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Terry, Nick, and Frank are forming The Carla Vista Partnership. Terry is transferring 5:30.200 of personatcash and equipment worth $24.200 to the partnership Nick owns
Terry, Nick, and Frank are forming The Carla Vista Partnership. Terry is transferring 5:30.200 of personatcash and equipment worth $24.200 to the partnership Nick owns land worth $17,300 and a small building worth $74.200, which he transfers to the partnership, There is a long-term mortgage of $19.400 on the land and building, which the partnership assumes. Frank transfers cash of $7.900 accounts receivable of $36,000, supplies worth $3,700, and equipment worth $22,000 to the partnership. The partnership expects to collect $31,300 of the accounts receivable. Prepare a classified balance sheet for the partnership after the partners investments on December 31, 2020. (List current assets in order of liquidity, List Property. Plant and Equipment in order of Land, Buildings and Equipment.) THE CARLA VISTA PARTNERSHIP Balance Sheet Dc3 2020 Assets
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