Kara Ries, Tammy Bax, and Joe Thomas invested $40,000, $56,000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $399,900. Prepare the entry to close the firms Income Summary account as of its December 31 year-end and to allocate the $399,900 net income to the partners under each of the following separate assumptions:

Required information Problem 12-3A Allocating partnership income LO P2 The following information applies to the questions displayed below.) Kara Rics, Tammy Bax, and Joe Thomas Invested $40,000, $50,000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $399,900. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $399,900 net income to the partners under each of the following separate assumptions: Problem 12-3A Part 1 Required: (1) The partners have no agreement on the method of sharing income and loss. View traction lit Journal entry worksheet Record the entry to dose the income summary account assuming the partners have no agreement on the method or sharing Income and loss. Note: Enter debit before credits Date General Journal Dec 31 Debat Credit Record by View guten jouma Problem 12-3A Allocating partnership income LO P2 The following information applies to the questions displayed below. Kara Rics, Tammy Bax, and Joe Thomas Invested $40,000, $50,000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $399,900. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $399,900 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 Intermediate calculations. Round final answers to the nearest whole dollar.) Percentage of Total Equity Income Summary Allocated Income to Capital Supporting Computations Kara Ries Tammy Bax Joe Thomas X View traction lit Journal entry worksheet Record the entry to dose the income summary account assuming the partners have agreed to share Income and loss in the ratio of their beginning capital investments Note: Enter debit before credits Date General Journal Debat Credit Dec 31 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 $40,000, $50,000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $399,900. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $399,900 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 $38,000 to Ries, $33.000 to Bax, and $45.000 to Thomas: granting 10% Interest on the partners' beginning capital investments, and sharing the remainder equally. Rules Bax Thomas Total Supporting Calculations Not Income Salary allowances Balance after salary allowances Interest allowances Balance after interest and salaries Balance allocated equally Balance of income Shares of the partners View traction is Journal entry worksheet 1 Record the entry to dose the income summary account assuming the partners have agreed to share Income and loss by providing annual salary allowances of $38,000 to Ries, $33,000 to Bax, and $45,000 to Thomas; granting 1056 Interest on the partners' beginning capital investments, and sharing the Note: Enter debit before credits General Journal Debat Credit Date Dec 31