Capital balances in Blossom Co. are Lango $37,000, Oslo $30,800, and Fernetti $18,100. Fernetti has decided to leave the partnership. Lango and Oslo each agree to pay Fernetti $12,300 from their personal assets. Lango and Oslo each receive 50% of Fernetti's equity. The partners share income equally. Journalize the withdrawal of Fernetti. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.