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give the solution to the following On April 1 , 2 0 2 0 , Chiz and Whiz decided to combine their businesses and form

give the solution to the following
On April 1,2020, Chiz and Whiz decided to combine their businesses and form a partnership. Their
statements of financial position on March 1, before adjustments, showed the following:
They agreed to have the following items recorded in their books:
Provide 2% allowance for doubtful accounts on accounts receivable balance.
Chiz's furniture and fixtures should be 31,000, while Whiz's office equipment is under-
depreciated by 250.
Rent expense incurred previously by Chiz was not yet recorded amounting to 1,000,
while salary expense incurred by Whiz was not also recorded amounting to 800.
The fair market values of inventory amounted to: Chiz, 29,500; Whiz, 21,000.
Compute the net (debit) credit adjustment for Chiz's and Whiz's capital, respectively.
Using the same information in the previous number, what is the amount of the total liabilities
after formation?
Using the same information in number 2, what is the amount of total assets after formation?
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