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problem: The post closing trial balances of two proprietorships on January 1, 2008, are presented below.

 

Free Company

Will Company

 

Dr.

Cr.

Dr.

Cr.

Cash 

$9,500

 

$6,000

 

Accounts receivable 

15,000

 

23,000

 

Allowance for doubtful accounts

 

$2,500

 

$4,000

Merchandise inventory 

28,000

 

17,000

 

Equipment 

50,000

 

30,000

 

Accumulated depreciation-equipment 

 

24,000

 

13,000

Notes payable 

 

25,000

 

 

Accounts payable 

 

20,000

 

37,000

Free, Capital 

 

31,000

 

 

Will, Capital 

 

 

 

22,000

 

$102,500

$102,500

$76,000

$76,000

Free and will decide to form a partnership, Free-Will Company, with the following agreed upon valuations for noncash assets.

 

Free Company

Will Company

Accounts receivable 

$15,000

$23,000

Allowance for doubtful accounts

3,500

5,000

Merchandise inventory 

32,000

21,000

Equipment 

28,000

18,000

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922018

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