College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN: 9781305666160
Author: James A. Heintz, Robert W. Parry
Publisher: Cengage Learning
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Chapter 19, Problem 4CE
To determine
Prepare journal entries for the transactions admitting partner M and Partner S into the business.
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[The following information applies to the questions displayed below.]
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.
Problem 12-3A (Algo) Part 2
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…
The following information applies to the questions displayed below.]Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first calendar year, the firm earned $431,100.Required:Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $431,100 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.
[The following information applies to the questions displayed below.]
Ries, Bax, and Thomas invested $54,000, $70,000, and $78,000, respectively, in a partnership. During its first calendar
year, the firm earned $347,100.
Required:
Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the
$347,100 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
of profits
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.
General
Journal
View transaction list
Journal entry worksheet
< 1
Record the entry to close the income summary account assuming the partners
have agreed to share income and loss in the ratio of their…
Chapter 19 Solutions
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
Ch. 19 - Prob. 1TFCh. 19 - Prob. 2TFCh. 19 - Prob. 3TFCh. 19 - Prob. 4TFCh. 19 - Prob. 5TFCh. 19 - Prob. 1MCCh. 19 - Prob. 2MCCh. 19 - Prob. 3MCCh. 19 - Prob. 4MCCh. 19 - Prob. 5MC
Ch. 19 - Prob. 1CECh. 19 - Prob. 2CECh. 19 - Prob. 3CECh. 19 - Prob. 4CECh. 19 - Prob. 5CECh. 19 - Prob. 1RQCh. 19 - Prob. 2RQCh. 19 - Prob. 3RQCh. 19 - Prob. 4RQCh. 19 - Prob. 5RQCh. 19 - Prob. 6RQCh. 19 - Prob. 7RQCh. 19 - Prob. 8RQCh. 19 - Prob. 9RQCh. 19 - Prob. 1SEACh. 19 - Prob. 2SEACh. 19 - Prob. 3SEACh. 19 - Prob. 4SEACh. 19 - ENTRIES: PARTNERSHIP LIQUIDATION On liquidation of...Ch. 19 - Prob. 6SPACh. 19 - Prob. 7SPACh. 19 - Prob. 8SPACh. 19 - Prob. 9SPACh. 19 - STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS...Ch. 19 - Prob. 1SEBCh. 19 - Prob. 2SEBCh. 19 - Prob. 3SEBCh. 19 - Prob. 4SEBCh. 19 - Prob. 5SEBCh. 19 - Prob. 6SPBCh. 19 - Prob. 7SPBCh. 19 - ENTRIES FOR DISSOLUTION OF PARTNERSHIP Cummings...Ch. 19 - Prob. 9SPBCh. 19 - STATEMENT OF PARTNER SHIP LIQUIDATION WITH LOSS...Ch. 19 - Prob. 1MYWCh. 19 - Prob. 1ECCh. 19 - Prob. 1MPCh. 19 - Prob. 1CPCh. 19 - Prob. 1COP
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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 Equity Computations Ries Bax Thomas < X X X X Income Summary $ $ $ 249,000 249,000 249,000 Allocated Income to Capital Appropriation of profits General Journaarrow_forward[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 Capitalarrow_forward[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. 1. The partners did not agree on a plan, and therefore share income equally. 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