1. On December 31, 2018, Darrius and Gear agree to combine their sole proprietorships into a partnership. Their balance sheets on December 31 are shown as following:

1.journalize the contribution of Darrius and Gearnto the partnership

2. prepare the partnership balance sheet at dec.31,2018

Requirement 1. Journalize the contributions of Darrius and Gear to the partnership. (Record debits first, then, credits. Select explanations on the last line of the journal entry table.)

Journalize the contribution of Darrius.

2. Which characteristic identifies a limited liability company?

A.

The LLC can elect not to pay business income tax.

B.

Members can actively participate in the management of the business

C.

Members have limited personal liability.

D.

All of the above

3. Which characteristic identifies a general partnership?

A.

Limited personal liability

B.

No business income tax

C.

Unlimited life

D.

All of the above

Data Table vie Accounts Receivable Merchandise Inventory Z2,000 57,000 119,000 210,000 $ 20,000 51,000 101,000 TZ,000 38,000 46,000 100,000 $ 70,000 38,000 50,000 184,000 $ 102,000 utid $ 16,000 $ 16,000 Plant Assets, Net Total Assets Liabilities and Owner's equity Accounts Payable Other Accrued Payables Notes Payable Darrius, Capital Gear, Capital Total Liabilities and Owner's Equity 21,000 $ 14,000 56,000 119,000 21,000 14,000 56,000 84,000 100,000 $ 210,000 $ 184,000 $ 102,000 cor Print Done ] Print Done This course (acc112_16376) is based on Miller-Nobles/Mattison: Horngren's Accounting, 12e HW i Data Table Current Current Book Value Market Market Value Book Value Value $ Assets Cash Accounts Receivable Merchandise Inventory Plant Assets, Net 12,000 $ 22,000 57,000 119,000 12,000 20,000 51,000 101,000 184,000 4,000 $ 4,000 12,000 - 10,000 38,000 38,000 46,000 50,000 210,000 $ $ 100,000 $ 102,000 Total Assets Liabilities and Owner's equity Accounts Payable Other And Douablon $ $ 16,000 $ 21,000 $ 11.000 21,000 14.000 16,000 Print Done