+ 2 of 3 Required information [The following information applies to the questions displayed below.] Ries,...

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+ 2 of 3 Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $54,000, $70,000, and $78,000, respectively, in a partnership. During its first calendar year, the firm earned $376,500. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $376,500 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 in the tabs below. Appropriation of profits General Journal Allocate $376,500 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 Ries Bax Thomas Percentage of Total Equity X Income Summary + X X Allocated Income to Capital Appropriation of profits General Journal > + 2 of 3 Required information [The following information applies to the questions displayed below.] Ries, Bax, and Thomas invested $54,000, $70,000, and $78,000, respectively, in a partnership. During its first calendar year, the firm earned $376,500. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $376,500 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 in the tabs below. Appropriation of profits General Journal Allocate $376,500 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 Ries Bax Thomas Percentage of Total Equity X Income Summary + X X Allocated Income to Capital Appropriation of profits General Journal >

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Income Summary 376500 Capital Ries149490 Capital Bax190960 Capital Thomas36060 ... View the full answer