Penner and Torres decide to merge their proprietorships into a partnership calle

Question

Penner and Torres decide to merge their proprietorships into a partnership called Pentor Company. The balance sheet of Torres Co. shows:

$83,400

5,838

$77,562

59,200

20,720

38,480

The partners agree that the net realizable value of the receivables is $70,056 and that the fair value of the equipment is $32,560. Indicate how the accounts should appear in the opening balance sheet of the partnership.

Pentor Company.
Balance Sheet (Partial)

Open Show Work

Accounts receivable

$83,400

Less: Allowance for doubtful accounts

5,838

$77,562

Equipment

59,200

Less: Accumulated depreciation—equip.

20,720

38,480

Explanation / Answer

Pentor Company. Balance Sheet (Partial) Accounts receivable 83400 Less: Allowance for doubtful accounts 13344 70056 Equipment 32560

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.