Solution-Prepare the entry to close the firms income

Prepare the entry to close the firms income summary account

Reference no: EM132463740

Question 1: Kara Ries, Tammy Bax and Joe Thomas invested $80,000, $112,000 and $128,000 respectively in a partnership. During its first calendar year, he firm earned $249,000. 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 to the partners under each of the following separate assumption: They agreed to share income and loss by providing annual salary allowances of $66,000 to Ries, $56,000 to Bax, and $80,000 to

Thomas: granting 10% interest on the partners' beginning capital investments and sharing the remainder equally.

Reference no: EM132463740

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Prepare the entry to close the firms income summary account

Reference no: EM132463740

Reference no: EM132463740

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