The partners agree that the net realizable value of the, Ask an Expert

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Beck and Cey decide to merge their proprietorships into a partnership called Fresh Start Company. The balance sheet of Cey Co. shows:

Accounts receivable $16,000

Less: Allowance for doubtful accounts

1,200
$14,800

Equipment 20,000

Less: Accumulated depreciation

7,000
13,000

The partners agree that the net realizable value of the receivables is $13,500 and that the fair market value of the equipment is $11,000. Indicate how the four accounts should appear in the opening balance sheet of the partnership.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M948987

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