Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $406,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $406,200 net income under each of the following separate assumptions: The partners did not agree on a plan, and therefore share income equally. View transaction list 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, Ries, Bax, and Thomas invested $48,000 $64,000, and $72,000, respectively. In a partnership. During its first calendar year, the firm earned $406,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $406,200 net income 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 dollor.) Complete this question by entering your answers in the tabs below. Appropriation General of profits Journal Allocate $406,200 net income in the ratio of their beginning capital investments. (Do not round Intermediate calculations, Round final answers to the nearest whole dollor.) Supporting Percentage of Income Allocated Income Computations Total Equity Summary to Capital Ries Bax Thomas Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively. In a partnership. During its first calendar year, the firm earned $406,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $406,200 net income under each of the following separate assumptions: 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, Complete this question by entering your answers in the tabs below. Appropriation General of profits Journal Allocate $400,200 net income 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 Supporting Calculations Ries Bax Thomas Total Not income Salary allowances 0 Balance after salary allowances 0 Interest allowances 0
