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help! What I've done is correct, need help with the rest thanks! Required information Problem 12-3A Allocating partnership income LO P2 [The following information applies
help! What I've done is correct, need help with the rest thanks!
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 $44,000, $60,000, and $68,000, respectively, in a partnership. During its first calendar year, the firm earned $412,500. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $412,500 net income to the partners under each of the following separate assumptions: Problem 12-3A Part 3 (3) The partners agreed to share income and loss by providing annual salary allowances of $39,000 to Ries. $34,000 to Bax, and $46,000 to Thomas, granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Supporting Calculations Ries Bax Thomas Total Problem 12-3A Part 3 (3) The partners agreed to share income and loss by providing annual salary allowances of $39,000 Ries, $34,000 to Bax, and $46,000 to Thomas: granting 10% interest on the partners' beginning capital investments, and sharing the remainder equally. Ries Bax Thomas Total Supporting Calculations Net income Salary allowances Balance after salary allowances Interest allowances s 39,000's 4,400$ 92,100% 34,000's 6,08 92,100% 46,000 6,800 92,100 119,000 (119,000) 17,200 Balance after interest and salaries (136,200) 276,300 (412,500) Balance allocated equally Balance of income Shares of the partners $ $ 135,500 $ 132,100 $ 144,900 Required information 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 $39,000 to Ries, $34,000 to Bax, and $46,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Required information have agreed to share income and loss by providing annual salary allowances of $39,000 to Ries, $34,000 to Bax, and $46,000 to Thomas; granting 10% interest on the partners' beginning capital investments, and sharing the remainder equally. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journal Step by Step Solution
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