question 1 of 11\nview policies\nshow attempt history\ncurrent attempt in progress\npenner and torres decide…

question 1 of 11\nview policies\nshow attempt history\ncurrent attempt in progress\npenner and torres decide to merge their proprietorships into a partnership called pharoah company. the balance sheet of torres co. shows:\naccounts receivable $22,000\nless: allowance for doubtful accounts 1,540 $20,460\nequipment 26,000\nless: accumulated depreciation—equip. 9,100 16,900\nthe partners agree that the net realizable value of the receivables is $18,480 and that the fair value of the equipment is $14,300. indicate how the accounts should appear in the opening balance sheet of the partnership.\npharoah company.\nbalance sheet (partial)\netextbook and media\nsave for later\nusing multiple attempts will impact your score. 10% score reduction after attempt 1\nattempts: 1 of 3 used submit answer

question 1 of 11\nview policies\nshow attempt history\ncurrent attempt in progress\npenner and torres decide to merge their proprietorships into a partnership called pharoah company. the balance sheet of torres co. shows:\naccounts receivable $22,000\nless: allowance for doubtful accounts 1,540 $20,460\nequipment 26,000\nless: accumulated depreciation—equip. 9,100 16,900\nthe partners agree that the net realizable value of the receivables is $18,480 and that the fair value of the equipment is $14,300. indicate how the accounts should appear in the opening balance sheet of the partnership.\npharoah company.\nbalance sheet (partial)\netextbook and media\nsave for later\nusing multiple attempts will impact your score. 10% score reduction after attempt 1\nattempts: 1 of 3 used submit answer

Answer

Explanation:

Step1: Determine accounts - receivable value

Use the agreed - upon net realizable value. So, accounts receivable will be $18,480.

Step2: Determine equipment value

Use the agreed - upon fair value. So, equipment will be $14,300.

Answer:

Accounts Receivable: $18,480 Equipment: $14,300