Chat with us, powered by LiveChat Kim Ries, Tere Bax, and Josh Thomas invested $40,0 - Writemia

Kim Ries, Tere Bax, and Josh Thomas invested $40,0

Kim Ries, Tere Bax, and Josh Thomas invested $40,000, $56,000, and $64,000, respectively, in a partnership.During its first calendar year, the firm earned $124,500.RequiredPrepare the entry to close the firm’s Income Summary account as of its December 31 year-end and to allocate the $124,500 net income to the partners under each of the following separate assumptions: The partners(1) have no agreement on the method of sharing income and loss;(2) agreed to share income and loss in the ratio of their beginning capital investments; and(3) agreed to share income and loss by providing annual salary allowances of $33,000 to Ries, $28,000 to Bax, and $40,000 to Thomas; granting 10% interest on the partners’ beginning capital investments; and sharing the remainder equally.

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