further, it is agreed that Williams will invest an additional 55,000 in cash, and Jones will invest an additional $19,000 in cash. Instructions (a) Prepare separate journal entries to record the transfer of each proprietorship's assets and liabilities to the partnership. (b) Journalize the additional cash investment by each partner. (c) Prepare a classified balance sheet for the partnership on January 1, 2012. Por favor conteste en un documento aparte y enviarlo por la asignacin

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students