B. Higgins, J. Mayo, and N. Rice have capital balances of $93,500, $83,000, and $63,000, respectively. They share income or loss o 5:3:2 basis. Rice withdraws from the partnership under each of the following conditions. 1. Rice is paid $68,200 in cash from partnership assets, and a bonus is granted to the retiring partner. 2. Rice is paid $55,400 in cash from partnership assets, and bonuses are granted to the remaining partners. Journalize the withdrawal of Rice under each of the assumptions above. (Credit account titles are automatically indented when amou entered. Do not indent manually.)

B. Higgins, J. Mayo, and N. Rice have capital balances of $93,500, $83,000, and $63,000, respectively. They share income or loss o 5:3:2 basis. Rice withdraws from the partnership under each of the following conditions. 1. Rice is paid $68,200 in cash from partnership assets, and a bonus is granted to the retiring partner. 2. Rice is paid $55,400 in cash from partnership assets, and bonuses are granted to the remaining partners. Journalize the withdrawal of Rice under each of the assumptions above. (Credit account titles are automatically indented when amou entered. Do not indent manually.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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