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After taking business and accounting classes at TCC during the current year, three classmates, Riex, Bax, and Thomas, decided to start a partnership. The three partners $($Ries$,$ Bax, and Thomas$)$ invested $$38,000,$$$54,000,$ and $$62,000,$ respectively. During the partnership's first calendar year of operations, the firm earned $$342,900.$

Required: Allocate the net income as provided below.

Required. The partners agreed to share income and loss by providing annual salary allowances of $$32,000$ to Ries, $$27,000$ to Bax, and $$39,000$ 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.

Appropriation

General

of profits

Journal

Allocate $$342,900$ net income by providing annual salary allowances of $$32,000$ to Ries, $$27,000$ to Bax, and $$39,000$ to Thomas; granting $10\%$ interest on the partners' beginning capital investments; and sharing the remainder equally.

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