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This problem is correct? Kara Ries, Tammy Bax, and Joe Thomas first calendar year, the firm earned $339,600 invested $24.000, $40000, and $48000. Prepare the
This problem is correct? Kara Ries, Tammy Bax, and Joe Thomas first calendar year, the firm earned $339,600 invested $24.000, $40000, and $48000. Prepare the entry to close the fim's Income $339,600 net Income to the partners under each of the following separate assumptions Summary account as of its December 31 year-end and to allocate the (3) The partners agreed to share Income and loss by $40000 to Thomas; granting 10% interest on the partners' beginning capital investments: and sharing the remainder equally. providing annual salary allowances of $33,000 to Ries. $28,000 to Bax. and Supp Net income Salary allowances Balance after salary allowanoes Interest allowances Balance after interest and salaries Balance allocated equaly Balance of income Shares of the partners $ 339.800 101,000 238,800 33,000 28,000 40,000 200 000800 11200 4.000 4,800 227,400 75,800 75.800 75 227,400 111200 $ 107.800 120.800 View transaction at ViowJourmat Date Dec 31 No General Journal Debit Credit rcome summary 339.500 Kara Ries Capital 11.200 107.800 120 Tammy Bax. Cacital
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