Can I please get help with practice 6.4Required informationSkip to question [The following information applies to the questions displayed below.]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.Appropriation of profitsGeneral JournalAllocate $416,100 net income in the ratio of their beginning capital investments.Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. Supporting ComputationsPercentage of Total Equity×Income SummaryAllocated Income to CapitalRies × Bax × Thomas × Record the entry to close the income summary account assuming the partners have agreed to share income and loss in the ratio of their beginning capital investments.Note: Enter debits before credits. DateGeneral JournalDebitCreditDecember 31

>Partnership Income (Loss) is allocated based on the partnership agreement.>The Net Income or…

Answered: Ries, Bax, and Thomas invested $48,000,…

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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Required information

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[The following information applies to the questions displayed below.]

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.

Appropriation of profits
General Journal

Allocate $416,100 net income in the ratio of their beginning capital investments.
Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar.

Supporting Computations	Percentage of Total Equity	×	Income Summary	Allocated Income to Capital
Ries		×
Bax		×
Thomas		×

Record the entry to close the income summary account assuming the partners have agreed to share income and loss in the ratio of their beginning capital investments.

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
December 31

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