86. On January 1, 2010, A and Bagreed to form a partnershipcontributing their respective assetsand equities subject to adjustments.On that date, the following wereprovided;AP28,000200,000BP62,000600,000200,000CashAccounts receivableInventories120,000Land600,000BuildingFurniture & fixtures500,00050,0002,000180,000200,000620,00035,0003,000250,000350,000Intangible assetsAccounts payableOther liabilitiesCapital800,000The following adjustments were agreed upon:a. Accounts receivable of P20.000 and P40,000 are uncollectible in A's and B's respective books.b. Inventories of P6,000 and P7,000 are worthless in A's and B's respective books.c. Intangible assets are to be written off in both books.In preparing statement of financial position, how much is the total assets of the partnership?A. P2,311,000O B. P2,395,000O C. P2,400,00O D. P2,431,000

86. On January 1, 2010, A and B agreed to form a partnership contributing their respective assets and equities subject to adjustments. On that date, the following were provided; * B P62,000 600,000 200,000 Cash P28,000 200,000 120,000 600,000 500,000 50,000 2,000 180,000 200,000 620,000 Accounts receivable Inventories Land Building Furniture & fixtures Intangible assets Accounts payable Other liabilities 35,000 3,000 250,000 350,000 800,000 Capital The following adjustments were agreed upon: a. Accounts receivable of P20.000 and P40,000 are uncollectible in A's and B's respective books. b. Inventories of P6,000 and P7,000 are worthless in A's and B's respective books. c. Intangible assets are to be written off in both books. In preparing statement of financial position, how much is the total assets of the partnership? O A. P2,311,000 B. P2,395,000 C. P2,400,00 D. P2,431,000

86. On January 1, 2010, A and B agreed to form a partnership contributing their respective assets and equities subject to adjustments. On that date, the following were provided; * B P62,000 600,000 200,000 Cash P28,000 200,000 120,000 600,000 500,000 50,000 2,000 180,000 200,000 620,000 Accounts receivable Inventories Land Building Furniture & fixtures Intangible assets Accounts payable Other liabilities 35,000 3,000 250,000 350,000 800,000 Capital The following adjustments were agreed upon: a. Accounts receivable of P20.000 and P40,000 are uncollectible in A's and B's respective books. b. Inventories of P6,000 and P7,000 are worthless in A's and B's respective books. c. Intangible assets are to be written off in both books. In preparing statement of financial position, how much is the total assets of the partnership? O A. P2,311,000 B. P2,395,000 C. P2,400,00 D. P2,431,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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C and D form the CD, LLC even partnership. A contributed land with an adjusted basis of $50 and FMV of $100. D contributed equipment with an adjusted basis of $75 and FMV of $100. Immediately after this contribution, what is the balance in D's 704(b) capital account? $175 $75 $100 $50
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Assume the G&L partnership forms with cash contributions of $100,000 each from G and L. The partnership then borrows $800,000 on a nonrecourse loan and purchases a building on leased land for $ 1,000,000. Assume that the building is rented and that annual cash revenues equal cash expenses but depreciation of $50,000 per year results in a $50,000 annual loss. All items of income, loss, and deduction are shared equally. When is the first year that the partnership will record Partnership Minimum Gain ( PMG)? Please don't use any AI. It's strictly prohibited. Help me out asap Thanks
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