Rhince and Rynelf decide to merge their proprietorships into a partnership calledDawn Treader Company. The balance sheet

Question:

Rhince and Rynelf decide to merge their proprietorships into a partnership calledDawn Treader Company. The balance sheet of Rynelf Co. shows:

The partners agree that the net realizable value of the receivables is $13,500 and that the fair value of the equipment is $11,000. Indicate how the accounts should appear in the opening balance sheet of thepartnership.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...