Blake Kredell Owns and Operates a Retail Business Called Blake's

question 52

Essay

Blake Kredell owns and operates a retail business called Blake's Camera Shop. His postclosing trial balance on December 31, 2013, is provided below. Blake plans to enter into a partnership with Carmen Santos, effective January 1, 2014. Profits and losses will be shared equally. Blake will transfer all assets and liabilities of his store to the partnership, after revaluation. Santos will invest cash equal to Blake's investment after revaluation. The agreed values are: Accounts Receivable (net), $7,500; Merchandise Inventory, $27,000; and Store Equipment, $8,000.The partnership will operate under the name Picture Perfect. Record each partner's investment on page 1 of a general journal. Omit descriptions.
Prepare a balance sheet for Picture Perfect just after the investments.

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