Rainier admits Diona as a partner in business. Just before the partnership's formation, Rainier's books showed the following:
tableCashAccounts receivable,Merchandise inventory,Accounts payable,Rainier capital,
It was agreed that, for purposes of establishing Rainier's investment firm, the folliowing acjustments shall be reflected.
Alowance for bad debts of should be set up
Merchandise inventory siould be valued at P
How much cash sh and accued expenses of stould be recognized third interest in the par Diona invest to secure a one
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