HW12 Q5

Sorry for the long question, really need help on this, Thank you!

Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $40,000,$56,000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $353,100. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $353,100 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally. 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. Note: Enter debits before credits. 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. Allocate $353,100 net income in the ratio of their beginning capital investments. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Complete this question by entering your answers in the tabs below. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. (Do not round intermediate calculations. Round final answers to the nearest whole dollar.) Journal entry worksheet 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. 3. The partners agreed to share income and loss by providing annual salary allowances of $33,000 to Ries, $28,000 to Bax, an $40,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Complete this question by entering your answers in the tabs below. Allocate $353,100 net income by providing annual salary allowances of $33,000 to Ries, $28,000 to Bax, and $40,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Complete this question by entering your answers in the tabs below. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end. Journal entry worksheet 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 $33,000 to Ries, $28,000 to Bax, and $40,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Note: Enter debits before credits