Please help me Prepare a classified balance sheet for the partnership on January 1, 2022. (List Current Assets in order of liquidity.)BLOSSOM COMPANYBalance SheetAssetsLiabilities and Owners' Equity%24%2424>> The post-closing trial balances of two proprietorships on January 1, 2022, are presented below.Sorensen CompanyLucas CompanyDr.Cr.Dr.Cr.Cash$17,000$14,400Accounts receivable21,00031,000Allowance for doubtful accounts$3,600$5,300Inventory32,00022,100Equipment54,00035,000Accumulated depreciation-equipment28,80013,200Notes payable21,60018,000Accounts payable26,40037,200Sorensen, capital43,600Lucas, capital28,800$124,000$124,000$102,500$102,500Sorensen and Lucas decide to form a partnership, Blossom Company, with the following agreed upon valuations for noncash assets.Sorensen CompanyLucas CompanyAccounts receivable$21,000$31,000Allowance for doubtful accounts5,4004,800Inventory33,60024,000Equipment30,00018,000All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships.

Statement of financial position refers to a statement which provides a brief summary of the…

Answered: Prepare a classified balance sheet for…

Business

Accounting

Prepare a classified balance sheet for the partnership on January 1, 2022. (List Current Assets in order of liquidity.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

n The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Oriole Company at the end of 2022 are shown here. Equipment Beg. bal. 75,600 Disposals 21,800 Acquisitions 45,500 End. bal. 99,300 Accumulated Depreciation-Equipment Disposals 5,000 Beg. bal. 44,700 Depr. exp. 11,500 End. bal. 51,200 In addition, Oriole Company's income statement reported a loss on the disposal of plant assets of $4,000. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? (Show an amount that decrease cash flow with either a-sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment eTextbook and Media $
The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Vaughn Manufacturing at the end of 2022 are shown here. Equipment Beg. bal. 100,000 Disposals 27,500 Acquisitions 52,000 End. bal. 124,500 Accum. Depr.—Equipment Disposals 6,375 Beg. bal. 55,625 Depr. exp. 15,000 End. bal. 64,250 In addition, Vaughn Manufacturing’s income statement reported a loss on the disposal of plant assets of $4,375. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment $enter cash flow from sale of equipment in dollars
The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Oriole Company at the end of 2022 are shown here. Equipment Beg. bal. 75,600 Disposals 21,800 Acquisitions 45,500 End. bal. 99,300 Accumulated Depreciation—Equipment Disposals 5,000 Beg. bal. 44,700 Depr. exp. 11,500 End. bal. 51,200 In addition, Oriole’s income statement reported a loss on the disposal of plant assets of $4,000. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show an amount that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).) Cash flow from sale of equipment $
The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Skysong, Inc. at the end of 2022 are shown here. Equipment Beg. bal. 60,000 Disposals 16,500 Acquisitions 31,200 End. bal. 74,700 Accum. Depr.—Equipment Disposals 3,825 Beg. bal. 33,375 Depr. exp. 9,000 End. bal. 38,550 In addition, Skysong, Inc.’s income statement reported a loss on the disposal of plant assets of $2,625. What amount was reported on the statement of cash flows as “cash flow from sale of equipment”? (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in parenthesis e.g. (15,000).)
The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Sheffield Company at the end of 2022 are shown here. Equipment Beg. bal. 79,800 Disposals 23,700 Acquisitions 37,400 End. bal. 93,500 Accumulated Depreciation-Equipment Disposals 5,200 Beg, bal 44,500 Depr. exp. 12.200 End, bal 51.500 In addition, Sheffield's income statement reported a loss on the disposal of plant assets of $4,000. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? (Show amount that decrease cash flow with either a-sign eg-15,000 or in parenthesis eg. (15,000)) Cash flow from sale of equipment S
The following assets are exchanged between Company A and Company B: Company A Company B Asset original cost $53,400 $65,100 Accumulated depreciation 32,630 39,600 Net book value 20,770 25,500 Fair value of asset 24,200 28,600 In addition, Company A paid Company B $4,400 cash.Required:Prepare the journal entry to record the transaction for Company A and B
Bonita Industries Ltd., a public company, presents you with the following information: (a) Complete the table for the year ended December 31, 2027. The company depreciates all assets for a half year in the year of acquisition and the year of disposal. (Round answers to O decimal places, e.g. 5,275.) Description Machine A Machine B Machine C Date Purchased Dec. 2, 2025 Aug. 15, 2024 July 21, 2023 Cost $140,000 72,000 (3) Residual Value $12,000 15,000 22,000 Life in Years 10 5 8 Depreciation Method Straight-line Double-declining-balance (1)
Assume that ACW Corporation has 2023 taxable income of $1,820,000 for purposes of computing the §179 expense. The company acquired the following assets during 2023 (assume no bonus depreciation): (Use MACRS Table 1, Table 2, and Table 5.) Placed in Service 12-September 10-February Delivery truck 21-August Qualified real property (MACRS, 15 year, 02-April 150% DB) Total Asset Machinery Computer equipment a. What is the maximum amount of $179 expense ACW may deduct for 2023? b. What is the maximum total depreciation that ACW may deduct in 2023 on the assets it placed in service in 2023? Note: Round your intermediate calculations and final answer to the nearest whole dollar amount. a. Maximum §179 expense for 2023 b. Maximum total deductible depreciation for 2023 Basis $ 502,000 102,000 125,000 1,412,000 $ 2,141,000 $ $ 1,160,000 1,304,408 X
M&A Journal entry Company A acquires Company B on May 1, 2016. The following data includes measurements of assets, liabilities, and non-controlling interest as of the closing date. Prepare the journal entries to record the assets acquired and liabilities assumed. Adjusted Fair Value Accounts Receivable 830 Contract assets 1,670 Inventories 1,020 Other current assets 500 Property, plant and equipment 1,220 Operating lease right-of-use assets 700 Goodwill 14,650 Other intangible assets 7,880 Other non-current assets 320 Total assets acquired 28790 Accounts payable 880 Contract liabilities 700 Other current liabilities 830 Operating lease liabilities 720 Defined benefit plans 1,300 Long-term debt, net 3,550 Other long-term liabilities 1,870 Total liabilities assumed 9,850 Net assets acquired 18,940 Noncontrolling interests 160 Total net consideration transferred 18,780
The t accounts for equipment and the related accumulated depreciation-equipment for Goldstone Co. at the end of 2022 are shown here. Equipment Beg. Bal. $80000. Displ $22000 Acqutn $41600 Ending Bal $99600 Accum Dep-Eqpt Displ. $5100. Beg bal. $44500 Dep. Ex. $12000 End. Bal. $51400 In addition, Goldstone's income statement reported a loss on the disposal of plant assets of $3500. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"? Calculate free cash flow
Topic: Non-Current Assets Held for Sale and Discontinued Operations 13. Which of the following shall be recognized by the entity in its 20x2 financial statements? Held for ale asset Impairment loss a. P700,000 P100,000 b. P650,000 P100,000 c. P650,000 P150,000 d. P0 P100,000 13. Requirement: Provide the journal entry on December 31, 20x2.
Action, Inc. acquired the following assets and assumed the related liabilities of Slacker Corp. in a transaction completed on February 16, 2023: Accounts receivable, net Inventories Property, plant & equipment Non-amortizable intangible assets Carrying value for Slacker Current liabilities Noncurrent liabilities $ 11,000 $ 50,000 $ 100,000 $ 200,000 Fair Value $ 10,000 $ 50,000 $ 150,000 $ 225,000 $ (40,000) $(200,000) $ (40,000) $(200,000) Action paid $205,000 in cash for all of the above from Slacker. a) Determine if Action must record any goodwill. Show any calculations. b) Record the acquisition in Action's general journal on Feb. 16, 2023. Show: any calculations. c) Prepare any adjusting entry for amortization required as of the fiscal year end, December 31, 2023. If no amortization is required, explain why.