Terry, Nick, and Frank are forming The Doctor Partnership. Terry is transferring $30,000 of personal cash and equipment worth $25,000 to the partnership. Nick owns land worth $28,000 and a small building worth $75,000, which he transfers to the partnership. There is a long-term mortgage of $20,000 on the land and building, which the partnership assumes. Frank transfers cash of $7,000, accounts receivable of $36,000, supplies worth $3,000, and equipment worth $27,000 to the partnership. The partnership expects to collect $32,000 of the accounts receivable.
Instructions
Prepare a classified balance sheet for the partnership after the partners’ investments on December 31, 2014.
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