Examlex

Solved

Jill and Sue Decide to Form the JS Partnership Net Accounts

question 143

Essay

Jill and Sue decide to form the JS Partnership.On February 1,2014,they combine their assets except for the land with the following current market values and book values:
Jill’s assetsSue’s assets Book  Market  Book  Market  value  value  value  value  Cash $40,000$40,000$50,000$50,000\begin{array}{c}&&&&&&\text {Jill's assets}&&&\text {Sue's assets}\\\end{array}\\\begin{array}{llll}&\text { Book } & \text { Market } & \text { Book } & \text { Market } \\&\text { value } & \text { value } & \text { value } & \text { value }\\\text { Cash }&\$40,000&\$40,000&\$50,000&\$50,000\end{array} Net accounts
 receivable 39,50037,00028,00027,000 Inventory 69,00075,00055,00072,000 Land 50,00085,00075,00090,000 Equipment 80,00070,00090,00075,000\begin{array}{lllll}\text { receivable } & 39,500 & 37,000 & 28,000 & 27,000 \\\text { Inventory } & 69,000 & 75,000 & 55,000 & 72,000 \\\text { Land } & 50,000 & 85,000 & 75,000 & 90,000 \\\text { Equipment } & 80,000 & 70,000 & 90,000 & 75,000\end{array} Accumulated
 amortization 25,00030,000 Accounts payable 28,00028,000 Notes payable 10,00010,000\begin{array} { l l l l l } \text { amortization } & 25,000 & - - - & 30,000 & - - - \\\text { Accounts payable } & 28,000 & 28,000 & - - - & - - -\\\text { Notes payable } & - - - - & - - - & 10,000 & 10,000\end{array} Journalize the entries on February 1,2014,to record the partners' initial investments.


Definitions:

Inspirational Appeal

The ability to inspire and motivate others through compelling vision or passion.

Political Behavior

Activities undertaken by individuals or groups to influence or achieve power within an organizational or governmental context.

Open Communication

A communication approach that encourages transparency, sharing, and free exchange of information among individuals or groups.

Clear Expectations

Explicitly understood and communicated goals, objectives, or standards within a professional setting.

Related Questions