On December 31, the capital balances and income ratios in Sandhill Company are as follows.PartnerCapital BalanceIncome RatioTrayer$56,50050%Emig39,00030%Posada25,50020%(a)Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented whenamount is entered. Do not indent manually.)(1)Each of the continuing partners agrees to pay $16,600 in cash from personal funds to purchase Posada's ownershipequity. Each receives 50% of Posada's equity.(2)Emig agrees to purchase Posada's ownership interest for $24,000 cash.(3)Posada is paid $30,300 from partnership assets, which includes a bonus to the retiring partner.(4)Posada is paid $17,020 from partnership assets, and bonuses to the remaining partners are recognized. If Emig's capital balance after Posada's withdrawal is $42,930, what were (1) the total bonus to the remaining partners and (2) thecash paid by the partnership to Posada?(1)Total bonus$(2)Cash paid to Posada

Name: On December 31, the capital balances and income ratios in Sandhill Co
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Description: On December 31, the capital balances and income ratios in Sandhill Company are as follows.PartnerCapital BalanceIncome RatioTrayer$56,50050%Emig39,00030%Posada25,50020%(a)Journalize the withdrawal of Posada under each of the following assumptions. (

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On December 31, the capital balances and income ratios in Sandhill Company are as follows. Partner Capital Balance Income Ratio Trayer $56,500 50% Emig 39,000 30% Posada 25,500 20% (a) Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented whe

On December 31, the capital balances and income ratios in Sandhill Company are as follows. Partner Capital Balance Income Ratio Trayer $56,500 50% Emig 39,000 30% Posada 25,500 20% (a) Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented whe

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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