[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 calendaryear, 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.Appropriationof profitsGeneralJournalAllocate $326,100 net income by providing annual salary allowances of $31,000 to Ries, $26,000 to Bax, and $38,000 toThomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally.Supporting CalculationsNet incomeSalary allowancesBalance after salary allowancesInterest allowancesBalance after interest and salariesBalance allocated equallyBalance of incomeShares of the partnersRiesBaxAppropriation of profitsThomasTotalGeneral Journal >

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.

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.

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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