Km ries tere bax and josh thomas invested 36000 52000 and

Reference no: EM13606460

Kim Ries, Tere Bax, and Josh Thomas invested $36,000, $52,000, and $60,000, respectively, in a partnership. During its first calendar year, the firm earned $340,800.

Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $340,800 net income to the partners under each of the following separate assumptions:

(1) The partners have no agreement on the method of sharing income and loss
(2) The partners agreed to share income and loss in the ratio of their beginning capital investments.
(3) The partners agreed to share income and loss by providing annual salary allowances of $32,000 to Ries, $27,000 to Bax, and $39,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally

Reference no: EM13606460

Questions Cloud

The shape of the distribution of the time required to get : the shape of the distribution of the time required to get an oil change at a 10-minute oil-change facility is unknown.

Find the frequency ration rwwn at which the amplitude of a : find the frequency ration rwwn at which the amplitude of a single degree of freedom damped system attains the maximum

Suppose a geyser has a mean time between eruptions of 76 : suppose a geyser has a mean time between eruptions of 76 minutes. let the interval of time between the eruptions be

What is the difference between statistical significance and : what is the difference between statistical significance and practical significance? why is statistical significance not

Km ries tere bax and josh thomas invested 36000 52000 and : kim ries tere bax and josh thomas invested 36000 52000 and 60000 respectively in a partnership. during its first

White corporations financial accounting records disclose : white corporations financial accounting records disclose the following results for the period ending december 31 of

If the temperature measurement can be made within 1 degree : a pressurized tank is nominally at 205 degree c. the density determination must be within 0.5 to be useful. if the

During its first year the partnership earned 185000 prepare : cosmo and ellis began a partnership by investing 40000 and 51000 respectively. during its first year the partnership

Eva is used by top management at college learning : eva is used by top management at college learning technologies to measure and evaluate the performance of segment

User Account

All Pages