us 102 Managerial Accounting Hontock Show Me How Enter Balance Sheet for Partners On dort 1, 2011: Whiter lang and El Capri form a partnershi. Lang agrees to invest $11,300 cash and merchandise Inventory valued at $30,500. Cape invests certain business assets at valuations speed upon, transfers businesstabilities, and contributes suicient cash to bring his total capital to $1,000 Details gegarding the book values of the business assets and abilities, and the agreed Capel's Ledger Agreed-Upon Balance Balance $17.500 $14.000 500 Accounts receivable 1.000 20.000 20,100 33.900 alowance for Doubtful Accounts Merchandise eventory Em AccuWed Derection-admet Accueil Naut 32.900 11.300 0.100 6.100 3.700 the Indies their reading the vision of income of 10 on instalowance of 532.000 (ingl 120,700 at there 1 others to the fuga Carinth. If an order tank Od My Work revious Bus 102 Managerial Accounting Hon ebook Show Me How The partnership areement Includes the following provisions regarding the division of niet income: Interest of 10% on original investments, salary allowances of $33,900 (Lang) and $20,700 (Cr). and the remainder equally Required: 1. Joumalize the entries to record the investments of Lang and Capel in the partnership accounts. If an amount box does not require an entry, leave it blank ACCOUNT DEBIT CREDI ADE. Chede My Work CBOOK Show Me HOW 2. Prepare a balance sheet as of April 1, 2011, the date of formation of the partnership of Lang and Capri. Lang and Capri Balance Sheet April 1, 2011 Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities Current liabilities: Current liabilities: $ Total liabilities Partners Equity $ Total partners' equity Total liabilities and partners' equity $ Yote and parent 1. Medjutarch 31, 202, the end of the first ular of the row $415,000 and expens were $18.000, for an income of $97,000. The drawing accounts have bancs of $34.000 Lan) and 18.000 Cum the entries to do the revence and expertise and the drawing account at Harch 21, 2002. an amat box does not entry van ACCOUNT DET CREDIT