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Can you post this in excel?Prepare entries for formation of a partnership and a balance sheet Sorensen Company Lucas company Dr Cr Dr Cr Cash
Can you post this in excel?Prepare entries for formation of a partnership and a balance sheet
Sorensen Company | Lucas company | |||||||
Dr | Cr | Dr | Cr | |||||
Cash | $ 14,000 | $ 12,000 | ||||||
Accounts Receivable | $ 17,500 | $ 26,000 | ||||||
Allowance for doubtful accounts | $ 3,000 | |||||||
Inventory | $ 26,500 | $ 4,400 | ||||||
Equipment | $ 45,000 | $ 18,400 | ||||||
Accumulated Depreciation-equipment | $ 24,000 | $ 29,000 | ||||||
Notes payable | $ 18,000 | $ 11,000 | ||||||
Accounts payable | $ 22,000 | $ 15,000 | ||||||
Sorensen, Capital | $ 36,000 | $ 31,000 | ||||||
Lucas, Capital | $ 24,000 | |||||||
$ 103,000 | $ 103,000 | $ 85,400 | $ 85,400 | |||||
Sorensen and lucas decide to form a partnership, solu company, with the following agreed upon valuations for non cash assets | ||||||||
Sorensen Company | Lucas company | |||||||
Accounts Receivable | $17,500 | $26,000 | ||||||
Allowance for doubtful accounts | $4,500 | $4,000 | ||||||
Inventory | $28,000 | $20,000 | ||||||
Equipment | $25,000 | $15,000 | ||||||
All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships,.Further, it is agreed that Sorensen will invest an additional $5000.00 in cash, and Lucas will invest an additional $19,0000 in cash. | ||||||||
a. Prepare separate journal entries to record the transfer of each proprietorships assets and liabilities to the partnership. | ||||||||
b. Journalize the additional cash investment by each partner. | ||||||||
c. Prepare a classified balance sheet for the partnership on January 1, 2022 |
a. Prepare separate journal entries to record the transfer of each proprietorships assets and liabilities to the partnership. | ||||||||
b. Journalize the additional cash investment by each partner. | ||||||||
c. Prepare a classified balance sheet for the partnership on January 1, 2022 | ||||||||
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