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Problem 12-01A a-c (Part Level Submission) (Video) The post-closing trial balances of two proprietorships on January 1, 2020, are presented below. Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Notes payable Accounts payable Sorensen, capital Lucas, capital Accounts receivable Allowance for doubtful accounts Sorensen Company Dr. Cr. $14,000 17,500 Inventory Equipment 26,500 45,000 $3,000 24,000 18,000 22,000 36,000 Lucas Company Dr. Cr. $12,000 26,000 18,400 29,000 $103,000 $103,000 $85,400 $4,400 11,000 15,000 31,000 Sorensen and Lucas decide to form a partnership, Solu Company, with the following agreed upon valuations for noncash assets. Sorensen Company Lucas Company $17,500 $26,000 4,500 4,000 28,000 20,000 25,000 15,000 24,000 $85,400

Problem 12-01A a-c (Part Level Submission) (Video) The post-closing trial balances of two proprietorships on January 1, 2020, are presented below. Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Notes payable Accounts payable Sorensen, capital Lucas, capital Accounts receivable Allowance for doubtful accounts Sorensen Company Dr. Cr. $14,000 17,500 Inventory Equipment 26,500 45,000 $3,000 24,000 18,000 22,000 36,000 Lucas Company Dr. Cr. $12,000 26,000 18,400 29,000 $103,000 $103,000 $85,400 $4,400 11,000 15,000 31,000 Sorensen and Lucas decide to form a partnership, Solu Company, with the following agreed upon valuations for noncash assets. Sorensen Company Lucas Company $17,500 $26,000 4,500 4,000 28,000 20,000 25,000 15,000 24,000 $85,400

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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Problem 12-01A a-c (Part Level Submission) (Video) The post-closing trial balances of two proprietorships on January 1, 2020, are presented below. Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Notes payable Accounts payable Sorensen, capital Lucas, capital Accounts receivable Allowance for doubtful accounts Sorensen Company Dr. Cr. $14,000 17,500 Inventory Equipment 26,500 45,000 $3,000 24,000 18,000 22,000 36,000 Lucas Company Dr. Cr. $12,000 26,000 18,400 29,000 $103,000 $103,000 $85,400 $4,400 11,000 15,000 31,000 Sorensen and Lucas decide to form a partnership, Solu Company, with the following agreed upon valuations for noncash assets. Sorensen Company Lucas Company $17,500 $26,000 4,500 4,000 28,000 20,000 25,000 15,000 24,000 $85,400
Transcribed Image Text:Problem 12-01A a-c (Part Level Submission) (Video) The post-closing trial balances of two proprietorships on January 1, 2020, are presented below. Cash Accounts receivable Allowance for doubtful accounts Inventory Equipment Accumulated depreciation-equipment Notes payable Accounts payable Sorensen, capital Lucas, capital Accounts receivable Allowance for doubtful accounts Sorensen Company Dr. Cr. $14,000 17,500 Inventory Equipment 26,500 45,000 $3,000 24,000 18,000 22,000 36,000 Lucas Company Dr. Cr. $12,000 26,000 18,400 29,000 $103,000 $103,000 $85,400 $4,400 11,000 15,000 31,000 Sorensen and Lucas decide to form a partnership, Solu Company, with the following agreed upon valuations for noncash assets. Sorensen Company Lucas Company $17,500 $26,000 4,500 4,000 28,000 20,000 25,000 15,000 24,000 $85,400
Current Assets Cash Accounts Receivable Less V Allowance for Doubtful Accounts Inventory Total Current Assets Property, Plant and Equipment Equipment January 1, 2020 Total Assets SOLU COMPANY Balance Sheet Assets 43,500 (8,500) LA X S 35,000 48,000 40,000
Transcribed Image Text:Current Assets Cash Accounts Receivable Less V Allowance for Doubtful Accounts Inventory Total Current Assets Property, Plant and Equipment Equipment January 1, 2020 Total Assets SOLU COMPANY Balance Sheet Assets 43,500 (8,500) LA X S 35,000 48,000 40,000
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