Question
In: Accounting
Kim Ries, Tere Bax, and Josh Thomas invested $54,000, $70,000 and $78,000 respectively, in a partnership....
Kim Ries, Tere Bax, and Josh Thomas invested $54,000, $70,000
and $78,000 respectively, in a partnership. During its first
calendar year, the firm earned $392,400.
Prepare the entry to close the firm’s Income Summary account
as of its December 31 year-end and to allocate the $392,400 net
income to the partners under each of the following separate
assumptions:
(1) The partners have no agreement on the method of sharing
income and loss
(2) The partners agreed to share income and loss in the ratio
of their beginning capital investments.
(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.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Ries. Bax, and Thomas invested $80,000, $112.000, and $128,000, respectively
Ries. Bax, and Thomas invested $80,000, $112.000, and $128,000, respectively, in a partnership. Dans 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 locate 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. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments, 3....
Ries, Bax, and Thomas invested $52,000, $68,000, and $76,000,respectively, in a partnership. During its first...
Ries, Bax, and Thomas invested $52,000, $68,000, and $76,000,
respectively, in a partnership. During its first calendar year, the
firm earned $355,800.Required:Prepare the entry to close the firm’s Income Summary account as of
its December 31 year-end and to allocate the $355,800 net income
under each of the following separate assumptions:3. The partners agreed to share income and loss
by providing annual salary allowances of $32,000 to Ries, $27,000
to Bax, and $39,000 to Thomas; granting 10% interest on the...
Ries, Bax, and Thomas invested $52,000, $68,000, and $76,000,respectively, in a partnership. During its first...
Ries, Bax, and Thomas invested $52,000, $68,000, and $76,000,
respectively, in a partnership. During its first calendar year, the
firm earned $355,800.Required:Prepare the entry to close the firm’s Income Summary account as of
its December 31 year-end and to allocate the $355,800 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. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.)
Kara Ries, Tammy Bax, and Joe Thomas invested $42,000, $58,000, and $66,000, respectively, in a partnership....
Kara Ries, Tammy Bax, and Joe Thomas invested $42,000, $58,000,
and $66,000, respectively, in a partnership. During its first
calendar year, the firm earned $418,200.
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 to
the partners under each of the following separate assumptions:
The partners agreed to share income and loss in the ratio of
their beginning capital investments. (Do not round
intermediate calculations. Round...
Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first...
Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000,
respectively, in a partnership. During its first calendar year, the
firm earned $367,200.
Required:
Prepare the entry to close the firm’s Income Summary account as of
its December 31 year-end and to allocate the $367,200 net income
under each of the following separate assumptions:
3. The partners agreed to share income and loss
by providing annual salary allowances of $33,000 to Ries, $28,000
to Bax, and $40,000 to Thomas; granting 10%...
Kara Ries, Tammy Bax, and Joe Thomas invested $26,000, $42,000, and $50,000, respectively, in a partnership....
Kara Ries, Tammy Bax, and Joe Thomas invested $26,000, $42,000,
and $50,000, respectively, in a partnership. During its first
calendar year, the firm earned $359,700. Prepare the entry to close
the firm’s Income Summary account as of its December 31 year-end
and to allocate the $359,700 net income to the partners under each
of the following separate assumptions:
Kara Ries, Tammy Bax, and Joe Thomas invested $80,000, $112,000, and $128,000
Problem 12-3A Allocating partnership income P2 Kara Ries, Tammy Bax, and Joe 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 to the partners under each of the following separate assumptions: 1. The partners have no agreement on the method of sharing income and loss. 2. The partners agreed to share...
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $234,000 and $78,000, respectively....
Dividing Partnership Income
Tyler Hawes and Piper Albright formed a partnership, investing
$234,000 and $78,000, respectively.
Determine their participation in the year's net income of
$414,000, under each of the following independent assumptions.
No agreement concerning division of net income.
Divided in the ratio of original capital investment.
Interest at the rate of 18% allowed on original investments and
the remainder divided in the ratio of 2:3.
Salary allowances of $50,000 and $70,000, respectively, and the
balance divided equally.
Allowance...
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $210,000 and $70,000, respectively....
Dividing Partnership Income
Tyler Hawes and Piper Albright formed a partnership, investing
$210,000 and $70,000, respectively.
Determine their participation in the year's net income of
$295,000 under each of the following independent assumptions:
No agreement concerning division of net income.
Divided in the ratio of original capital investment.
Interest at the rate of 5% allowed on original investments and
the remainder divided in the ratio of 2:3.
Salary allowances of $34,000 and $48,000, respectively, and the
balance divided equally.
Allowance...
Dividing Partnership Income Tyler Hawes and Piper Albright formed a partnership, investing $210,000 and $70,000, respectively....
Dividing Partnership Income
Tyler Hawes and Piper Albright formed a partnership, investing
$210,000 and $70,000, respectively.
Determine their participation in the year's net income of
$295,000 under each of the following independent assumptions:
No agreement concerning division of net income.
Divided in the ratio of original capital investment.
Interest at the rate of 5% allowed on original investments and
the remainder divided in the ratio of 2:3.
Salary allowances of $34,000 and $48,000, respectively, and the
balance divided equally.
Allowance...
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