Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

C. A business owned by Antonia was short of cash and Antonia decided to form a partnership with Andrea, who was able to contribute cash

image text in transcribed

C. A business owned by Antonia was short of cash and Antonia decided to form a partnership with Andrea, who was able to contribute cash twice the interest of Antonia in the new partnership. The assets contributed by Antonia appeared as follows: Cash, P9,000, AR, P189,000 Allowance for Doubtful Accounts, P6,000; Inventory, P420,000, and Store equipment, P150,000 with Accumulated depreciation of P15,000. Antonia and Andrea agreed that the allowance for uncollectible accounts was inadequate and should be P10,000. They also agreed that the fair value for the inventory is P460,000 and for the store equipment is P140,000. How much is the cash contribution of Andrea

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Internal Control A Managers Journey

Authors: K. H. Spencer Pickett

1st Edition

0471402508, 978-0471402503

More Books

Students also viewed these Accounting questions