Accounts payable Accounts receivable Accumulated depreciation—Building Accumulated depreciation—Equipment Bax, Capital B
Posted: Thu May 19, 2022 2:41 pm
Accounts payable
Accounts receivable
Accumulated depreciation—Building
Accumulated depreciation—Equipment
Bax, Capital
Bax, Withdrawals
Building
Cash
Cost of goods sold
Depreciation expense—Building
Depreciation expense—Equipment
Equipment
Gain on sale of building
Gain on sale of equipment
Gain on sale of inventory
Income summary
Interest expense
Interest payable
Interest receivable
Interest revenue
Inventory
Land
Loss on sale of building
Loss on sale of equipment
Loss on sale of inventory
Note payable
Rent expense
Ries, Capital
Ries, Withdrawals
Salaries expense
Sales
Sales discounts
Sales returns and allowances
Supplies
Supplies expense
Thomas, Capital
Thomas, Withdrawals
Required information The following information applies to the questions displayed below! Ries. Bax, and Thomas invested $54.000, $70,000, and $78.000, respectively, in a partnership During its first calendar year, the firm eamed $430,500 Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $430,500 net income under each of the following separate assumptions
1. The partners did not agree on a plan, and therefore share income equally, View transaction list Journal entry worksheet 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 credits General Journal Debit Credit Date December 31 Record entry Clear sntry
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 General of profits Joumal Allocate $430,500 net income in the ratio of their beginning capital investments. (Do not round intermediate calculations Round final answers to the nearest whole dollar.) Percentage of Total Equity Income Summary Allocated Income to Capital cs Supporting Computations Ries Bax Thomas X General Journal > Aroupation of mots
Required information View transaction list 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 General Journal Debit Credit Date December 31 Record entry Clear entry View general journal
3. The partners agreed to share income and loss by providing annual salary allowances of $40.00 $47,000 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 $430,500 net income by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas; granting 10% interest on the partners' beginning capital investments, and sharing the remainder equally. Supporting Calculations Ries Bax Thomas Total Net income Salary allowances Balance after salary allowances Interest illowances Balance after interest and saianos Balance allocated oqually Balance of income Shares of the partners Geometri General Journal >
Required information Journal entry worksheet Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal
Accounts receivable
Accumulated depreciation—Building
Accumulated depreciation—Equipment
Bax, Capital
Bax, Withdrawals
Building
Cash
Cost of goods sold
Depreciation expense—Building
Depreciation expense—Equipment
Equipment
Gain on sale of building
Gain on sale of equipment
Gain on sale of inventory
Income summary
Interest expense
Interest payable
Interest receivable
Interest revenue
Inventory
Land
Loss on sale of building
Loss on sale of equipment
Loss on sale of inventory
Note payable
Rent expense
Ries, Capital
Ries, Withdrawals
Salaries expense
Sales
Sales discounts
Sales returns and allowances
Supplies
Supplies expense
Thomas, Capital
Thomas, Withdrawals
Required information The following information applies to the questions displayed below! Ries. Bax, and Thomas invested $54.000, $70,000, and $78.000, respectively, in a partnership During its first calendar year, the firm eamed $430,500 Required: Prepare the entry to close the firm's Income Summary account as of its December 31 year-end and to allocate the $430,500 net income under each of the following separate assumptions
1. The partners did not agree on a plan, and therefore share income equally, View transaction list Journal entry worksheet 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 credits General Journal Debit Credit Date December 31 Record entry Clear sntry
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 General of profits Joumal Allocate $430,500 net income in the ratio of their beginning capital investments. (Do not round intermediate calculations Round final answers to the nearest whole dollar.) Percentage of Total Equity Income Summary Allocated Income to Capital cs Supporting Computations Ries Bax Thomas X General Journal > Aroupation of mots
Required information View transaction list 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 General Journal Debit Credit Date December 31 Record entry Clear entry View general journal
3. The partners agreed to share income and loss by providing annual salary allowances of $40.00 $47,000 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 $430,500 net income by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas; granting 10% interest on the partners' beginning capital investments, and sharing the remainder equally. Supporting Calculations Ries Bax Thomas Total Net income Salary allowances Balance after salary allowances Interest illowances Balance after interest and saianos Balance allocated oqually Balance of income Shares of the partners Geometri General Journal >
Required information Journal entry worksheet Record the entry to close the income summary account assuming the partners have agreed to share income and loss by providing annual salary allowances of $40,000 to Ries, $35,000 to Bax, and $47,000 to Thomas; granting 10% interest on the partners' beginning capital investments; and sharing the remainder equally. Note: Enter debits before credits. General Journal Debit Credit Date December 31 Record entry Clear entry View general journal