Required information[The following information applies to the questions displayed below.]Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership. During its first calendaryear, the firm earned $249,000.Required:Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the$249,000 net income under each of the following separate assumptions.2. The partners agreed to share income and loss in the ratio of their beginning capital investments.Complete this question by entering your answers in the tabs below.Appropriationof profitsAllocate $249,000 net income in the ratio of their beginning capital investments.Note: Do not round intermediate calculations.SupportingComputationsGeneralJournalRiesBaxThomasPercentage of TotalEquityXIncomeSummaryAllocated Incometo Capital< Appropriation of profitsGeneral Journal > Required informationComplete this question by entering your answers in the tabs below.Appropriation Generalof profitsJournalPrepare the entry to close the firm's Income Summary account as of its December 31 year-end.Note: Do not round intermediate calculations.View transaction listJournal entry worksheet1Record the entry to close the income summary account assuming the partnershave agreed to share income and loss in the ratio of their beginning capitalinvestments.Note: Enter debits before credits.DateDecember31Record entryGeneral JournalClear entryDebitCreditView general journal

The income summary account balance represents the net income oe loss for the period. The…

! Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership. During its first calendar year, the firm earned $249,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $249,000 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. Complete this question by entering your answers in the tabs below. Appropriation General Journal of profits Allocate $249,000 net income in the ratio of their beginning capital investments.

! Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership. During its first calendar year, the firm earned $249,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $249,000 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. Complete this question by entering your answers in the tabs below. Appropriation General Journal of profits Allocate $249,000 net income in the ratio of their beginning capital investments.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Lawler and Riello formed a partnership on March 15, 2024. The partners agreed to contribute equal amounts of capital. Lawler contributed her sole proprietorship's assets and liabilities (credit balances in parentheses) as follows: X Data table Lawler's Business Current Market Value its. Select the explanation on the last line of the journal entry table.) Accounts Receivable 10,600 Merchandise Inventory 29,000 Prepaid Expenses 2,800 Credit 26,000 Store Equipment, Net Accounts Payable (25,000) Done More info On March 15, Riello contributed cash in an amount equal to the current market value of Lawler's partnership capital. The partners decided that Lawler will earn 60% of partnership profits because she will manage the business. Riello agreed to accept 40% of the profits. During the period ended December 31, the partnership earned net income of $70,000. Lawler's withdrawals were $36,000, and Riello's withdrawings totaled $26,000. Print Done Requirement 1. Journalize the partners' initial…
Current Attempt in Progress For Pharoah Co., beginning capital balances on January 1, 2022, are Nancy Payne $23,300 and Ann Dody $22,500. During the year, drawings were Payne $7,600 and Dody $5,700. Net income was $31,800, and the partners share income equally. (a) (b) Prepare the owners' equity section of the balance sheet at December 31, 2022. eTextbook and Media PHAROAH CO. Partial Balance Sheet December 31, 2022
[The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $28,000, $44,000, and $52,000, respectively, in a partnership. During its first calendar year, the firm earned $326,100. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $326,100 net income under each of the following separate assumptions. 3. The partners agreed to share income and loss by providing annual salary allowances of $31,000 to Ries, $26,000 to Bax, and $38,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Complete this question by entering your answers in the tabs below. Appropriation of profits General Journal Allocate $326,100 net income by providing annual salary allowances of $31,000 to Ries, $26,000 to Bax, and $38,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder…
Partnership A, B and C is a law firm. You have been engaged as accountant to prepare financial statements for the year ended Dec. 31, 2019 Partnerships profits are alllocated based fist on salaries,then on interest on opening capital balances then on fixed ratio. Salary allocation amount are A $100000 B $100000 C $160000 Opening capital balances A $70000 B $60000 C $70000 Interest rate is: 5% Fixed ratio is A 3 B 2 C 5 required Prepare year end adjusting entries Allocate partnership profit or loss to each partner Prepare adjusting entry and complete trial balnce Prepare income statement and statement of partners capital for the year ended Dec. 31, 2019 and a balance sheet for Dec.31
Required information [The following information applies to the questions displayed below.] The TimpRiders LP has operated a motorcycle dealership for a number of years. Amir is the limited partner, Francesca is the general partner, and they share capital and profits equally. Francesca works full time managing the partnership. Both the partnership and the partners report on a calendar-year basis. At the start of the current year, Amir and Francesca had bases of $11,900 and $4,100, respectively, and the partnership did not have any liabilities. During the current year, the partnership reported the following results from operations: Net sales Cost of goods sold Operating expenses Short-term capital loss Tax-exempt interest §1231 gain $ 684,000 511,000 186,000 2,800 3,100 7,100 On the last day of the year, the partnership distributed $4,100 each to Amir and Francesca. Required: a. What outside basis do Amir and Francesca have in their partnership interests at the end of the year? b. How…
Manji
Preparing Partial Financial Statements and Closing Entries The partnership of Robo and Swing, CPAS, reported revenues of $215,000 and expenses of $80,000 on their year-end work sheet. Their capital balances as of January 1, 20--, were $55,000 for I. Robo and $45,000 for B. Swing. No additional investments were made during the year. As stated in their partnership agreement, after withdrawing salary allowances of $65,000 for Robo and $35,000 for Swing, the partners each withdrew their full 10% interest allowances on their January 1 capital balances. No additional withdrawals were made. Any remaining net income is to be divided on a 45-55 basis. Required: 1. Prepare the lower portion of the income statement of the partnership for the year ended December 31, 20--, showing the division of the partnership net income for the year.
Required information Important Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. [The following information applies to the questions displayed below.] ** Ramer and Knox began a partnership by investing $68,000 and $102,000, respectively. During its first year, the partnership earned $205,000. Prepare calculations showing how the $205,000 income is allocated under each separate plan for sharing Income and loss. Important Notel Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this problem. 1. The partners did not agree on a plan, and therefore share Income equally Ramer Knox Show Transcribed Text
Please don't give image format