Locatorprogress-labe SHEETA.. Brian Caldwell and Adriana Estrada have operated a successful firm for many years, sharing net income and net losses equally, Kris Mays is to be admitted to the partnership on September 1 of the current year, in accordance with the following agreement: a. Assets and liabilities of the old partnership are to be valued at their book values as of August 31, except for the following: 1. Accounts receivable amounting to $2,200 are to be written off, and the allowance for doubtful accounts is to be increased to 5% of the remaining accounts 2. Merchandise inventory is to be valued at $57,200 3. Equipment is to be valued at $127,600. b. Mays is to purchase $54,000 of the ownership Interest of Estrada for $59,000 cash and to contribute another $29,000 cash to the partnership for a total ownership equity of $83,000 The post-closing trial balance of Caldwell and Estrada as of August 31 is as follows Caldwell and Estrada . SHEETA... Post-Closing Trial Balance August 31, 2019 Debit Credit Balances Balances 5.700 SHEETA... Cash 34,000 Accounts Receivable Allowance for Doubtful Accounts 1,200 53,500 ESHEETA.. Merchandise Inventory 1,900 Prepold Insurance 148,000 Equipment Previous Next oms 13:42 PM 30/11/2000 0 NI to search DOLL Locatorprogress-labe SHEETA.. Brian Caldwell and Adriana Estrada have operated a successful firm for many years, sharing net income and net losses equally, Kris Mays is to be admitted to the partnership on September 1 of the current year, in accordance with the following agreement: a. Assets and liabilities of the old partnership are to be valued at their book values as of August 31, except for the following: 1. Accounts receivable amounting to $2,200 are to be written off, and the allowance for doubtful accounts is to be increased to 5% of the remaining accounts 2. Merchandise inventory is to be valued at $57,200 3. Equipment is to be valued at $127,600. b. Mays is to purchase $54,000 of the ownership Interest of Estrada for $59,000 cash and to contribute another $29,000 cash to the partnership for a total ownership equity of $83,000 The post-closing trial balance of Caldwell and Estrada as of August 31 is as follows Caldwell and Estrada . SHEETA... Post-Closing Trial Balance August 31, 2019 Debit Credit Balances Balances 5.700 SHEETA... Cash 34,000 Accounts Receivable Allowance for Doubtful Accounts 1,200 53,500 ESHEETA.. Merchandise Inventory 1,900 Prepold Insurance 148,000 Equipment Previous Next oms 13:42 PM 30/11/2000 0 NI to search DOLL