Jock Tyler operotes on store thet sells compuser sofwwore. Tyler has agreed to enter into o partnership with Oliver Preston, eflective thown on Tylers boola and the agreed-on value of austi ond liabilises are shown below. Pequitred: 1 Prepore the general joumal entries to record the following vanuscions in the books of the pantnership on January 1,201 a. Receipt of Tyler) investment of nssets ond lioblifies. b. Receipt of Preston's investment of cesh. 2. Prepore o belonce wheet for the porthership os of the beginning of ita operations on January 1,20X1 Mnalyze: Bosed on the bolence sheet you hove prepored, whor percentage of total equity is owned by jack Tyler? Cemplete this question by enterine your answer in the tabs below. Jock Tyler operates o store that sells computer software. Tyler has ogreed to enter into o porthership with Oliver Preston, effective Jonvory 1, 20xt. The new firm wil be called Global Computing. Tyler is to transfer all assets and liabilities of his firm to the portnership ot the values ogreed on. Prestion will invest cash that is equal to 70 percent of Tyler's investment after revalustion. The accounts shown on Tylers books and the ogreed-on value of ansets and liablities are shown below. Requitred: 1 Prepere the general joumal entries to record the following tronsoctions in the books of the portnership on Jonuory 1, 20Xt a. Receipt of Tyler's investment of assets and liabilities. b. Receipt of Freston's imvestment of cash. 2. Prepare o bolance sheet for the partnership as of the beginning of its operations on January 1,20X1 Analyze: Based on the balance sheet you have prepored, whot percentoge of total equity is owned by Jock Tyler? Complete this question by entering your answer in the tabs below. Prepare the general journal entries to record the above transactions in the books of the parthership on January 1,201. Jock Tyler operotes o store thet sells compuner sohwore. Tyler hos ogreed to enter into a porinership with Oiver Prenton, effective Jonvory L 20x. The new firm will be called Global Computing. Tyler is to transfer oll orsets and liobilises of his firm to the perthership at the values agreed on. Preston will invest cash that is equal to 70 percent of Tyler's imvestrment after revolustion. The eccounts Required: 1 Prepare the generol joumsl entries to tecord the following tronsections in the books of the portnership on Jonuary 1,20xt a. Receiot of Tylerh imertment of ouness tond bibilipes b. Receipt of Prestonis investrment of cosh. 2. Phepare a boince sheet for the portnership os of the beginning of its operotions on janusry 2.20xt. Analyze: Bused on the bolence sheet you hove prepored, whot peccentage of toral equity a owned by fock Tyler? Cemplete thia question by entering your answer in the taba below. is 2 etortiel placts (le, 0.1234 thould be entered as 12.34) )
