dont give answer in image format Question 5On January 1, 2020, Ruben Ho and Clay Emre formed the Raben and Clay Partnio byinvesting the following assets and liabilities in the busineCashEquipmentAccumulated amort equipmentBuildingsAccumulated amort-buildingsLandAccounts payableNote payableRuben'sBook valur Market Valse$12,000$12,00038,00029,0008,20090,000$4,00025,00060,00035,00017,00075.00035,00017,000Clay'sClay'sBook vales Market Val$18,50053,5009,90095,00035,00066,00035,00029,000$18,50047,500110,00050,00035,00029,000An independent appraiser was hired to determine the current market values. Ruben and Clayagree to share profits and losses in a 40-60 ratio respectively. During the first year of operations,the business earned a net income of $47,000. Each partner withdrew $20,000 casha) Prepare the journal entries to record the initial investments in the business by Ruben andClay.b) Prepare a balance sheet dated January 1, 2020, after the completion of the initial journalentries.

Partnership: It a type of business firm where two or individuals or companies start a business…

Question 5 On January 1, 2020, Ruben Ho and Clay Rang formed the Rabes and Clay Parenip by investing the following sets and liabilities in the bunions Ruben's Ruben's Book valur Market Value $12,000 Cash Equipment 38,000 Accumulated amort, equipment 8.200 Buildings 34,000 Accumulated amort-buildings 25,000 Land Accounts payable Note payable 60,000 35,000 17,000 $120000 29,000 90,000 78,000 35,000 17,000 Clay's Clay's Book vales Markat Vale 318,500 53,500 9,900 95,000 35,000 66,000 35,000 29,000 $18,500 47,500 110,000 80,000 35,000 29,000 An independent appraiser was hired to determine the current market values. Ruben and Clay agree to share profits and losses in a 40.60 ratio respectively. During the first year of operations, the business earned a net income of $47,000. Each partner withdrew $20,000 cash a) Prepare the journal entries to record the initial investments in the business by Ruben and Clay. b) Prepare a balance sheet dated January 1, 2020, after the completion of the initial journal entries.

Question 5 On January 1, 2020, Ruben Ho and Clay Rang formed the Rabes and Clay Parenip by investing the following sets and liabilities in the bunions Ruben's Ruben's Book valur Market Value $12,000 Cash Equipment 38,000 Accumulated amort, equipment 8.200 Buildings 34,000 Accumulated amort-buildings 25,000 Land Accounts payable Note payable 60,000 35,000 17,000 $120000 29,000 90,000 78,000 35,000 17,000 Clay's Clay's Book vales Markat Vale 318,500 53,500 9,900 95,000 35,000 66,000 35,000 29,000 $18,500 47,500 110,000 80,000 35,000 29,000 An independent appraiser was hired to determine the current market values. Ruben and Clay agree to share profits and losses in a 40.60 ratio respectively. During the first year of operations, the business earned a net income of $47,000. Each partner withdrew $20,000 cash a) Prepare the journal entries to record the initial investments in the business by Ruben and Clay. b) Prepare a balance sheet dated January 1, 2020, after the completion of the initial journal entries.

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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