THE SUNLAND PARTNERSHIP Balance Sheet December 31,...

THE SUNLAND PARTNERSHIP Balance Sheet December 31, 2020 Assets Current Assets Cash Accounts Receivable Less Allowance for Doubtful Accounts Supplies Total Current Assets Property, Plant and Equipment Land Buildings Equipment Total Property, Plant and Equipment Total Assets Long-term Liabilities Mortgage Payable Owners' Equity Terry, Capital Frank, Capital Nick, Capital Total Owners' Equity Total Liabilities and Owners' Equity 36600 35500 3300 75400 141700 217100 Liabilities and Owners' Equity

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Terry, Nick, and Frank are forming The Sunland Partnership. Terry is transferring $30,300 of personal cash and equipment worth $25,400 to the partnership. Nick owns land worth $17,700 and a small building worth $75,700, which he transfers to the partnership. There is a long-term mortgage of $20,500 on the land and building, which the partnership assumes. Frank transfers cash of $6,300, accounts receivable of $35,500, supplies worth $3,300, and equipment worth $22,900 to the partnership. The partnership expects to collect $31,900 of the accounts receivable. Prepare a classified balance sheet for the partnership after the partners' investments on December 31, 2020. (List current assets in order of liquidity. List Property, Plant and Equipment in order of Land, Buildings, and Equipment.) THE SUNLAND PARTNERSHIP Balance Sheet December 31, 2020 Assets Current Assets Cash $36,600 Accounts Receivable $35,500 Less Allowance for Doubtful Accounts $3,300 Supplies $75,400 Total Current Assets $141,700 Property, Plant, and Equipment Land Buildings Equipment Total Property, Plant, and Equipment Total Assets $217,100 Liabilities and Owners' Equity Long-term Liabilities Mortgage Payable Owners' Equity Terry, Capital Frank, Capital Nick, Capital Total Owners' Equity Total Liabilities and Owners' Equity

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