EJERCICIOS CAPITULO 12 6 Saved Help Save& Exit Submit Check my work 20 Required information Problem 12-3A Allocating partnership income LO P2 The following information applies to the questions displayed below. Part 1 of 3 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. points 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: Problem 12-3A Part 1 (1) The partners have no agreement on the method of sharing income and loss. View transaction list Journal entry worksheet Record the entry to close the income summary account assuming the partners EJERCICIOS CAPITULO 12 6 Saved Help Save &ExitS Check my we 21 O Required information Problem 12-3A Allocating partnership income LO P2 The following information applies to the questions displayed below 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 Part 2 of 3 points eBook $249,000 net income to the partners under each of the following separate assumptions: Problem 12-3A Part 2 (2) The partners agreed to share income and loss in the ratio of their beginning capital investments. (Do not round calculations.) tage Kara Ries Tammy Bax Joe Thomas 21 22 of 22 Next > EJERCICIOS CAPITULO 12 Saved Help Save & Exit Submit Check my work Required information Problem 12-3A Allocating partnership income LO P2 The following information applies to the questions displayed below. Part 3 of 3 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: points Problem 12-3A Part 3 (3) The partners agreed to share income and loss by providing annual salary allowances of $66.000 to Ries, $56,000 to Bax, and 80,000 to Thomas; granting 10% interest on the partners' beginning capital investments, and sharing the remainder equally. Net income Balance after salary alowances Interest allowances Balance aher interest and salaries Balance allocated equally Shares of the partners 22of 22Next EJERCICIOS CAPITULO 12 Saved Help Required information View transaction list Part 3 of 3 Journal entry worksheet points Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $66,000 to Ries, $56,000 to Bax, and $80,000 to Thomas; granting 10% interest on the partners' beginning capital investments, and sharing the eBook Note: Enter debits before credits. Debit Date General Journal Dec 31 View general journal Clear entry Record entry Next Prev 22 of 22