!Required information[The following information applies to the questions displayed below.]Ries, Bax, and Thomas invested $34,000, $50,000, and $58,000, respectively, ina 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 December31 year-end and to allocate the $374,100 net income under each of the followingseparate assumptions.3. The partners agreed to share income and loss by providing annual salary allowances of $36,000to Ries, $31,000 to Bax, and $43,000 to Thomas; granting 10% interest on the partners' beginningcapital investments; and sharing the remainder equally.Complete this question by entering your answers in the tabs below.Appropriationof profitsGeneralJournalAllocate $374,100 net income by providing annual salary allowances of $36,000 to Ries, $31,000 to BaxThomas; granting 10% interest on the partners' beginning capital investments; and sharing the remaincSupporting CalculationsNet incomeSalary allowancesBalance after salary allowancesInterest allowancesBalance after interest and salariesBalance allocated equallyBalance of incomeShares of the partnersRies$ 36,000 $S 36,000 $Bax31,000 $31,000 $< Appropriation of profitsThomas43,00043,000STotal374,100110,000264,1000264,1000S 264,100General Journal >

It is an agreement between two or more parties to conduct business and share the profits and losses.…

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.

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.

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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