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Problem 6 Entries and Balance Sheet for Partnership Ch 12 On...

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Accounting

Problem 6 Entries and Balance Sheet for Partnership Ch 12
On October 1,20Y7, James Johnson and Sammy Swanson form a partnership. Johnson agrees to invest $20,000 in cash and inventory valued at $55,000. Swanson invests certain business assets at valuations agreed upon, transfers business liabilities, and contributions sufficient cash to bring Swansons total capital to $125,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow:

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