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Problem $12-3$A $($Algo$)$ Allocating partnership income LO P$2$

$[$The following information applies to the questions displayed below.$]$

Ries, Bax, and Thomas invested $$36,000,$$$52,000,$ and $$60,000,$ respectively, in a partnership. During its first calendar

year, the firm earned $$394,800.$

Required:

Prepare the entry to close the firm's Income Summary account as of its December $31$ year$-$end and to allocate the

$$394,800$ net income under each of the following separate assumptions.

Problem $12-3$A $($Algo$)$ Part $1$

The partners did not agree on a plan, and therefore share income equally.

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. II

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Problem $12-3$A $($Algo$)$ Allocating partnership income LO P$2$

$[$The following information applies to the questions displayed below.$]$

Ries, Bax, and Thomas invested $$36,000,$$$52,000,$ and $$60,000,$ respectively, in a partnership. During its first calendar year, the firm earned $$394,800.$

Required:

Prepare the entry to close the firm's Income Summary account as of its December $31$ year$-$end and to allocate the $$394,800$ net income under each of the following separate assumptions.

Skipped

e$8$ook

References

Problem $12-3$A $($Algo$)$ Part $1$

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 credies.

II

Saved

Help

Save & Exit

Problem $12-3$A $($Algo$)$ Allocating partnership income LO P$2$

$[$The following information applies to the questions displayed below.$]$

Ries, Bax, and Thomas invested $$36,000,$$$52,000,$ and $$60,000,$ respectively, in a partnership. During its first calendar year, the firm earned $$394,800.$

Required:

Prepare the entry to close the firm's Income Summary account as of its December $31$ year$-$end and to allocate the $$394,800$ net income under each of the following separate assumptions.

Skipped

e$8$ook

References

Problem $12-3$A $($Algo$)$ Part $1$

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 credies.

Me

Graw

H$$ili

Ptev

$25$

$26$

of $32$

Next Problem $12-3$A $($Algo$)$ Allocating partnership income LO P$2$

$[$The following information applies to the questions displayed below.$]$

Ries, Bax, and Thomas invested $$36,000,$$$52,000,$ and $$60,000,$ respectively, in a partnership. During its first calendar

year, the firm earned $$394,800.$

Required:

Prepare the entry to close the firm's Income Summary account as of its December $31$ year$-$end and to allocate the

$$394,800$ net income under each of the following separate assumptions.

Problem $12-3$A $($Algo$)$ Part $2$

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

Allocate $$394,800$ net income in the ratio of their beginning capital investments.

Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar. Required information

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

Prepare the entry to close the firm's Income Summary account as of its December $31$ year$-$end.

Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar.

Journal entry worksheet

Record the entry to close the income summary account assuming the partners

have agreed to share income and loss in the ratio of their beginning capital

investments.

Note: Enter debits before credits. Required information

Problem $12-3$A $($Algo$)$ Allocating partnership income LO P$2$

$[$The following information applies to the questions displayed below.$]$

Ries, Bax, and Thomas invested $$36,000,$$$52,000,$ and $$60,000,$ respectively, in a partnership. During its first calendar

year, the firm earned $$394,800.$

Required:

Prepare the entry to close the firm's Income Summary