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G what is the purpose of a cover le X Question 1 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fmybsc.bryantst... A" G W6: CNECT - Connect Assignment 6 @ Saved Help Save & Exit Submit Check my work Required information [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 Part 1 of 3 year, the firm earned $394,200. Required: 12.5 Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the points $394,200 net income under each of the following separate assumptions. eBook 1. The partners did not agree on a plan, and therefore share income equally. Print References 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. Mc Graw Pre.y. 1 2 3 of 8 Next > Hill 67'F a 11:59 AM Moderate air 10/12/2022G what is the purpose of a cover le X Question 2 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fmybsc.bryantst... A" G W6: CNECT - Connect Assignment 6 @ Saved Help Save & Exit Submit Check my work 2 [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 $394,200. Part 2 of 3 Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $394,200 net income under each of the following separate assumptions. 12.5 points 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. eBook Print Complete this question by entering your answers in the tabs below. References Appropriation General of profits Journal Allocate $394,200 net income in the ratio of their beginning capital investments. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Supporting Percentage of Total Income Allocated Income to Computations Equity Summary Capital Ries Bax Mc Graw Hill 67 F 11:59 AM a AQI 55 10/12/2022G what is the purpose of a cover le X Question 2 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fmybsc.bryantst... A" G W6: CNECT - Connect Assignment 6 @ Saved Help Save & Exit Submit Check my work 2 Required information Part 2 of 3 Appropriation General of profits Journal Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. (Do not round intermediate calculations. 12.5 Round final answers to the nearest whole dollar.) points View transaction list eBook Print Journal entry worksheet References 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 General Journal Debit Credit December Mc Graw Hill 67 F 12:00 PM a Partly sunny 10/12/2022G what is the purpose of a cover le X Question 3 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fmybsc.bryantst... A" G W6: CNECT - Connect Assignment 6 @ Saved Help Save & Exit Submit Check my work 3 Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first calendar year, the firm earned $394,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the Part 3 of 3 $394,200 net income under each of the following separate assumptions. 12.5 3. The partners agreed to share income and loss by providing annual salary allowances of $36,000 to Ries, $31,000 to Bax, and points $43,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. eBook Complete this question by entering your answers in the tabs below. Print References Appropriation General of profits Journal Allocate $394,200 net income 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. Supporting Calculations Ries Bax Thomas Total Net income Salary allowances Balance after salary allowances Interact allowanrac Mc Graw Hill 67 F a 12:00 PM Partly sunny 10/12/2022G what is the purpose of a cover le X Question 4 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fmybsc.bryantst... A" G W6: CNECT - Connect Assignment 6 @ Saved Help Save & Exit Submit Check my work 4 Mo, Lu, and Barb formed the MLB Partnership by making investments of $82,800, $322,000, and $515,200, respectively. They predict annual partnership net income of $540,000 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (c) salary allowances of $86,800 to Mo, $65,100 to Lu, and $98,500 to Barb; interest allowances of 10% on their initial capital investments; and the remaining Part 1 of 3 balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb. 12.5 Required: points 1. Use the table to show how to distribute net income of $540,000 for the calendar year under each of the alternative plans being considered. (Do not round intermediate calculations.) eBook Income (Loss) Sharing Plan Print Plan (a) Mo Lu Barb Total Net Income (loss) $ 540 References Balance allocated equally Balance of income (loss) Shares to the partners Plan (b) Mo Lu Barb Total Net Income (loss) $ 540 Balance allocated in proportion to initial investments Balance of income (loss) Mc Graw Hill 67 F 12:01 PM a Partly sunny 10/12/2022G what is the purpose of a cover le X Question 5 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fmybsc.bryantst... A G W6: CNECT - Connect Assignment 6 @ Saved Help Save & Exit Submit Check my work 5 Mo, Lu, and Barb formed the MLB Partnership by making investments of $82,800, $322,000, and $515,200, respectively. They predict annual partnership net income of $540,000 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (c) salary allowances of $86,800 to Mo, Part 2 of 3 $65,100 to Lu, and $98,500 to Barb; interest allowances of 10% on their initial capital investments; and the remaining balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb. 12.5 points 2. Prepare a statement of partners' equity showing the allocation of income to the partners assuming they agree to use plan (c), that income earned is $540,000; and that Mo, Lu, and Barb withdraw $44,100, $58,100, and $74,100, respectively, at year-end. (Do not round intermediate calculations. Enter all allowances as positive values. Enter losses as negative values.) eBook Print MLB PARTNERSHIP Statement of Partners' Equity References For Year Ended December 31 Mo Lu Barb Total Initial partnership investments 0 Net income Total net income 0 Mc Graw Hill 67 F 12:01 PM a Partly sunny O 10/12/2022G what is the purpose of a cover le X Question 6 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fmybsc.bryantst... A" G W6: CNECT - Connect Assignment 6 @ Saved Help Save & Exit Submit Check my work 6 Mo, Lu, and Barb formed the MLB Partnership by making investments of $82,800, $322,000, and $515,200, respectively. They predict annual partnership net income of $540,000 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (c) salary allowances of $86,800 to Mo, $65,100 to Lu, and $98,500 to Barb; interest allowances of 10% on their initial capital investments; and the remaining Part 3 of 3 balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb. 12.5 3. Prepare the December 31 journal entry to close Income Summary assuming they agree to use plan (c) and that net income is points $540,000. Mo, Lu, and Barb withdraw $44,100, $58,100, and $74,100, respectively, at year-end. Also close the withdrawals accounts. eBook View transaction list Print References Journal entry worksheet 2 Record the entry to close the income summary account assuming the partners agree to use plan c and net income is $540,000. Note: Enter debits before credits. nate General Journal nahit Credit Mc Graw Hill 67 F a Partly sunny O 12:01 PM 10/12/2022G what is the purpose of a cover le X Question 6 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fmybsc.bryantst... A" G W6: CNECT - Connect Assignment 6 @ Saved Help Save & Exit Submit Check my work 6 Mo, Lu, and Barb formed the MLB Partnership by making investments of $82,800, $322,000, and $515,200, respectively. They predict annual partnership net income of $540,000 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (c) salary allowances of $86,800 to Mo, $65,100 to Lu, and $98,500 to Barb; interest allowances of 10% on their initial capital investments; and the remaining Part 3 of 3 balance shared as follows: 20% to Mo, 40% to Lu, and 40% to Barb. 12.5 3. Prepare the December 31 journal entry to close Income Summary assuming they agree to use plan (c) and that net income is points $540,000. Mo, Lu, and Barb withdraw $44,100, $58,100, and $74,100, respectively, at year-end. Also close the withdrawals accounts. eBook View transaction list Print References Journal entry worksheet Hill 67 F O a 12:02 PM Partly sunny 10/12/2022G what is the purpose of a cover le X Question 7 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fmybsc.bryantst... A G W6: CNECT - Connect Assignment 6 @ Saved Help Save & Exit Submit Check my work 7 Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Part 1 of 2 1. Prepare the journal entry to record Benson's withdrawal under each independent assumptions. (Do not round intermediate calculations.) 12.5 points (a) Benson sells her interest to North for $160,000 after North is approved as a partner; (b) Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner; (c) Benson is paid $119,000 in partnership cash for her equity; (d) Benson is paid $157,000 in partnership cash for her equity. eBook Print View transaction list References Journal entry worksheet 2 3 4 V Record the withdrawal if Benson sells her interest to North for $160,000 after North is approved as a partner. Note: Enter debits before credits. Mc Graw Hill 67 F a 12:02 PM Partly sunny 10/12/2022G what is the purpose of a cover le X Question 7 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fmybsc.bryantst... A" G W6: CNECT - Connect Assignment 6 @ Saved Help Save & Exit Submit Check my work 7 calculations.) (a) Benson sells her interest to North for $160,000 after North is approved as a partner; (b) Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner; (c) Benson is paid $119,000 in partnership cash for her equity; (d) Benson is paid Part 1 of 2 $157,000 in partnership cash for her equity. View transaction list 12.5 points Journal entry worksheet eBook Hill 67 F a 12:03 PM Partly sunny O 10/12/2022G what is the purpose of a cover le X Question 7 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fmybsc.bryantst... A" G W6: CNECT - Connect Assignment 6 @ Saved Help Save & Exit Submit Check my work 7 calculations.) (a) Benson sells her interest to North for $160,000 after North is approved as a partner; (b) Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner; (c) Benson is paid $119,000 in partnership cash for her equity; (d) Benson is paid Part 1 of 2 $157,000 in partnership cash for her equity. View transaction list 12.5 points Journal entry worksheet eBook Hill 67 F O a 12:03 PM Partly sunny 10/12/2022G what is the purpose of a cover le X Question 7 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=08launchUrl=https%253A%252F%252Fmybsc.bryantst... A" G W6: CNECT - Connect Assignment 6 @ Saved Help Save & Exit Submit Check my work 7 calculations.) (a) Benson sells her interest to North for $160,000 after North is approved as a partner; (b) Benson gives her interest to a son-in-law, Schmidt, and Schmidt is approved as a partner; (c) Benson is paid $119,000 in partnership cash for her equity; (d) Benson is paid Part 1 of 2 $157,000 in partnership cash for her equity. View transaction list 12.5 points Journal entry worksheet eBook Hill 67 F O a 12:03 PM Partly sunny 10/12/2022G what is the purpose of a cover le X Question 8 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fmybsc.bryantst.. A" G W6: CNECT - Connect Assignment 6 @ Saved Help Save & Exit Submit Check my work 8 Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Part 2 of 2 2. Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption: Rhode invests (a) $100,000; (b) $73,000; and (c) $131,000. (Do not round intermediate calculations.) 12.5 points View transaction list eBook Print Journal entry worksheet References 2 3 Record the admission of Rhode with an investment of $100,000 for a 25% interest in the equity. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) Mc Hill 67 F 12:03 PM a Partly sunny 10/12/2022G what is the purpose of a cover le X Question 8 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fmybsc.bryantst... A G W6: CNECT - Connect Assignment 6 Saved Help Save & Exit Submit Check my work 8 Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Part 2 of 2 2. Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption: 12.5 Rhode invests (a) $100,000; (b) $73,000; and (c) $131,000. (Do not round intermediate calculations.) points View transaction list eBook Print References Journal entry worksheet Hill 67 F a 12:03 PM Partly sunny 10/12/2022G what is the purpose of a cover le X Question 8 - W6: CNECT - Conne X + X C https://ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fmybsc.bryantst... A G W6: CNECT - Connect Assignment 6 Saved Help Save & Exit Submit Check my work 8 Meir, Benson, and Lau are partners and share income and loss in a 1:4:5 ratio (in percents: Meir, 10%; Benson, 40%; and Lau, 50%). The partnership's capital balances are as follows: Meir, $28,000; Benson, $119,000; and Lau, $153,000. Benson decides to withdraw from the partnership. Part 2 of 2 2. Assume that Benson does not retire from the partnership described in Part 1. Instead, Rhode is admitted to the partnership on February 1 with a 25% equity. Prepare journal entries to record Rhode's entry into the partnership under each separate assumption: 12.5 Rhode invests (a) $100,000; (b) $73,000; and (c) $131,000. (Do not round intermediate calculations.) points View transaction list eBook Print References Journal entry worksheet Hill 67 F a 12:03 PM Partly sunny 10/12/2022