Using the information given, and assuming Kim offered to join for a 20% interest in the new BLK Partnership, how much cash should he contribute?
Using the information given, and assuming Kim offered to join for a 20% interest in the new BLK Partnership, how much cash should he contribute?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![40
Assets
Cash
P
Laus
22,354.00
567,890.00
Accounts Receivable-net
Inventories
260,102.00
Land
Building
428,267.00
Furniture & Fixtures
34,789.00
Other Assets
3,600.00
1,317,002.00
Equities
243,650.00
178,940.00 P
200,000.00
345,000.00
Accounts Payable
Notes Payable
Borromeo, Capital
Laus, Capital
641,976.00
728,352.00
1,020,916.00
1,317.002.00
On May 1, 2022, the business accounts of Borromeo and Laus appear below.
a.
b.
Accounts receivable of P20,000 in Borromeo's books andP35,000 in Laus' books are uncollectible.
Inventories of P5,500 and P6,700 are worthless in Borromeo's and Laus' respective books.
Other assets of P2,000 and P3,600 in Borromeo's and Laus' respective books are to be written off
C.
Using the information given, and assuming Kim offered to join for a 20% interest in the new BLK
Partnership, how much cash should he contribute?
Borromeo
11,000.00 P
234,536.00
120,035.00
603,000.00
50,345.00
2,000.00
P 1,020,916.00
P](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2ed26521-1a74-4283-afb7-31bdebb6508a%2F27036aee-e2e6-4c0c-89a3-621c805daf51%2Fncmsuae_processed.jpeg&w=3840&q=75)
Transcribed Image Text:40
Assets
Cash
P
Laus
22,354.00
567,890.00
Accounts Receivable-net
Inventories
260,102.00
Land
Building
428,267.00
Furniture & Fixtures
34,789.00
Other Assets
3,600.00
1,317,002.00
Equities
243,650.00
178,940.00 P
200,000.00
345,000.00
Accounts Payable
Notes Payable
Borromeo, Capital
Laus, Capital
641,976.00
728,352.00
1,020,916.00
1,317.002.00
On May 1, 2022, the business accounts of Borromeo and Laus appear below.
a.
b.
Accounts receivable of P20,000 in Borromeo's books andP35,000 in Laus' books are uncollectible.
Inventories of P5,500 and P6,700 are worthless in Borromeo's and Laus' respective books.
Other assets of P2,000 and P3,600 in Borromeo's and Laus' respective books are to be written off
C.
Using the information given, and assuming Kim offered to join for a 20% interest in the new BLK
Partnership, how much cash should he contribute?
Borromeo
11,000.00 P
234,536.00
120,035.00
603,000.00
50,345.00
2,000.00
P 1,020,916.00
P
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