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Less accum. depr. Office equipment Less accum. depr, 64,000 286,000 130,000 40,000 90,000 Total liabilities and P745,900 owner's equity Total assets P745,9 Udarbe and Trongco agree that the information provided on the balance sh represents market values, except for the assets listed below for w appraisals of current market values were obtained. Fair market values Udarbe Office equipment P398,000 P82,000 420,000 278,000; Trongco Vehicles Requirement: Prepare the opening journal entries for the formation of C&V AnimaL Kin

Less accum. depr. Office equipment Less accum. depr, 64,000 286,000 130,000 40,000 90,000 Total liabilities and P745,900 owner's equity Total assets P745,9 Udarbe and Trongco agree that the information provided on the balance sh represents market values, except for the assets listed below for w appraisals of current market values were obtained. Fair market values Udarbe Office equipment P398,000 P82,000 420,000 278,000; Trongco Vehicles Requirement: Prepare the opening journal entries for the formation of C&V AnimaL Kin

FINANCIAL ACCOUNTING
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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Less accum. depr. Office equipment Less accum. depr, 64,000 130,000 40,000 286,000 90,000 Total liabilities and P745,900 owner's equity Total assets P745,900 Udarbe and Trongco agree that the information provided on the balance sheets represents market values, except for the assets listed below for which appraisals of current market values were obtained. Fair market values Office equipment Udarbe Trongco P398,000 P82,000 420,000 278,000 Vehicles Requirement: Prepare the opening journal entries for the formation of C&V Animal Kingdom.
Transcribed Image Text:Less accum. depr. Office equipment Less accum. depr, 64,000 130,000 40,000 286,000 90,000 Total liabilities and P745,900 owner's equity Total assets P745,900 Udarbe and Trongco agree that the information provided on the balance sheets represents market values, except for the assets listed below for which appraisals of current market values were obtained. Fair market values Office equipment Udarbe Trongco P398,000 P82,000 420,000 278,000 Vehicles Requirement: Prepare the opening journal entries for the formation of C&V Animal Kingdom.
for each business serve as the basis for the partnership: Christine Udarbe and Vincent Trongco have been sole proprietors of separate animal relocation businesses for several years. On January 1, 2020, they form a partnership called C&V Animal Kingdom. The following balance sheets provided otal the Christine Udarbe Statement of Financial Position December 31, 2020 Assets Liabilities P46,000 Accounts payable Notes payable 30,000 Total liabilities Cash P136,800 Accounts receivable P38,80O 8,800 418,000 290,000 Less allow. for DA Office equipment Less: accum. dep. P426,800 Owner's Equity 398,000 C. Udarbe, capital 20,000 P485,200 538,000 100,000 Vehicles 438,000 Total liabilities and P912,000 owner's equity Less: accum. dep. P912,000 Total assets Vincent Trongco Statement of Financial Position December 31, 2020 Liabilities Assets P50,900 Accounts payable Notes payable P120,000 146,000 P266,000 Cash Accounts receivable P45,400 7,400 327,000 46,000 Less allow. for DA 38,000 Total liabilities Owner's Equity Equipment Less accum. depr. Vehicles 281,000 V. Trongco, capital P479,900 350,000
Transcribed Image Text:for each business serve as the basis for the partnership: Christine Udarbe and Vincent Trongco have been sole proprietors of separate animal relocation businesses for several years. On January 1, 2020, they form a partnership called C&V Animal Kingdom. The following balance sheets provided otal the Christine Udarbe Statement of Financial Position December 31, 2020 Assets Liabilities P46,000 Accounts payable Notes payable 30,000 Total liabilities Cash P136,800 Accounts receivable P38,80O 8,800 418,000 290,000 Less allow. for DA Office equipment Less: accum. dep. P426,800 Owner's Equity 398,000 C. Udarbe, capital 20,000 P485,200 538,000 100,000 Vehicles 438,000 Total liabilities and P912,000 owner's equity Less: accum. dep. P912,000 Total assets Vincent Trongco Statement of Financial Position December 31, 2020 Liabilities Assets P50,900 Accounts payable Notes payable P120,000 146,000 P266,000 Cash Accounts receivable P45,400 7,400 327,000 46,000 Less allow. for DA 38,000 Total liabilities Owner's Equity Equipment Less accum. depr. Vehicles 281,000 V. Trongco, capital P479,900 350,000
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