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

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[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…
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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