eBook E Calculator Print Item LLC net Income and statement ofr members"equity Instructions Chart of Accounts Schedule o DNision ofIncome Jounal Instructions Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 2OY2, the three members had equity of $200,000, $37,400, and $163,500, respectively WLKT Partners contributed an additional $48,100 to Marvel Media, LLC, on June 1, 20Y2. Madison Sanders received an annualalary allowance of $59,700 during 20Y2. The members' equity accounts are also credited with 10% interest on each member's January 1 capital balance.Any remaining income is to be shared in the ratio of 4:3:3 among the three members. members. The revenues. expenses, and net income for Marvel Media, LLC, for 20Y2 were $1,263,600, 891,900 and $371,700 respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. Required: A. Determine the division of income among the three members. B. Prepare the journal entries to close the net income and withdrawals to the individual member equity accounts. Refer to the Chart of Accounts for exact wording of accountr dides. C. Prepare a statement of members'equity for 20Y2. D. What are the advantages of an income-sharing agreement for the members of this LLC? Next Previous Check My Work 3 more Check My Work uses remaining. 10:13
eBook E Calculator Print Item LLC net Income and statement ofr members"equity Instructions Chart of Accounts Schedule o DNision ofIncome Jounal Instructions Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 2OY2, the three members had equity of $200,000, $37,400, and $163,500, respectively WLKT Partners contributed an additional $48,100 to Marvel Media, LLC, on June 1, 20Y2. Madison Sanders received an annualalary allowance of $59,700 during 20Y2. The members' equity accounts are also credited with 10% interest on each member's January 1 capital balance.Any remaining income is to be shared in the ratio of 4:3:3 among the three members. members. The revenues. expenses, and net income for Marvel Media, LLC, for 20Y2 were $1,263,600, 891,900 and $371,700 respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. Required: A. Determine the division of income among the three members. B. Prepare the journal entries to close the net income and withdrawals to the individual member equity accounts. Refer to the Chart of Accounts for exact wording of accountr dides. C. Prepare a statement of members'equity for 20Y2. D. What are the advantages of an income-sharing agreement for the members of this LLC? Next Previous Check My Work 3 more Check My Work uses remaining. 10:13
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter1: Accounting And The Financial Statements
Section: Chapter Questions
Problem 46E: OBJECTIVE 6 Exercise 1-46 Income Statement ERS Inc. maintains and repairs office equipment. ERS had...
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Transcribed Image Text:eBook
E Calculator
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LLC net Income and statement ofr members"equity
Instructions
Chart of Accounts
Schedule o
DNision ofIncome
Jounal
Instructions
Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 2OY2, the three members had equity of $200,000,
$37,400, and $163,500, respectively WLKT Partners contributed an additional $48,100 to Marvel Media, LLC, on June 1, 20Y2. Madison Sanders received an annualalary
allowance of $59,700 during 20Y2. The members' equity accounts are also credited with 10% interest on each member's January 1 capital balance.Any remaining income
is to be shared in the ratio of 4:3:3 among the three members. members. The revenues. expenses, and net income for Marvel Media, LLC, for 20Y2 were $1,263,600,
891,900 and $371,700 respectively. Amounts equal to the salary and interest allowances were withdrawn by the members.
Required:
A. Determine the division of income among the three members.
B. Prepare the journal entries to close the net income and withdrawals to the individual member equity accounts. Refer to the Chart of Accounts
for exact wording of accountr dides.
C. Prepare a statement of members'equity for 20Y2.
D. What are the advantages of an income-sharing agreement for the members of this LLC?
Next
Previous
Check My Work
3 more Check My Work uses remaining.
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