Question: No need to explain, please I beg just solve everything, would be greatly appreciated (huge thumbs up)! :) Required information Problem 12-5A Partner withdrawal and
No need to explain, please I beg just solve everything, would be greatly appreciated (huge thumbs up)! :)





Required information Problem 12-5A Partner withdrawal and admission LO P3, P4 [The following information applies to the questions displayed below.) Meir, Benson, and Lau are partners and share income and loss in a 3.2:5 ratio (in percents: Meir, 30%; Benson, 20%, and Lau, 50%). The partnership's capital balances are as follows: Meir, $118,000; Benson, $79,000, and Lau, $203,000. Benson decides to withdraw from the partnership. Problem 12-5A Part 1 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions. (Do not round intermediate calculations.) (a) Benson sells her interest to North for $160,000 after North is approved as a partner; (b) Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner; (c) Benson is paid $79,000 in partnership cash for her equity; (d) Benson is paid $117,000 in partnership cash for her equity, and (e) Benson is paid $15,500 in partnership cash plus equipment recorded on the partnership books at $35,500 less its accumulated depreciation of $11,600. 1 Record the withdrawal if Benson sells her interest to North for $160,000 after North is approved as a partner. 2 Record the withdrawal of Benson on the assumption that she gives her interest to a son-in-law, Schmidt and Schmidt is approved as a partner. 3 Record the withdrawal of Benson on the assumption that she is paid $79,000 in partnership cash for her equity. 4 Record the withdrawal of Benson on the assumption that she is paid $117,000 in partnership cash for her equity. 5 Record the withdrawal of Benson on the assumption that she is paid $15,500 in partnership cash plus equipment recorded on the partnership books at $35,500 less its accumulated depreciation of $11,600 for her equity. Problem 12-5A Part 2 2. Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption: Rhode invests (a) $133,333; (b) $97,333; and (c) $174,666. (Do not round your intermediate calculations.) 1 Record the admission of Rhode with an investment of $133,333 for a 25% interest in the equity. 2 Record the admission of Rhode with an investment of $97,333 for a 25% interest in the equity. 3 Record the admission of Rhode with an investment of $174,666 for a 25% interest in the equity
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