Ries, Bax, and Thomas invested $26,000, $42,000, and $50,000, respectively, in a partnership. During its first calendar year, the firm earned $367,500. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $367,500 net income under each of the following separate assumptions. "roblem 12-3A (Algo) Part 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 of profits General Journal Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. View transaction list View journal entry worksheet No Date General Journal 1 December 31 Income summary Ries, Capital Bax, Capital Thomas, Capital Debit Credit 367,500

Ries, Bax, and Thomas invested $26,000, $42,000, and $50,000, respectively, in a partnership. During its first calendar year, the firm earned $367,500. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $367,500 net income under each of the following separate assumptions. "roblem 12-3A (Algo) Part 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 of profits General Journal Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. View transaction list View journal entry worksheet No Date General Journal 1 December 31 Income summary Ries, Capital Bax, Capital Thomas, Capital Debit Credit 367,500

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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am. 112.
am. 76.
Subject: acounting
Part AMrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine decided to enter into a partnership agreement with Mr. Rain, thus the status of the business was changed in 2021. In 2022, the partnership income statement for Shine & Rain was as follows: Income Statement for the year ended 31 December 2022 $ $ Revenue 11,600,000Expenses Salaries & Wages 7,600,000Employer NIS Contribution 1,400,000Rent and Rates 2.400,000Interest 500,000Maintenance 120,000Depreciation…
QUESTION: SHARP AND TOWNSON HAD CAPITAL BALANCES OF $60,000 AND $120,000, RESPECTIVELY ON JANUARY 1 OF THE CURRENT YEAR. ON MAY 8, SHARP INVESTED AN ADDITIONAL $10,000 IN THE PARTNERSHIP. DURING THE YEAR, SHARP AND TOWNSON WITHDREW $25,000 AND $45,000, RESPECTIVELY. AFTER CLOSING ALL EXPENSE AND REVENUE ACCOUNTS AT THE END OF THE YEAR, INCOME SUMMARY HAS A CREDIT BALANCE OF $90,000 THAT SHARP AND TOWNSON HAVE AGREED TO SPLIT ON A 2:1 BASIS, RESPECTIVELY. JOURNALIZE THE ENTRIES TO CLOSE THE INCOME SUMMARY ACCOUNT AND THE DRAWING ACCOUNTS.
Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. Determine their participation in the year's net income of $136,000 under each of the following independent assumptions: a. No agreement concerning division of net income. b. Divided in the ratio of original capital investment. c. Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3. d. Salary allowances of $47,000 and $59,000, respectively, and the balance divided equally. e. Allowance of interest at the rate of 5% on original investments, salary allowances of $47,000 and $59,000, respectively, and the remainder divided equally. Dawson McDonald а. $ $4 b. С. d. $ е.
Can I please get help with this practice question? 6.1 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. 1. The partners did not agree on a plan, and therefore share income equally. Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date General Journal Debit Credit December 31
In Sandhill Co., the capital balances of the partners are A. Anderson $27,900 ; S. Harrin $23,250 ; and K. Robinson $33,480 . The partners share profit equally. On June 9 of the current year, D. Garcia is admitted to the partnership by purchasing one-half of K. Robinson's interest for $18,600 paid to him personally. Journalize the admission of Garcia on June 9. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)\\nDate Account Titles\\nDebit\\nCredit\\nJune 9\\nD. Garcit, Capi\\neTextbook and Media
The Pen, Evan, and Torves Partnership has asked you to assist in winding-up its business affairs. You compile the following information: 1. The partnership's trial balance on June 30, 20X1, is Cash Accounts Receivable (net) Inventory Plant and Equipment (net) Accounts Payable Pen, Capital Evan, Capital Torven, Capital Total Debit $ 7,200 38,000 27,000 98,400 Profit and loss percentages Preliquidation capital balances $170,600 2. The partners share profits and losses as follows: Pen, 50 percent; Evan, 25 percent; and Torves, 25 percent. 3. The partners are considering an offer of $112,000 for the firm's accounts receivable, inventory, and plant and equipment as of June 30. The $112,000 will be paid to creditors and the partners in installments, the number and amounts of which are to be negotiated. Decrease LAPs to next highest Credit Required: Prepare a cash distribution plan as of June 30, 20X1, showing how much cash each partner will receive if the partners accept the offer to sell…
Marquis Westbury invested $119,100 in the Trenton and Rainwater partnership for ownership equity of $119,100. Prior to the investment, equipment was revalued to a market value of $77,400 from a book value of $57,300. Daniel Trenton and Ann Marie Rainwater share net income in a 2:1 ratio. Question Content Area a. Journalize the entry for the revaluation of equipment. If an amount box does not require an entry, leave it blank.
Can I please get help wtih this question?6.3 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. 1. The partners did not agree on a plan, and therefore share income equally.
[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 Appropriation General of profits Journal Allocate $249,000 net income in the ratio of their begin (Do not round intermediate calculations.) Supporting Percentage of Total Computations Equity Ries Bax Thomas x X X Income Summary $ 249,000 $ 249,000 $ 249,000 Allocated Income to Capital