Ries, Bax, and Thomas invested $54,000, $70,000, and $78,000, respectively, in a partnership. During its first calendar year, the firm earned $385,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $385,200 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. Complete this question by entering your answers in the tabs below. Appropriation of profits General Journal Allocate $385,200 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 Ries Bax Thomas Percentage of Total Equity $150,000/$320,000 $54,000/$202,000 $128,000/$320,000 × Income Summary Allocated Income to Capital < Appropriation of profits General Journal >

Ries, Bax, and Thomas invested $54,000, $70,000, and $78,000, respectively, in a partnership. During its first calendar year, the firm earned $385,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $385,200 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. Complete this question by entering your answers in the tabs below. Appropriation of profits General Journal Allocate $385,200 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 Ries Bax Thomas Percentage of Total Equity $150,000/$320,000 $54,000/$202,000 $128,000/$320,000 × Income Summary Allocated Income to Capital < Appropriation of profits General Journal >

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter10: Partnerships: Formation, Operation, And Basis

Section: Chapter Questions

Problem 2BCRQ

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