Required information Problem 12-3A (Algo) Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $58,000, $74,000, and $82,000, respectively, in a partnership. During its first calendar year, the firm earned $361,500. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $361,500 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 1 1. The partners did not agree on a plan, and therefore share income equally. View transaction list Journal entry worksheet < 1 Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal

Required information Problem 12-3A (Algo) Allocating partnership income LO P2 [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $58,000, $74,000, and $82,000, respectively, in a partnership. During its first calendar year, the firm earned $361,500. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $361,500 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 1 1. The partners did not agree on a plan, and therefore share income equally. View transaction list Journal entry worksheet < 1 Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date December 31 Record entry General Journal Clear entry Debit Credit View general journal

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter19: Accounting For Partnerships

Section: Chapter Questions

Problem 7SPB

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Required information Problem 12-3A (Algo) Allocating partnership income LO P2 [The following information applies to the questions displayed below] Ries, Bax, and Thomas invested $56,000, $72,000, and $80,000, respectively, in a partnership. During its first calendar year, the firm earned $430,200. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $430,200 net income under each of the following separate assumptions. Problem 12-3A (Algo) Part 3 3. The partners agreed to share income and loss by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 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. Appropriation of profits General Journal Allocate $430,200 net indome by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to…
Required information Problem 12-3A (Algo) Allocating partnership income LO P2 Skip to question [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $58,000, $74,000, and $82,000, respectively, in a partnership. During its first calendar year, the firm earned $361,500. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $361,500 net income under each of the following separate assumptions.
Can I please get help with practice 6.4 Required information Skip to question [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions. Appropriation of profits General Journal Allocate $416,100 net income in the ratio of their beginning capital investments.Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. Supporting Computations Percentage of Total Equity × Income Summary Allocated Income to Capital Ries × Bax × Thomas × Record the entry to close the income summary account assuming the partners have…
Can I please get help with this practice question? 6.1 Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally. Record the entry to close the income summary account assuming the partners did not agree on a plan, and therefore share income equally. Note: Enter debits before credits. Date General Journal Debit Credit December 31
Can I please get help wtih this question?6.3 Ries, Bax, and Thomas invested $48,000, $64,000, and $72,000, respectively, in a partnership. During its first calendar year, the firm earned $416,100. Required: Prepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $416,100 net income under each of the following separate assumptions. 1. The partners did not agree on a plan, and therefore share income equally.
Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership. During its first calendar year, the firm earned $249,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $249,000 net income under each of the following separate assumptions. 2. The partners agreed to share income and loss in the ratio of their beginning capital investments. Complete this question by entering your answers Appropriation General of profits Journal Allocate $249,000 net income in the ratio of their begin (Do not round intermediate calculations.) Supporting Percentage of Total Computations Equity Ries Bax Thomas X X X Income Summary Allocated Income to Capital < Appropriation of profits General Journa
Homework Activity 1 A, B and C are in Partnership sharing profits and losses in the ratio of 2:1:1. During the year ending 31st Dec 2019, the business made a profit of RO 64,000 before providing Interest on capital : A 2,000, B 1500, C 1000 Interest on drawings: A 200, B 150, C 100 Salary to Partners A 500 B 700 C 600 Commission to Partners A 200 B 300 C 400 Prepare a profit and loss appropriation account to show the distribution of profit among the partners.
SECTION: PROFESSOR: Problem #14 Admission by Investment of Assets On Jan. 31, 2019, Partners Abad, Ramos and Cammayo had the following loan and capital account balances (after closing entries for Jan.): Loan receivable from Abad P 20,000 dr 60,000 cr Abad payable to Cammayo Abad, Capital Ramos, Capital Cammayo, Capital 30,000 dr 120,000 cr 70,000 cr The partnership's income-sharing ratio was Abad, 50%; Ramos, 20%; and Cammayo, 30%. On Jan. 31, 2019, Gonzales was admitted to the partnership for a 20% interest in total capital of the partnership in exchange for an investment of P40,000 cash. Prior to Gonzales's admission, the existing partners agreed to increase the carrying amount of the partnership's inventories to current fair value, a P60,000 increase. Required: Prepare the journal entries the increase in inventories and the admission of Gonzales.
Show Attempt History Current Attempt in Progress X Your answer is incorrect. The partnership agreement of Alix, Gise, and Bosco provides for the following income ratio: (a) Alix, the managing partner, receives a salary allowance of $107200, (b) each partner receives 15% interest on average capital investment, and (c) remaining net income or loss is divided equally. The average capital investments for the year were: Alix $594000, Gise $1110000, and Bosco $18O0000. If partnership net income is $544000, the amount allocated to Alix should be O $175200. O $166700. O $196300. O $89100. eTextbook and Media
504 | Basic Financial Accounting and Reporting 2023 Edition by Prof. WIN Balloda NAME: SECTION: a. b. Multiple Choice 1. The partnership agreement of Niza and Sala provides the interest at 10% per year is to be credited to each partner on the basis of weighted-average capital balances. A summary of Sala's capital account for the year ended Dec. 31, 2022 follows: Balance, Jan. 1 Additional Investment, July 1 Withdrawal, Aug. 1 Balance, Dec. 31 a. P45,750 b. P46,125 What amount of interest should be credited to Sala's capital account for 2022? 1609 SCORE: PROFESSOR: P192,000 P282,000 bro 2. Barroga and Gonzales are partners who shares profits and losses in the ratio of 60:40, respectively. Barroga's salary is P60,000 and P30,000 for Gonzales. The partners are also paid interest on their average capital balances. In 2022, Barroga received P30,000 of interest and Gonzales, P12,000. The profit and loss allocation is determined after deductions for the salary and interest payments. If…
Entries for Allocation of Net Income Danny Spurlock and Tracy Wilson decided to form a partnership on July 1, 20-1. Spurlock invested $100,000 and Wilson invested $25,000. For the fiscal year ended June 30, 20-2, a net income of $79,000 was earned. Determine the amount of net income that Spurlock and Wilson would receive under each of the following independent assumptions: Income to be allocated $fill in the blank 1 Spurlock Wilson Total 1. There is no agreement concerning the distribution of net income. $fill in the blank 2 $fill in the blank 3 $fill in the blank 4 2. Each partner is to receive 10% interest on their original investment. The remaining net income is to be divided equally. $fill in the blank 5 $fill in the blank 6 $fill in the blank 7 3. Spurlock and Wilson are to receive a salary allowance of $33,000 and $24,000, respectively.The remaining net income is to be divided equally. $fill in the blank 8 $fill in the blank 9 $fill in the blank 10 4. Each…
Exercise 12-7 (Algo) Journalizing partnership transactions LO P2 On March 1, Eckert and Kelley formed a partnership. Eckert contributed $95,000 cash, and Kelley contributed land valued at $76,000 and a building valued at $106,000. The partnership also took Kelley's $85,000 long-term note payable associated with the land and building. The partners agreed to share Income as follows: Eckert gets an annual salary allowance of $28,000, both get an annual Interest allowance of 9% of their initial capital Investment, and any remaining Income or loss is shared equally. On October 20, Eckert withdrew $30,000 cash and Kelley withdrew $23,000 cash. First year Income was $82,000. Required: 18. & 1b. Prepare Journal entries to record the partners' Initial capital Investments and their subsequent cash withdrawals 1c. Determine the partners' shares of Income, and then prepare Journal entries to close Income Summary and the partners' withdrawals accounts. 2. Determine the balances of the partners'…