Ace, Goran, and Notte are forming The Acgono Partnership. Ace is transferring $45,000 of personal cash and equipment worth $38,000 to the partnership. Goran owns land worth $27,000 and a small building worth $112,000, which he transfers to the partnership. There is a long-term mortgage of $30,000 on the land and building, which the partnership assumes. Notte transfers cash of $10,000, accounts receivable of $54,000, supplies worth $5,000, and equipment worth $33,000 to the partnership. The partnership expects to collect $48,000 of the accounts receivable.
Instructions
Prepare a classified balance sheet for the partnership after the partner's investments on December 31, 2010.

Question

Quizplus · Accepted Answer

The Answer of Ace, Goran, and Notte are forming The Acgono Partnership. Ace is transferring $45,000 of personal cash and equipment worth $38,000 to the partnership. Goran owns land worth $27,000 and a small building worth $112,000, which he transfers to the partnership. There is a long-term mortgage of $30,000 on the land and building, which the partnership assumes. Notte transfers cash of $10,000, accounts receivable of $54,000, supplies worth $5,000, and equipment worth $33,000 to the partnership. The partnership expects to collect $48,000 of the accounts receivable.
Instructions
Prepare a classified balance sheet for the partnership after the partner's investments on December 31, 2010.

Ace, Goran, and Notte Are Forming the Acgono Partnership