Book Value92,500550,0001,275,0003,045.0004.962.500Abasolo's BusinessFair Value92,500505,0001,150,0003,087 500Bermudez' BusinessBook Value200,000200,000850,0001,337,5002.587.500Fair Value200,000157,500877,5001,435,000AssetsCashAccounts receivable, netInventoryProperty and equipment, netTotal assetsLiabilities and CapitalAccounts payableAccrued expensesNotes payableAbasolo, capitalBermudez, capitalTotal Liabilities and Capital590,00055,0001,875,0002.442,500590,00055,0001,875,000227,50035,000227,50035,0004.962.5002,325.0002.587 500What is the total amount of assets after the formation of the partnership?7,505,000.00What is the capital balance of Bermudez, immediately after the formation of the partnership?2,407,500.00What is the capital balance of Abasolo, immediately after the formation of the partnership?2,315,000.00Need AnswersWhat is the total amount of liabilities after the formation of the partnership?Compute the net (debit) / credit adjustment on the sole proprietorship books of Bermudez. (Type the amount debit or credit. Sample: 1,000,000 debitCompute the net (debit) / credit adjustment on the sole proprietorship books of Abasolo. (Type the amount debit or credit. Sample: 1,000,000 debit

Total Amount of Liabilities after the Partnership is formed : 2782500

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Business

Accounting

What is the total amount of liabilities after the formation of the partnership?

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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Question

Book Value
92,500
550,000
1,275,000
3,045.000
4.962.500
Abasolo's Business
Fair Value
92,500
505,000
1,150,000
3,087 500
Bermudez' Business
Book Value
200,000
200,000
850,000
1,337,500
2.587.500
Fair Value
200,000
157,500
877,500
1,435,000
Assets
Cash
Accounts receivable, net
Inventory
Property and equipment, net
Total assets
Liabilities and Capital
Accounts payable
Accrued expenses
Notes payable
Abasolo, capital
Bermudez, capital
Total Liabilities and Capital
590,000
55,000
1,875,000
2.442,500
590,000
55,000
1,875,000
227,500
35,000
227,500
35,000
4.962.500
2,325.000
2.587 500
What is the total amount of assets after the formation of the partnership?
7,505,000.00
What is the capital balance of Bermudez, immediately after the formation of the partnership?
2,407,500.00
What is the capital balance of Abasolo, immediately after the formation of the partnership?
2,315,000.00
Need Answers
What is the total amount of liabilities after the formation of the partnership?
Compute the net (debit) / credit adjustment on the sole proprietorship books of Bermudez. (Type the amount <space> debit or credit. Sample: 1,000,000 debit
Compute the net (debit) / credit adjustment on the sole proprietorship books of Abasolo. (Type the amount <space> debit or credit. Sample: 1,000,000 debit

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