Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. prepare entries for formation of a partnership and

Prepare entries for formation of a partnership and a statement of financial position. a....

70.2K

Verified Solution

Question

Accounting

Prepare entries for formation of a partnership and a statement of financial position.
a. Bon-Joon, Capital $40,000 Joon-Ho, Capital w23,000
c. Total assets $173,000
PF.1(LO 1,2) The post-closing trial balances of two proprietorships on January 1,2025, are presented below (amounts in thousands).
Cash
Accounts receivable
Allowance for doubtful accounts
Inventory
Equipment
Accumulated depreciation-equipment
Notes payable
Accounts payable
Bon-Joon, capital
Joon-Ho, capital
\table[[Bon-Joon Company,Joon-Ho Company],[Dr.,,Cr.,Dr.,Cr.],[\table[[14,000],[17,500]],,,#12,000,],[,,26,000,],[W,3,000,,4,400],[,,18,400,],[,,29,000,],[,24,000,,11,000],[,18,000,,15,000],[,22,000,,31,000],[,36,000,,],[,,,24,000],[?bar(W103,000),,03,000,85,400,W85,400]]
Bon-Joon and Joon-Ho decide to form a partnership, BJH Company, with the following agreed upon valuations for non-cash assets.
\table[[Bon-Joon Company,Joon-Ho Company],[17,500,W26,000
image

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

Q

Discuss what type of compensation and benefits an organization could offer to engage, attract, recruit, and...

General Management
Q

Outose Concept manufactures small tables in its Processing Department. Direct materials are added at the initiation...

Accounting
Q

27 A charged capacitor of capacitance C is discharging through a resistor of resistance R...

Physics
Q

A metal rod of mass m can rotate about a horizontal axis O sliding along...

Physics
Q

3 y 1 5 x 5 A particle starts moving with constant acceleration with initial...

Physics
Q

he solid below is made from 1 foot cubes Find the total surface area of...

Geometry
Q

A small corporation must appoint four officers (a president, a chief executive officer, a chief...

Basic Math
Q

entage of all students outdoor

Algebra
Q

A. Compute Ms. Margos additional tax savings if she elects to take the credit and...

Accounting
Q

On January 1, 2017, Sheffield SA had Accounts Receivable 94,720 and Allowance for Doubtful Accounts...

Accounting
Q

3. Commissions from vending machines would be reported by a hotel on its summary income...

Accounting
Q

9. Which of the following is not an organizational process asset that is used during...

Accounting