Tep company _parnership accounts | Accounting homework help

On December 31, the capital balances and income ratios in TEP Company are as follows.

Partner

Capital Balance

Income Ratio

Brayer

$60,000

50%

Emig

40,000

30%

Posada

30,000

20%

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?

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more