Reference no: EM13818638
On December 31, the capital balances and income ratios in TEP Company are as follows.
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Partner
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Capital Balance
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Income Ratio
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Brayer
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$60,000
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50%
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Emig
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40,000
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30%
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Posada
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30,000
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20%
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Instructions
(a) Journalize the withdrawal of Posada under each of the following assumptions.
(1) Each of the continuing partners agrees to pay $18,000 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 $34,000 from partnership assets, which includes a bonus to the retiring partner.
(4) Posada is paid $22,000 from partnership assets, and bonuses to the remaining partners are recognized.
(b) If Emig"s capital balance after Posada"s withdrawal is $43,600, what were (1) the total bonus to the remaining partners and (2) the cash paid by the partnership to Posada?
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