! 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 in the tabs below. Appropriation General Journal of profits Allocate $249,000 net income 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 in the tabs below. Appropriation General Journal of profits Allocate $249,000 net income in the ratio of their beginning capital investments.
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 2BCRQ
Related questions
Question
![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 in the tabs below.
Appropriation
of profits
Allocate $249,000 net income in the ratio of their beginning capital investments.
Note: Do not round intermediate calculations.
Supporting
Computations
General
Journal
Ries
Bax
Thomas
Percentage of Total
Equity
X
Income
Summary
Allocated Income
to Capital
< Appropriation of profits
General Journal >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F516f9e70-32f4-473f-9783-e56439dbbeb1%2Ff8133a0a-cd20-483f-8c8d-04aa5a8a1363%2F0up0ii_processed.png&w=3840&q=75)
Transcribed Image Text: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 in the tabs below.
Appropriation
of profits
Allocate $249,000 net income in the ratio of their beginning capital investments.
Note: Do not round intermediate calculations.
Supporting
Computations
General
Journal
Ries
Bax
Thomas
Percentage of Total
Equity
X
Income
Summary
Allocated Income
to Capital
< Appropriation of profits
General Journal >
Transcribed Image Text:Required information
Complete this question by entering your answers in the tabs below.
Appropriation General
of profits
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.
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 beginning capital
investments.
Note: Enter debits before credits.
Date
December
31
Record entry
General Journal
Clear entry
Debit
Credit
View general journal
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