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    Act 1

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    Mickey and Mouse combined their businesses to form a partnership. The document provides the statements of financial position for Mickey and Mouse as of December 31, 2019 showing their individual assets, liabilities, and capital accounts.

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    © All Rights Reserved
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    Act 1

    Uploaded by

    Unknown 01
    14 views1 page
    Mickey and Mouse combined their businesses to form a partnership. The document provides the statements of financial position for Mickey and Mouse as of December 31, 2019 showing their individual assets, liabilities, and capital accounts.

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    ACT 1

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    Mickey and Mouse combined their businesses to form a partnership. The document provides the statements of financial position for Mickey and Mouse as of December 31, 2019 showing their individual assets, liabilities, and capital accounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    14 views1 page

    Act 1

    Uploaded by

    Unknown 01
    Mickey and Mouse combined their businesses to form a partnership. The document provides the statements of financial position for Mickey and Mouse as of December 31, 2019 showing their individual assets, liabilities, and capital accounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    I.

    ENRICHMENT ACTIVITY

    Mickey and Mouse combined their businesses to form a partnership. On this date,
    the statements of financial position for the two entities are given as follows:

    Statement of Financial Position


    As of December 31, 2019
    Mickey
    Cash 150,000
    Accounts Receivable 1,200,000
    Supplies inventory 40,000
    Merchandise inventory 900,000
    Land 1,500,000
    Building 2,500,000
    Equipment
    Furniture and Fixtures
    Total Assets 6,290,000

    Accounts payable 125,000


    Loans payable 1,200,000
    Mickey, Capital 4,965,000
    Mouse, Capital 2
    Total Liabilities and Equity 6,290,000

    Mickey and Mouse agreed to the following adjustments:

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