After the formation of RGM Partnership on July 4, 2023, the balances in the general ledger accounts reflect the following balances: Debit Credit Cash P 205,000 Accounts Receivable 95,000 Allowance for Doubtful Accounts P 10,000 Office Supplies 12,000 Office Equipment 320,000 Furniture and Fixture 140,000 Rosario, Capital 320,000 Guadalupe, Capital 225,000 Maria, Capital 217,000 Total P 772,000 P 772,000 Rosario invested the office equipment, Guadalupe invested accounts receivable and Furniture and Fixtures, and Maria invested cash and office supplies. Compute the total assets of the partnership upon formation.

After the formation of RGM Partnership on July 4, 2023, the balances in the general ledger accounts reflect the following balances: Debit Credit Cash P 205,000 Accounts Receivable 95,000 Allowance for Doubtful Accounts P 10,000 Office Supplies 12,000 Office Equipment 320,000 Furniture and Fixture 140,000 Rosario, Capital 320,000 Guadalupe, Capital 225,000 Maria, Capital 217,000 Total P 772,000 P 772,000 Rosario invested the office equipment, Guadalupe invested accounts receivable and Furniture and Fixtures, and Maria invested cash and office supplies. Compute the total assets of the partnership upon formation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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