Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. rainier admits diona as a partner in business. jus

Rainier admits Diona as a partner in business. Just before the partnership's formation, Rainier's books...

50.1K

Verified Solution

Question

Accounting

Rainier admits Diona as a partner in business. Just before the partnership's formation, Rainier's books showed the following:
\table[[Cash,2,600],[Accounts receivable,12,000],[Merchandise inventory,18,000],[Accounts payable,6,200],[Rainier, capital,26,400]]
It was agreed that, for purposes of establishing Rainier's investment firm, the folliowing acjustments shall be reflected.
Alowance for bad debts of 2% should be set up
Merchandise inventory siould be valued at P20,200
How much cash sh 1 and accued expenses of P400 stould be recognized third interest in the par Diona invest to secure a one-
Question 20Select one:
28,410
28,310
[
14,155
26,400
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