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On December 31, the capital balances and income ratios in Suniland Company are as follows. Partner Capital Balance Income Ratio Trayer $63,500 50% Emig 42,500 33,500 Posada (a) ✓ Your answer is correct. Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically inden amount is entered. Do not indent manually.) (1) Each of the continuing partners agrees to pay $18,100 in cash from personal funds to purchase Posada's owners equity. Each receives 50% of Posada's equity. (2) Emig agrees to purchase Posada's ownership interest for $24,400 cash. (3) Posada is paid $37,100 from partnership assets, which includes a bonus to the retiring partner. Posada is paid $25,500 from partnership assets, and bonuses to the remaining partners are recognized. (4) स 30% 20% 1. No. Account Titles and Explanation Potata, Capital Debit 33300 Credit

On December 31, the capital balances and income ratios in Suniland Company are as follows. Partner Capital Balance Income Ratio Trayer $63,500 50% Emig 42,500 33,500 Posada (a) ✓ Your answer is correct. Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically inden amount is entered. Do not indent manually.) (1) Each of the continuing partners agrees to pay $18,100 in cash from personal funds to purchase Posada's owners equity. Each receives 50% of Posada's equity. (2) Emig agrees to purchase Posada's ownership interest for $24,400 cash. (3) Posada is paid $37,100 from partnership assets, which includes a bonus to the retiring partner. Posada is paid $25,500 from partnership assets, and bonuses to the remaining partners are recognized. (4) स 30% 20% 1. No. Account Titles and Explanation Potata, Capital Debit 33300 Credit

FINANCIAL ACCOUNTING
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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I just need help with only part b 

On December 31, the capital balances and income ratios in Sunland Company are as follows. Partner Trayer Emig Posada (a) (1) (2) ✓ Your answer is correct. (3) (b) (4) Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually) 1. 2. 3. Capital Balance 4. $63,500 12,500 33,500 No. Account Titles and Explanation (2) Potada Capital Each of the continuing partners agrees to pay $18,100 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 $24,400 cash. Posada is paid $37,100 from partnership assets, which includes a bonus to the retiring partner. Posada is paid $25,500 from partnership assets, and bonuses to the remaining partners are recognized. Emig. Capital Trayer, Capital Posada Capital Cini, Capital Pasada, Capital Trayer, Capill Ernie. Capital Cash Pusata Capila Trayer, Capital Emig, Capital Cash * Your answer is incorrect. Income Ratio 50% (1) Total bonus 30% Cash paid to Posada 20% $ $ Y ✓ ♥ v 3 4 11900 Debit 22790 33500 33500 33500 2250 1350 33500 Credit 16750 If Emig's capital balance after Posada's withdrawal is $16,070, what were (1) the total bonus to the remaining partners and (2) the cash paid by the partnership to Posada? 16750 33500 37100 5000 3000 25500
Transcribed Image Text:On December 31, the capital balances and income ratios in Sunland Company are as follows. Partner Trayer Emig Posada (a) (1) (2) ✓ Your answer is correct. (3) (b) (4) Journalize the withdrawal of Posada under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually) 1. 2. 3. Capital Balance 4. $63,500 12,500 33,500 No. Account Titles and Explanation (2) Potada Capital Each of the continuing partners agrees to pay $18,100 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 $24,400 cash. Posada is paid $37,100 from partnership assets, which includes a bonus to the retiring partner. Posada is paid $25,500 from partnership assets, and bonuses to the remaining partners are recognized. Emig. Capital Trayer, Capital Posada Capital Cini, Capital Pasada, Capital Trayer, Capill Ernie. Capital Cash Pusata Capila Trayer, Capital Emig, Capital Cash * Your answer is incorrect. Income Ratio 50% (1) Total bonus 30% Cash paid to Posada 20% $ $ Y ✓ ♥ v 3 4 11900 Debit 22790 33500 33500 33500 2250 1350 33500 Credit 16750 If Emig's capital balance after Posada's withdrawal is $16,070, what were (1) the total bonus to the remaining partners and (2) the cash paid by the partnership to Posada? 16750 33500 37100 5000 3000 25500
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