Penner and Torres decide to merge their proprietorships into a partnership called Pentor Company. The...
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Accounting
Penner and Torres decide to merge their proprietorships into a partnership called Pentor Company. The balance sheet of Torres Co. Shows
Accounts receivable $16,000
Less: Allowance for doubtful accounts 1,200 $14,800
Equipment 20,000
Less: Accumlated Depreciation- equip 7,000 13,000
The partnership agree that the net realizable value of the receivables is $14,500 and that the fair value of the equipment is $11,000. Indicate how the accounts should appear in the opening balance sheet of the partnership
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