1. 2. wing independent assumptions: Each partner is credited for the full amount of net assets invested. Each partner initially is to have equal interest in partnership capital. Cash Notes Receivable Problem 2-1 (Cash and Net Assets Contributions) The statement of financial position of Acosta as of December 1, 2014 is as follows: Merchandise Inventory Furniture and Equipment PROBLEMS Acosta Company Statement of Financial Position December 1, 2014 Accounts Receivable Less Allowance for Uncollectible Accounts Total Assets Assets Less Accumulated Depreciation Notes Payable Accounts Payable Acosta, Capital Total Liabilities and Capital P 2,250,000 150,000 P 1,800,000 450,000 ship under Liabilities and Capital P 600,000 375,000 2,100,000 600,000 1,350,000 P 5,025,000 P 750,000 1,575,000 2,700,000 P 5,025,000 Aguas offers to invest cash to give him an equity credit equal to one-half of the equity of Acosta after adjustments for the items below. Acosta cepted the offer. The merchandise is to be valued at P650,000. The Allowance for uncollectible accounts is P225,000. Interest accrued on notes receivable should be reflected. September 30, 2014 and bears interest at 6%. The note is dated
1. 2. wing independent assumptions: Each partner is credited for the full amount of net assets invested. Each partner initially is to have equal interest in partnership capital. Cash Notes Receivable Problem 2-1 (Cash and Net Assets Contributions) The statement of financial position of Acosta as of December 1, 2014 is as follows: Merchandise Inventory Furniture and Equipment PROBLEMS Acosta Company Statement of Financial Position December 1, 2014 Accounts Receivable Less Allowance for Uncollectible Accounts Total Assets Assets Less Accumulated Depreciation Notes Payable Accounts Payable Acosta, Capital Total Liabilities and Capital P 2,250,000 150,000 P 1,800,000 450,000 ship under Liabilities and Capital P 600,000 375,000 2,100,000 600,000 1,350,000 P 5,025,000 P 750,000 1,575,000 2,700,000 P 5,025,000 Aguas offers to invest cash to give him an equity credit equal to one-half of the equity of Acosta after adjustments for the items below. Acosta cepted the offer. The merchandise is to be valued at P650,000. The Allowance for uncollectible accounts is P225,000. Interest accrued on notes receivable should be reflected. September 30, 2014 and bears interest at 6%. The note is dated
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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