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
Required:
(1) The partners have no agreement on the method
of sharing income and loss.
Problem 12-3A Part 2
(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 dollar.)
Homework Answers
Part 1
| Accounts title and explanation | debit | credit |
| Income summary | 346200 | |
| Kara Ries, capital (346200*1/3) | 115400 | |
| Tammy Bax, capital (346200*1/3) | 115400 | |
| Joe Thomas, capital (346200*1/3) | 115400 |
Part 2
| Accounts title and explanation | debit | credit |
| Income summary | 346200 | |
| Kara Ries, capital (346200*25/95) | 91105 | |
| Tammy Bax, capital (346200*33/95) | 120259 | |
| Joe Thomas, capital (346200*37/95) | 134836 |
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Required information
Problem 12-3A Allocating partnership income LO P2
[The following information applies to the questions...
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...
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...
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....
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...
Kara Ries. Yammy Bax and Joe Thomas invested $ 34,000 , $ 50.000 , and $58.000 . respectively, in a partnership
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 $ 366,900Prepare 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...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $84,600, $329,000, and $526,400, respectively. They predict annual partnership net income of $550,500 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (C) salary allowances of $87,600 to...
Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following...
Problem 12-4A Partnership income allocation, statement of
partners' equity, and closing entries LO P2
[The following information applies to the questions
displayed below.]
Mo, Lu, and Barb formed the MLB Partnership by making investments
of $84,600, $329,000, and $526,400, respectively. They predict
annual partnership net income of $550,500 and are considering the
following alternative plans of sharing income and loss:
(a) equally; (b) in the ratio of their initial
capital investments; or (c) salary allowances of $87,600
to Mo, $65,700...
Problem D-2A Allocating partnership income and loss; sequential years LO P2 rene Watts and John Lyon...
Problem D-2A Allocating partnership income and loss; sequential years LO P2 rene Watts and John Lyon are forming a partnership to which Watts will devote one-half time and Lyon will devote full time. They have discussed the following alternative plans for sharing income and loss: (a) in the ratio of their initial capital investments, which they have agreed will be $28,000 for Watts and $52,000 for Lyon; (b) in proportion to the time devoted to the business; (c)a salary allowance...
Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following...
Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $76,500, $297,500, and $476,000, respectively. They predict annual partnership net income of $502,500 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (c) salary allowances of $84,000 to Mo, $63,000...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $84,600, $329,000, and $526,400, respectively. They predict annual partnership net income of $550,500 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (C) salary allowances of $87,600 to...
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...
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 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...
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 $ 366,900Prepare 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...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $84,600, $329,000, and $526,400, respectively. They predict annual partnership net income of $550,500 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (C) salary allowances of $87,600 to...
Problem 12-4A Partnership income allocation, statement of
partners' equity, and closing entries LO P2
[The following information applies to the questions
displayed below.]
Mo, Lu, and Barb formed the MLB Partnership by making investments
of $84,600, $329,000, and $526,400, respectively. They predict
annual partnership net income of $550,500 and are considering the
following alternative plans of sharing income and loss:
(a) equally; (b) in the ratio of their initial
capital investments; or (c) salary allowances of $87,600
to Mo, $65,700...
Problem D-2A Allocating partnership income and loss; sequential years LO P2 rene Watts and John Lyon are forming a partnership to which Watts will devote one-half time and Lyon will devote full time. They have discussed the following alternative plans for sharing income and loss: (a) in the ratio of their initial capital investments, which they have agreed will be $28,000 for Watts and $52,000 for Lyon; (b) in proportion to the time devoted to the business; (c)a salary allowance...
Required information Problem 12-4A Partnership income allocation, statement of partners' equity, and closing entries LO P2 [The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making investments of $84,600, $329,000, and $526,400, respectively. They predict annual partnership net income of $550,500 and are considering the following alternative plans of sharing income and loss: (a) equally; (b) in the ratio of their initial capital investments; or (C) salary allowances of $87,600 to...
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