Unit 6 Assignment Q10

Data and Q.a

b

On December 31, the capital balances and income ratios in Blossom Company are as follows Partiser Capital Balance Income Ratio Trayer 505 $62,500 41.000 Emig 3006 Posada 30,000 20% (a) Journalize the withdrawal of Posada under each of the following sumptions. (Credit account des are automatically indented when amount as entered. Do not indent manually (5) (2) Each of the continuing partners agrees to pay $16.800 in cash from personal funds to purchase Posada's ownership equity. Each receives 50% of Posada's equity Emig agrees to purchase Posada's ownership interest for $24.600 cash. Posada is paid $34.720 from partnership assets, which which includes a bonus to the retiring partner Posada is paid $20.480 from partnership assets, and bonuses to the remaining partners are recognized. 13) No. Account Titles and Explanation Debit Credit 1. 2. > 3. > >> > > > (b) IF Emig's capital balance after Posada's withdrawal is $44.570, what were (1) the total bonus to the remaining partners and (2) the cash paid by the partnership to Posada? (1) Total bonus $ (2) Cash paid to Posada $ eTextbook and Media Save for Later Attempts:0 of 5 used Submit