Question: en #3 - Captulos 12 y 14 6 Help Required information The following information applies to the questions displayed below.) Ries, Bax, and Thomas invested
en #3 - Captulos 12 y 14 6 Help 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: 01:22:17 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 $249,000 net income in the ratio of their beginning capital investments. (Do not round Intermediate calculations.) Supporting Computations Percentage of Total Equity income Summary Allocated Income to Capital Thomasx General Journal >
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
