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Prepare the beginning partnership balance sheet using the template below (called SPLIT partnership): Balance Sheet for SPLIT as of March 1, 2014 Assets Cash AR Inventory Land Furniture Less:...

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Prepare the beginning partnership balance sheet using the template below (called SPLIT partnership): Balance Sheet for SPLIT as of March 1, 2014 Assets Cash AR Inventory Land Furniture Less: Accumulated Depreciation Computer Less: Accumulated Depreciation Building Total Assets Liabilities AP Loan-L Equity Capital-S Capital-P Capital-L Capital-I Capital-T Total Equity and Liabilities
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Question: Prepare the beginning partnership balance sheet using the template below (called SPLIT partnership): Balance Sheet for SPLIT as of March 1, 2014AssetsCashARInventoryLandFurnitureLess: Accumulated DepreciationComputerLess: Accumulated DepreciationBuilding    Total AssetsLiabilitiesAPLoan-LEquityCapital-SCapital-PCapital-LCapital-ICapital-T   Total Equity and LiabilitiesInformation is as follows : Fair Value of Items Contributed to Partnership (FMV=Basis) on March 1, 2014Assets, Liabilities & EquitiesSPLITCash$10,000$25,000$25,000$25,000$25,000AR$15,000$10,000Inventory$15,000$15,000$15,000Land$60,000Furniture$30,000Less: Accumulated DepreciationComputer$5,000Less: Accumulated DepreciationBuilding$50,000    Total Assets$85,000$55,000$45,000$90,000$50,000AP$0$0$15,000$0$0Loan-L$0$5,000$0$0$0 Solution: In order to find the capital contribution of each partner we have done the below calculations Given: Assets, Liabilities & EquitiesSPLITCash$10,000$25,000$25,000$25,000$25,000AR$15,000$10,000Inventory$15,000$15,000$15,000Land$60,000Furniture$30,000Less: Accumulated DepreciationComputer$5,000Less: Accumulated DepreciationBuilding$50,000    Total Assets$85,000$55,000$45,000$90,000$50,000APThis document was truncated here because it was created in the Evaluation Mode.

Answered Same Day Dec 26, 2021

Solution

Robert answered on Dec 26 2021
121 Votes
Question:
Prepare the beginning partnership balance sheet using the template below (called SPLIT
partnership):
Balance Sheet for SPLIT as of March 1, 2014
Assets

Cash

AR

Inventory

Land

Furniture

Less: Accumulated Depreciation

Computer

Less: Accumulated Depreciation

Building

Total Assets

Liabilities

AP

Loan-L

Equity

Capital-S

Capital-P

Capital-L

Capital-I

Capital-T

Total Equity and Liabilities

Information is as follows :
Fair Value of Items Contributed to Partnership (FMV=Basis) on March 1, 2014
Assets, Liabilities & Equities S P L I T
Cash $10,000 $25,000 $25,000 $25,000 $25,000
AR $15,000

$10,000...
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