Question

Problem 12-05A a-b On December 31, the capital balances and income ratios in Blossom Company are as follows. Partner Capital Balance Income Ratio Trayer $62,500 50% Emig 37,500 30% Posada 30,000 20% Partially correct answer. Your answer is partially correct. Try again. 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) Each of the continuing partners agrees to pay $16,400 in cash from personal funds to purchase Posada’s ownership equity. Each receives 50% of Posada’s equity. (2) Emig agrees to purchase Posada’s ownership interest for $25,000 cash. (3) Posada is paid $33,680 from partnership assets, which includes a bonus to the retiring partner. (4) Posada is paid $21,360 from partnership assets, and bonuses to the remaining partners are recognized. No. Account Titles and Explanation Debit Credit 1. Entry field with correct answer Entry field with correct answer 30,000 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer 15000 Entry field with correct answer Entry field with correct answer Entry field with correct answer 15000 2. Entry field with correct answer Entry field with correct answer 30000 Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer 3. Entry field with correct answer Entry field with correct answer 30000 Entry field with correct answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer 4. Entry field with incorrect answer Entry field with correct answer 30000 Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer LINK TO TEXT Incorrect answer. Your answer is incorrect. Try again. If Emig’s capital balance after Posada’s withdrawal is $41,430, what were (1) the total bonus to the remaining partners and (2) the cash paid by the partnership to Posada? (1) Total bonus $Entry field with incorrect answer (2) Cash paid to Posada $Entry field with incorrect answer

Answer 1

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