Required information
Problem A Algo Allocating partnership income LO P
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Ries, Bax, and Thomas invested $$ and $ respectively, in a partnership. During its first calendar
year, the firm earned $
Required:
Prepare the entry to close the firm's Income Summary account as of its December yearend and to allocate the
$ net income under each of the following separate assumptions.
Problem A Algo Part
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
of profits
General
Journal
Allocate $ net income in the ratio of their beginning capital investments.
Note: Do not round intermediate calculations. Round final answers to the nearest whole dollar.
