Homework Answers
| Allocation of Profits: | ||||||
| RIES | BAX | THOMAS | TOTAL | |||
| Net Income | 398400 | |||||
| Salary allowance | 38000 | 33000 | 45000 | 116000 | ||
| balance after salary | 282400 | |||||
| Interest allowance | 4000 | 5600 | 6400 | 16000 | ||
| balance after interest and salaries | 266400 | |||||
| balance Allocated equally | 88800 | 88800 | 88800 | -266400 | ||
| Balance f income | 0 | |||||
| Shares of Partners | 130800 | 127400 | 140200 | |||
| Journal entry: | ||||||
| 31-Dec | Income Summary account | 398400 | ||||
| Ries Capital | 130800 | |||||
| Bax capital | 127400 | |||||
| Thomas capital | 140200 | |||||
| Q5. | ||||||
| Answer is $ 335000 | ||||||
| Explanation: | ||||||
| Barber equity at end: | ||||||
| Barber equity in the beginning | 180000 | |||||
| Add: Net Income (396000*1/2) | 198000 | |||||
| Less: Withdrawals | -43000 | |||||
| Barber equity at end: | 335000 | |||||
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Required information The following information appiles to the questions displayed below Kara Pies, Tammy Bax, and...
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...
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...
1) 2) 3) Required information Problem 12-3A Allocating partnership income LO P2 [The following information applies...
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...
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 applies to the questions displayed below.) Ramer and Knox began a...
Required Information [The following Information applies to the questions displayed below.) Ramer and Knox began a partnership by Investing $54,000 and $81,000, respectively. The partners agreed to share net Income and loss by granting annual salary allowances of $52,000 to Ramer and $42,000 to Knox, 10% Interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 2a. Determine the partners' shares of Ramer and Knox given a...
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 [The following information applies to the questions displayed below. Ramer and Knox began...
! Required information [The following information applies to the questions displayed below. Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income is allocated under each separate plan for sharing income and loss. 1. The partners did not agree on a plan, and therefore share income equally, Ramer Knox Required information (The following information applies to the questions displayed below.) Ramer and Knox...
Please answer the whole question. Required information [The following information applies to the questions displayed below.]...
Please answer the whole question.
Required information
[The following information applies to the questions
displayed below.]
Mo Meek, Lu Ling, and Barb Beck formed the MLB Partnership by
making capital contributions of $85,500, $332,500, and $532,000,
respectively. They predict annual partnership net income of
$555,000 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 $88,000 to
Mo, $66,000 to Lu, and...
Required information The following information applies to the questions displayed below.] Mo, Lu, and Barb formed...
Required information The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making Investments of $80.100. $311,500 and $498,400, respectively. They predict annual partnership net Income of $623,500 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 $85.600 to Mo. $64,200 to Lu, and $97.000 to Barb; Interest allowances of 10% on their...
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 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...
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 applies to the questions displayed below.) Ramer and Knox began a partnership by Investing $54,000 and $81,000, respectively. The partners agreed to share net Income and loss by granting annual salary allowances of $52,000 to Ramer and $42,000 to Knox, 10% Interest allowances on their investments, and any remaining balance shared equally. (Enter all allowances as positive values. Enter losses as negative values.) Required: 2a. Determine the partners' shares of Ramer and Knox given a...
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 [The following information applies to the questions displayed below. Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income is allocated under each separate plan for sharing income and loss. 1. The partners did not agree on a plan, and therefore share income equally, Ramer Knox Required information (The following information applies to the questions displayed below.) Ramer and Knox...
Please answer the whole question.
Required information
[The following information applies to the questions
displayed below.]
Mo Meek, Lu Ling, and Barb Beck formed the MLB Partnership by
making capital contributions of $85,500, $332,500, and $532,000,
respectively. They predict annual partnership net income of
$555,000 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 $88,000 to
Mo, $66,000 to Lu, and...
Required information The following information applies to the questions displayed below.] Mo, Lu, and Barb formed the MLB Partnership by making Investments of $80.100. $311,500 and $498,400, respectively. They predict annual partnership net Income of $623,500 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 $85.600 to Mo. $64,200 to Lu, and $97.000 to Barb; Interest allowances of 10% on their...
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