Journalize the withdrawal of Heganbart under each of the assumptions above.


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Journalize the withdrawal of Heganbart under each of the assumptions above. 1 answer below » N. Essex, C. Gilmore, and C. Heganbart have capital balances of $50,000, $40,000, and $30,000, respectively. Their income ratios are 5:3:2. Heganbart withdraws from the partnership under each of the following independent conditions. Essex and Gilmore agree to purchase Heganbart”s equity by paying $17,000 each from their personal assets. Each purchaser receives 50% of Heganbart”s equity. Gilmore agrees to purchase all of Heganbart”s equity by paying $22,000 cash from her personal assets. Essex agrees to purchase all of Heganbart”s equity by paying $26,000 cash from his personal assets. View complete question » N. Essex, C. Gilmore, and C. Heganbart have capital balances of $50,000, $40,000, and $30,000, respectively. Their income ratios are 5:3:2. Heganbart withdraws from the partnership under each of the following independent conditions. Essex and Gilmore agree to purchase Heganbart”s equity by paying $17,000 each from their personal assets. Each purchaser receives 50% of Heganbart”s equity. Gilmore agrees to purchase all of Heganbart”s equity by paying $22,000 cash from her personal assets. Essex agrees to purchase all of Heganbart”s equity by paying $26,000 cash from his personal assets. Instructions Journalize the withdrawal of Heganbart under each of the assumptions above. View less » Jun 11 2014 04:12 PM

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