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12 1 12. 13, 14 (i 7 Required information The following information applies to the questions displayed below) Kara Ries, Tammy Bax. and Joe Thomas invested $22.000, $38,000, and $46,000, respectively, in a partnership. During its first calendar year, the firm earned $339,000. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the LBOOK $339.000 net Income to the partners under each of the following separate assumptions: Required: (1) The partners have no agreement on the method of sharing income and loss. View transaction lift View journal entry worksheet No Date General Journal Debit Credit 1 Doc 31 Income summary Karn Rios, Capital 7 B of 20 # 5 Next > line here to searchC Kara Ries, Tammy Bex And Joe To Der + newconnect.mheducation.com/#low/connect.html Quiz 1 12. 13, 14 @ 8 O Required information Pan 2of 3 The following information applies to the questions displayed below) 10 Kara Ries, Tammy Bax, and Joe Thomas invested $22,000, $38,000, and $46.000, respectively, in a partnership. During its first calendar year, the firm earned $339,000. Prepare the entry to close the firm's Income Summary account as of its December 31 year end and to allocate the F-Book $339,000 net income to the partners under each of the following separate assumptions: (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) Supporting Percentage of Income Allocated Income Computations Total Equity Summary to Capital Kam Raps Tammy Bar Mc Time here to watch9 Required information Part 3 of 3 The following information applies to the questions displayed below ] 10 Kara Ries, Tammy Bax, and Joe Thomas invested $22,000, $38,000. and $46,000. respectively, in a partnership. During Its points first calendar year, the firm earned $339.000. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $339.000 net income to the partners under each of the following separate assumptions: (3) The partners 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. Supporting Calculations Ries Thomas Total Not income Salary allowangus Balance alter sstary allowances Interest allowances Balanon after interest and salaries Balance &located equally Balance of income Shares of the partners 0 5