Pamela Oliver operates a sole proprietorship business that sells golf equipment.
ID: 2418995 • Letter: P
Question
Pamela Oliver operates a sole proprietorship business that sells golf equipment. In 2013, Oliver agrees to transfer her assets and liabilities to a partnership that will operate The Golf Shop. Oliver will own a two-thirds interest in the capital of the partnership. The agreed upon values of assets and liabilities to be transferred follow.
Total Accounts receivable of $115,000 will be transferred and approximately $3,500 of these accounts may be uncollectible.
17,000
how do you find Oliver's capital?
Pamela Oliver operates a sole proprietorship business that sells golf equipment. In 2013, Oliver agrees to transfer her assets and liabilities to a partnership that will operate The Golf Shop. Oliver will own a two-thirds interest in the capital of the partnership. The agreed upon values of assets and liabilities to be transferred follow.
Explanation / Answer
Statement showing computations Particulars Amount Accounts Receivable 115,000.00 Less Uncollectible Debts 3,500.00 Net Accounts Receivable 111,500.00 Merchandise Inventory 91,000.00 Furniture and Fixtures 33,000.00 Less: Accounts Payable 17,000.00 Olivers Capital 218,500.00
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.