Ries, Bax, and Thomas invested $30,000, $46,000, and $54,000, respectively, in a partnership. During its first...

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Ries, Bax, and Thomas invested $30,000, $46,000, and $54,000, respectively, in a partnership. During its first calendar. year, the firm earned $390,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $390,000 net income under each of the following separate assumptions. 3. The partners agreed to share income and loss by providing annual salary allowances of $38,000 to Ries, $33,000 to Bax, and $45,000 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 General of profits Journal Allocate $390,000 net income by providing annual salary allowances of $38,000 to Ries, $33,000 to Bax, and $45,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Supporting Calculations Ries Bax Thomas Total Net income $ 390,000 Salary allowances $ 38,000 $ 33,000 $ 45.000 116,000 Balance after salary allowances 274,000 Interest allowances 0 Balance after interest and salaries 274,000 Balance allocated equally 0 Balance of income. 274,000 Shares of the partners 38,000 $ 33,000 $ 45,000 $ $ Ries, Bax, and Thomas invested $30,000, $46,000, and $54,000, respectively, in a partnership. During its first calendar. year, the firm earned $390,000. Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $390,000 net income under each of the following separate assumptions. 3. The partners agreed to share income and loss by providing annual salary allowances of $38,000 to Ries, $33,000 to Bax, and $45,000 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 General of profits Journal Allocate $390,000 net income by providing annual salary allowances of $38,000 to Ries, $33,000 to Bax, and $45,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Supporting Calculations Ries Bax Thomas Total Net income $ 390,000 Salary allowances $ 38,000 $ 33,000 $ 45.000 116,000 Balance after salary allowances 274,000 Interest allowances 0 Balance after interest and salaries 274,000 Balance allocated equally 0 Balance of income. 274,000 Shares of the partners 38,000 $ 33,000 $ 45,000 $ $

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Amount Supporting Calculations Ries Bax Thomas Total Net Income 390000 Sala... View the full answer