I just need help with only part b On December 31, the capital balances and income ratios in Sunland Company are as follows.PartnerTrayerEmigPosada(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 whenamount is entered. Do not indent manually)1.2.3.Capital Balance4.$63,50012,50033,500No. Account Titles and Explanation(2)Potada CapitalEach 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. CapitalTrayer, CapitalPosada CapitalCini, CapitalPasada, CapitalTrayer, CapillErnie. CapitalCashPusata CapilaTrayer, CapitalEmig, CapitalCash* Your answer is incorrect.Income Ratio50%(1) Total bonus30%Cash paid to Posada20%$$Y✓♥v3411900Debit227903350033500335002250135033500Credit16750If Emig's capital balance after Posada's withdrawal is $16,070, what were (1) the total bonus to the remaining partners and (2) thecash paid by the partnership to Posada?1675033500371005000300025500

The partnership comes into existence when two or more persons agree to do the business and further…

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

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter3: Basic Accounting Systems: Accrual Basis

Section: Chapter Questions

Problem 2SEQ: On January 24, 20Y8, Niche Consulting collected $5,700 it had hilled its clients for services...

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