partnership. Their statements of financial position are as follows:Two Sole Proprietors Form a PartnershipCst 31 2019, Apalisoc and Tuddao agreed to combine their proprietorships as anartnership. Their statements of financial position are as follows:Apalisoc's BusinessTuddao's BusinessВokCurrentAssetsValueBookCurrentMarket ValueValueMarketValueCashP 37,000P 37,000P 80,000P 80,000220,000510,000Accounts Receivable (net)202,000460,00080,00063,000Inventory340,000535,000351,000Property and Equipment (net)1,218,0001,235,000574,000Total AssetsP1,985,000P1,934,000P1,035,000P1,068,000Liabilities and CapitalP 236,00022,000P 236,000 P. 91,000P 91,000Accounts PayableAccrued ExpensesNotes PayableApalisoc, CapitalTuddao, CapitalTotal Liabilities & Capital22,00014,00014,000750,000750,000977,000930,000P1,985,000P1,934,000P1,035,000P1,068,000Required:1. Record the partnership formation.2. Prepare the partnership's statement of financial position as at Oct. 31, 2019.

Two Sole Proprietors Form a Partnership Oct 31, 2019, Apalisoc and Tuddao agreed to combine their proprietorships as a partnership. Their statements of financial position are as follows: Apalisoc's Business Tuddao's Business Book Current Assets Value Book Current Market Value Value Market Value Caşh 37,000 37,000 202,000 80,000 P. 80,000 Accounts Receivable (net) 220,000 80,000 63,000 Inventory 510,000 460,000 340,000 351,000 1,218,000 P1,985,000 Property and Equipment (net) 1,235,000 P1,934,000 535,000 574,000 Total Assets P1,035,000 P1,068,000 Liabilities and Capital P 236,000 P 236,000 Accounts Payable Accrued Expenses Notes Payable Apalisoc, Capital Tuddao, Capital Total Liabilities & Capital 91,000 91,000 22,000 750,000 22,000 14,000 14,000 750,000 977,000 930,000 P1,035,000 P1,985,000 P1,934,000 P1,068,000 Required: 1. Record the partnership formation. 2. Prepare the partnership's statement of financial position as at Oct. 31, 2019.

Two Sole Proprietors Form a Partnership Oct 31, 2019, Apalisoc and Tuddao agreed to combine their proprietorships as a partnership. Their statements of financial position are as follows: Apalisoc's Business Tuddao's Business Book Current Assets Value Book Current Market Value Value Market Value Caşh 37,000 37,000 202,000 80,000 P. 80,000 Accounts Receivable (net) 220,000 80,000 63,000 Inventory 510,000 460,000 340,000 351,000 1,218,000 P1,985,000 Property and Equipment (net) 1,235,000 P1,934,000 535,000 574,000 Total Assets P1,035,000 P1,068,000 Liabilities and Capital P 236,000 P 236,000 Accounts Payable Accrued Expenses Notes Payable Apalisoc, Capital Tuddao, Capital Total Liabilities & Capital 91,000 91,000 22,000 750,000 22,000 14,000 14,000 750,000 977,000 930,000 P1,035,000 P1,985,000 P1,934,000 P1,068,000 Required: 1. Record the partnership formation. 2. Prepare the partnership's statement of financial position as at Oct. 31, 2019.

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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