Maurice Tutor

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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 06 May 2018 My Price 4.00

partnership assets

B. Edwards, J. King, and N. Pegg have capital balances of $95,000, $75,000, and $60,000, respectively. They share income or loss on a 5 : 3 : 2 basis. Pegg withdraws from the partnership under each of the following conditions.
1. Pegg is paid $68,000 in cash from partnership assets, and a bonus is granted to the retiring partner.
2. Pegg is paid $56,000 in cash from partnership assets, and bonuses are granted to the remaining partners.
Instructions
Journalize the withdrawal of Pegg under each of the assumptions above.

Answers

Maurice Tutor
(5)
Status NEW Posted 06 May 2018 07:05 PM My Price 4.00

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