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Hanna PC's assumption of Associates PC's liabilities as a right
received by Associates PC on the transfer.
Respondent calculates that the amount of the assets
transferred to Hanna PC exceeded the amount of the liabilities
assumed by Hanna PC by $28,648.
Hanna PC calculates that the amount of the liabilities
assumed by Hanna PC exceeded the amount of the assets transferred
to Hanna PC by $82,231.
For comparison purposes, we set forth in schedule format
below, respondent's and Hanna PC's respective positions as to the
amounts for the assets of Associates PC transferred to Hanna PC,
for the liabilities of Associates PC assumed by Hanna PC, and for
the total net assets and liabilities transferred and assumed, and
we set forth the differences between the parties' calculations:
Assets Transferred to and Liabilities Assumed by Hanna PC
Amounts For
Assets Transferred Respondent Hanna PC Differences
Cash $ 15,626 $ 15,626 $ 0
Accounts Receivable 63,730 0* 63,730
Office Equipment 15,000 4,295 10,705
Horse Option 4,000 4,000 0
Interest in a Lawsuit 10,000 0 10,000
Totals $108,356 $ 23,921 $ 84,435
Liabilities Assumed
Notes Payable $ 39,821 $ 39,821 $ 0
Payroll Taxes Due 6,420 6,420 0
Salaries Payable 20,367 20,367 0
Accounts Payable 13,100 39,544 26,444
Totals $ 79,708 $106,152 $ 26,444
Total Net Amount of
Assets and Liabilities
Transferred and Assumed $ 28,648 ($ 82,231) $110,879
*At trial and on brief, Hanna PC argued several alternative amounts
for accounts receivable. In this schedule, we list the lowest amount
for accounts receivable argued by Hanna PC.
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Last modified: May 25, 2011