Juicebox18
07.12.2021 •
Business
Terry, Nick, and Frank are forming The Cullumber Partnership. Terry is transferring $30,100 of personal cash and equipment worth $24,400 to the partnership. Nick owns land worth $18,300 and a small building worth $74,300, which he transfers to the partnership. There is a long-term mortgage of $20,100 on the land and building, which the partnership assumes. Frank transfers cash of $6,000, accounts receivable of $35,200, supplies worth $4,000, and equipment worth $22,600 to the partnership. The partnership expects to collect $32,000 of the accounts receivable. Prepare a classified balance sheet for the partnership after the partners' investments on December 31, 2014.
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