1.Determine the total liabilities of the partnership immediately after its formation?

CHOICES:

A. 123,900

B. 127,500

C. 127,900

D. 131,100

2.Determine the total assets of the partnership after its formation?

CHOICES:

A. 305,970

B. 313,750

C. 315,970

D. 321,530

Use the following information to answer questions 11 - 12: On March 1, 2020, Jesse and James decide to combine their businesses and form a partnership. Their balance sheets on the same date, before adjustments, showed the following: Cash Accounts Receivable Inventories Furniture and Fixture, net Office Equipment, net Prepaid Insurance Total lesse James P 18,000 P 7,500 37,000 27,000 60,000 39,000 60,000 18,000 23,000 5,500 12,750 6,000 P210,750 P103,000 Accounts Payable Capital Total P 91,500 P 36 000 119,250 67,000 P210,750 P103,000 They agreed to have the following itens recorded in their respective books: Provide 2% allowance for doubtful accounts based on Accounts Receivable, Jesse's furniture and fixture should be valued at 762,000, while James' office equipment is under-depreciated by P500. Rent expense previously incurred by Jesse was not recorded amounting to P2,000, while salary expense incurred by James was not recorded amounting to P1,600. d. The market values of the inventories amounted to P59,000 and P42,000 for lesse and James, respectively