Ries, Bax, and Thomas invested $54,000, $70,000, and $78,000, respectively, in a partnership. During its first calendar year, the firm eamed $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.
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Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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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 $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. View transaction list Journal entry worksheet < 1 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 December 31 Record entry General Journal Clear entry Debit Credit View genera[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[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…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.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 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 Allocated Income to Capital < Appropriation of profits General JournaRequired information [The following information applies to the questions displayed below.) Ries, Bax, and Thomas invested $40,000, $56,000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $354,300. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $354,300 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally. View transaction list Journal entry worksheet 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 December 31 Record entry General Journal Clear entry Debit Credit View general journal! Required information [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 $413,700. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $413,700 net income under each of the following separate assumptions. 3. The partners agreed to share income and loss by providing annual salary allowances of $39,000 to Ries, $34,000 to Bax, and $46,000 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 $413,700 net income by providing annual salary allowances of $39,000 to Ries, $34,000 to Bax, and $46,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and…! Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $34,000, $50,000, and $58,000, respectively, in a partnership. During its first calendar year, the firm earned $374,100. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $374,100 net income under each of the following separate assumptions. 3. The partners agreed to share income and loss by providing annual salary allowances of $36,000 to Ries, $31,000 to Bax, and $43,000 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 $374,100 net income by providing annual salary allowances of $36,000 to Ries, $31,000 to Bax Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainc…! Required information [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.Can I please get help with this question?(6.5) 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. 3. The partners agreed to share income and loss by providing annual salary allowances of $39,000 to Ries, $34,000 to Bax, and $46,000 to Thomas; granting 10% interest on the partners’ beginning capital investments; and sharing the remainder equally.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 31SEE MORE QUESTIONS