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

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 3PB

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[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 $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…
[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 $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 $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…
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 Journa
Required 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 $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 $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…
Ries, Bax, and Thomas invested $40,000, $56,000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $418, 200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $418, 200 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.
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 31