December 31 year-end and to allocate the 352500 net income

Reference no: EM13574369

The following information applies to the questions displayed below. Kim Ries, Tere Bax, and Josh Thomas invested $30,000, $46,000, and $54,000, respectively, in a partnership. During its first calendar year, the firm earned $352,500. Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $352,500 net income to the partners under each of the following separate assumptions: The partners have no agreement on the method of sharing income and loss.

The partners agreed to share income and loss in the ratio of their beginning capital investments.Date General Journal Debit Credit Dec. 31The partners agreed to share income and loss by providing annual salary allowances of $34,000 to Ries, $29,000 to Bax, and $41,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Date General Journal Debit Credit Dec.31

Reference no: EM13574369

Questions Cloud

If you were given a large data set such as the sales over : if you were given a large data set such as the sales over the last year of our top 1000 customers what might you be

The prepaid insurance account is made up of four policies : following is a set of situations that may or may not involve sampling.1.an auditor is examining loan receivables at a

William hancock traded a delivery truck and 5000 cash for a : william hancock traded a delivery truck and 5000 cash for a newer van. this transaction has commericial substance.value

Beginning inventory purchases and sales data for portable : beginning inventory purchases and sales data for portable dvd players are as followsapril 1inventory120 units at

December 31 year-end and to allocate the 352500 net income : the following information applies to the questions displayed below. kim ries tere bax and josh thomas invested 30000

If a sound is 100 times louder than a whisper how loud is : if a sound is 100 times louder than a whisper how loud is that sound in

American medical instruments produces a variety of medical : american medical instruments produces a variety of medical products at its plant in minneapolis. the company has sales

Te cash is available in 2 days on average 1 calculate the : float measurement. on a typical day abc company writes checks totaling 3000. these checks clear in 7 days.

Explain what problems arise in trying to make conclusions : explain what problems arise in trying to make conclusions based on a survey mailed to the subscribers of a specialty

User Account

All Pages