Exercise 19.3 Preparing a balance sheet for a partnership. LO 19-3

On May 1, 2019, Stanley Carpenter and Fred Kenamond formed The Wine Shop. The two partners invested cash and other assets and liabilities with the following agreed-upon values:

Carpenter:	Cash, $12,100; Merchandise inventory, $24,100; Equipment, $76,100; Accounts payable, $10,200.
Kenamond:	Furniture, $24,100; Cash, $36,100.

Carpenter is to own two-thirds of the capital, and Kenamond is to own one-third of the capital, but they will split profits and losses equally. Prepare a balance sheet for the partnership just after the assets and liabilities have been transferred to it.