Kara Ries. Yammy Bax and Joe Thomas invested $ 34,000 , $ 50.000 , and $58.000 . respectively, in a partnership. During its: First calendar year, the firm earned $ 366,900
Prepare the entry to close the firm's income Summary account as of tts December 31 yeat-end and to allocate the s365.900 net income to the partners under each of the following separate assumptions:
Problem 12.3A Part.2
(2) The partners agreed to share income and loss in the range of their beginning capital investments.
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Kara Ries. Yammy Bax and Joe Thomas invested $ 34,000 , $ 50.000 , and $58.000 . respectively, in a partnership
Kara Ries, Tammy Bax, and Joe Thomas invested $42,000, $58,000, and $66,000, respectively, in a partnership....
Kara Ries, Tammy Bax, and Joe Thomas invested $42,000, $58,000, and $66,000, respectively, in a partnership. During its first calendar year, the firm earned $400,500. Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $400,500 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....
1) 2) 3) Required information Problem 12-3A Allocating partnership income LO P2 [The following information applies...
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Required information Problem 12-3A Allocating partnership income LO P2 [The following information applies to the questions displayed below Kara Ries, Tammy Bax, and Joe Thomas invested $44,000, $60,000, and $68,000, respectively, in a partnership. During its first calendar year, the firm earned $412,500. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $412,500 net income to the partners under each of the following separate assumptions: Problem...
Required information The following information appiles to the questions displayed below Kara Pies, Tammy Bax, and...
Required information The following information appiles to the questions displayed below Kara Pies, Tammy Bax, and Joe Thomas invested $40,000, $56.000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $398.400 00 26.00 Prepare the entry to close the firm's Income Summary account as of its December 31 yepr-end and to allacate the $398.400 net income to the partners under each of the following separate assumptions eBook (3) The partners agreed to share income and...
Required information Problem 12-3A Allocating partnership income LO P2 [The following information applies to the questions...
Required information Problem 12-3A Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Kara Ries, Tammy Bax, and Joe Thomas invested $50,000, $66,000, and $74,000, respectively, in a partnership. During its first calendar year, the firm earned $346,200. Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $346,200 net income to the partners under each of the following separate assumptions: Problem 12-3A Part 1...
help! What I've done is correct, need help with the rest thanks! Required information Problem 12-3A...
help! What I've done is correct, need help with the rest thanks!
Required information Problem 12-3A Allocating partnership income LO P2 [The following information applies to the questions displayed below.) Kara Ries, Tammy Bax, and Joe Thomas invested $44,000, $60,000, and $68,000, respectively, in a partnership. During its first calendar year, the firm earned $412,500. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $412,500 net income to the...
Jenkins, Willis, and Trent invested $268,000, $469,000, and $603,000, respectively, in a partnership. During its first...
Jenkins, Willis, and Trent invested $268,000, $469,000, and $603,000, respectively, in a partnership. During its first year, the firm recorded profit of $651,000. Required: Prepare entries to close the firm’s Income Summary account as of December 31 and to allocate the profit to the partners under each of the following assumptions: a. The partners did not produce any special agreement on the method of distributing profits. Record to close income summary account b. The partners agreed to share profit and losses...
Required information IThe following informarion apples to the questions displayed below) Xars Ries. ammy Bax and...
Required information IThe following informarion apples to the questions displayed below) Xars Ries. ammy Bax and Joe Thomas invessed $40,00o, s56.000. and $64,000, respectively in a parnership During is first calendar year, the firm earned $398.400 Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $398,400 net income to the partners under each of the following seperate assumptians Book (3) The partners agreed to share income and loss by...
Thank you for answering ☺️ Problems Problem 11-1A Methods of allocating partnership profit L03 eXcel CHECK...
Thank you for answering ☺️
Problems Problem 11-1A Methods of allocating partnership profit L03 eXcel CHECK FIGURE: c. Cr Jenkins, Capital: $195,000 Jenkins, Willis, and Trent invested $200,000, $350,000, and $450,000, respectively, in a partnership. During its first year, the firm recorded profit of $600,000. Required Prepare entries to close the firm's Income Summary account as of December 31 and to allocate the profit to the partners under each of the following assumptions: a. The partners did not produce any...
11-1B CHAPTER 11 Partnerships ALTERNATE PROBLEMS Problem 11-1B Methods of allocating partnership profit LO3 Xcel CHECK...
11-1B
CHAPTER 11 Partnerships ALTERNATE PROBLEMS Problem 11-1B Methods of allocating partnership profit LO3 Xcel CHECK FIGURE: C. Dr. Lister, Capital: $6,000 Phung, Moier, and Lister invested $130,000, $150,000, and $120,000, respectively, into an organic farm to res- taurant distribution business. During its first year, the firm earned $25,000. Required Prepare entries to close the firm's Income Summary account as of December 31 and to allocate the profit to the partners under each of the following assumptions. a. The partners...
14. Zheng invested $148,000 and Murray invested $248,000 in a partnership. They agreed to share incomes...
14. Zheng invested $148,000 and Murray invested $248,000 in a partnership. They agreed to share incomes and losses by allowing a $72,000 per year salary allowance to Zheng and a $52,000 per year salary allowance to Murray, plus an interest allowance on the partners’ beginning-year capital investments at 10%, with the balance to be shared equally. Assuming net income for the current year is $129,000, the journal entry to allocate net income is: Debit Income Summary, $129,000; Credit Zheng, Capital,...
1)
2)
3)
Required information Problem 12-3A Allocating partnership income LO P2 [The following information applies to the questions displayed below Kara Ries, Tammy Bax, and Joe Thomas invested $44,000, $60,000, and $68,000, respectively, in a partnership. During its first calendar year, the firm earned $412,500. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $412,500 net income to the partners under each of the following separate assumptions: Problem...
Required information The following information appiles to the questions displayed below Kara Pies, Tammy Bax, and Joe Thomas invested $40,000, $56.000, and $64,000, respectively, in a partnership. During its first calendar year, the firm earned $398.400 00 26.00 Prepare the entry to close the firm's Income Summary account as of its December 31 yepr-end and to allacate the $398.400 net income to the partners under each of the following separate assumptions eBook (3) The partners agreed to share income and...
help! What I've done is correct, need help with the rest thanks!
Required information Problem 12-3A Allocating partnership income LO P2 [The following information applies to the questions displayed below.) Kara Ries, Tammy Bax, and Joe Thomas invested $44,000, $60,000, and $68,000, respectively, in a partnership. During its first calendar year, the firm earned $412,500. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $412,500 net income to the...
Required information IThe following informarion apples to the questions displayed below) Xars Ries. ammy Bax and Joe Thomas invessed $40,00o, s56.000. and $64,000, respectively in a parnership During is first calendar year, the firm earned $398.400 Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $398,400 net income to the partners under each of the following seperate assumptians Book (3) The partners agreed to share income and loss by...
Thank you for answering ☺️
Problems Problem 11-1A Methods of allocating partnership profit L03 eXcel CHECK FIGURE: c. Cr Jenkins, Capital: $195,000 Jenkins, Willis, and Trent invested $200,000, $350,000, and $450,000, respectively, in a partnership. During its first year, the firm recorded profit of $600,000. Required Prepare entries to close the firm's Income Summary account as of December 31 and to allocate the profit to the partners under each of the following assumptions: a. The partners did not produce any...
11-1B
CHAPTER 11 Partnerships ALTERNATE PROBLEMS Problem 11-1B Methods of allocating partnership profit LO3 Xcel CHECK FIGURE: C. Dr. Lister, Capital: $6,000 Phung, Moier, and Lister invested $130,000, $150,000, and $120,000, respectively, into an organic farm to res- taurant distribution business. During its first year, the firm earned $25,000. Required Prepare entries to close the firm's Income Summary account as of December 31 and to allocate the profit to the partners under each of the following assumptions. a. The partners...
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