Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. p1, p2, and p3 are partners in xyz inc. their capi

P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31,...

60.1K

Verified Solution

Question

Accounting

P1, P2, and P3 are partners in XYZ Inc. Their capital balances on Dec 31, Year 5, are $226,743 for P1, $151,168 for P2, and $188,958 for P3. Among these partners on this date, the income sharing ratios are 37.09% for P1, 41.26% for P2, and the remainder for P3. On Jan 1, Year 6, P1 will retire from the partnership and will be paid $272,931 as a return of capital. In the journal entry to record the retirement, how much capital will be credited or debited to P2 on Jan 1 using the BONUS method?

a. $31,807

b. $29,535

c. $28,778

d. $31,050

e. $30,293

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Letφ:G→G′be a group homomorphism. Prove that Ker(φ) is a normal subgroup of G. Prove both that...

Advance Math
Q

After reviewing data from a sample, an inference can be made about the population. For example, Find...

Statistics
Q

esson Posttest Question 5 Find the scale factor from the following similar figures 24 cm...

Geometry
Q

Question 6 Jen is on the platform of her boat She sights the top of...

Geometry
Q

A total of $6000 is invested: part at 7% and the remainder at 15 %....

Basic Math
Q

A study was conducted on students from a particular high school over the last 8...

Statistics
Q

A survey of 600 randomly selected high school students determined that 565 play organized sports...

Statistics
Q

Change each degree measure to radian measure in terms of ?1) 1352) 3003) 210

Algebra
Q

Quiz Review Question (5 marks) CORPORATE TAXATION Calculate the federal tax due on corporate...

Accounting
Q

Requlred Information Problem 8-2A Record notes payable...

Accounting
Q

Question four: Wimula Limited manufactured one product, and the entire product is sold as it...

Accounting
Q

The direct labor budget of Yuwwell Corporation for the upcoming fiscal year contains the following...

Accounting