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Allocating partnership income

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Kara Ries, Tammy Bax, and Joe Thomas invested 80,000 112,000 and 128,000 respectively in a partnership.

During its first year, the firm earned 249,000. Prepare the entry to close the firms income summary accounts as of its December 31 year end and to allocate the 249,000 net income to partners under each of the following separate assumptions:

- The partners have no agreement on the method of sharing income and loss

- They agree to share income and loss in the ratio of their beginning capital investment and agree to share income and loss by providing annual salary allowances of 60,000 to Bax, and 80,000 to Thomas

- Grating 10% interest on the partner's beginning capital investments; and remainder equally

Reference no: EM1358416

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