The partners agreed to share income and loss by providing annual salary allowances of $$36,000$ to Ries, $$31,000$ to Bax, and

$$43,000$ to Thomas; granting $10\%$ interest on the partners' beginning capital investments; and sharing the remainder equally.

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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

$$36,000$ to Ries, $$31,000$ to Bax, and $$43,000$ to Thomas; granting $10\%$

interest on the partners' beginning capital investments; and sharing the

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Ries, Bax, and Thomas invested $$42,000,$$$58,000,$ and $$66,000,$ respectively, in a partnership. During its first calendar

year, the firm earned $$383,100.$

Required:

Prepare the entry to close the firm's Income Summary account as of its December $31$ year$-$end and to allocate the

$$383,100$ net income under each of the following separate assumptions.

The partners agreed to share income and loss by providing annual salary allowances of $$36,000$ to Ries, $$31,000$ to Bax, and

$$43,000$ 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 $$383,100$ net income by providing annual salary allowances of $$36,000$ to Ries, $$31,000$ to Bax, and $$43,000$ to

Thomas; granting $10\%$ interest on the partners' beginning capital investments; and sharing the remainder equally.