Terry, Nick, and Frank are forming The Doctor Partnership. Terry
is transferring $29,500 of personal cash and equipment worth
$25,100 to the partnership. Nick owns land worth $18,000 and a
small building worth $75,300, which he transfers to the
partnership. There is a long-term mortgage of $19,400 on the land
and building, which the partnership assumes. Frank transfers cash
of $7,000, accounts receivable of $36,600, supplies worth $2,800,
and equipment worth $22,700 to the partnership. The partnership
expects to collect $31,200 of the accounts receivable.
Prepare a classified balance sheet for the partnership after the
partners’ investments on December 31, 2017.
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