Can I please get help with this question?(6.5) Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions. 3. The partners agreed to share income and loss by providing annual salary allowances of $39,000 to Ries, $34,000 to Bax, and $46,000 to Thomas; granting 10% interest on the partners’ beginning capital investments; and sharing the remainder equally.
Can I please get help with this question?(6.5) Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions. 3. The partners agreed to share income and loss by providing annual salary allowances of $39,000 to Ries, $34,000 to Bax, and $46,000 to Thomas; granting 10% interest on the partners’ beginning capital investments; and sharing the remainder equally.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Can I please get help with this question?(6.5)
Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a
Required:
Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions.
3. The partners agreed to share income and loss by providing annual salary allowances of $39,000 to Ries, $34,000 to Bax, and $46,000 to Thomas; granting 10% interest on the partners’ beginning capital investments; and sharing the remainder equally.

Transcribed Image Text:Appropriation
of profits
General
Journal
Allocate $416,100 net income by providing annual salary allowances of $39,000 to Ries, $34,000 to Bax, and $46
Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally
Supporting Calculations
Net income
Salary allowances
Balance after salary allowances
Interest allowances
Balance after interest and salaries
Balance allocated equally
Balance of income
Shares of the partners
$
Ries
0 $
Bax
< Appropriation of profits
0
Thomas
0
$
Total
0
0
0
0
0
0
General Journal >

Transcribed Image Text:Appropriation
of profits
Prepare the entry to close the firm's Income Summary account as of its December 31 year-end.
View transaction list
General
Journal
Journal entry worksheet
1
Record the entry to close the income summary account assuming the partners
have agreed to share income and loss by providing annual salary allowances of
$39,000 to Ries, $34,000 to Bax, and $46,000 to Thomas; granting 10%
interest on the partners' beginning capital investments; and sharing the
remainder equally.
Note: Enter debits before credits.
Date
December 31
General Journal
Debit
Credit
Expert Solution
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