Exploit Media, LLC, has three members: WACS Partners, Elyse OʻReilly, and Encounter Newspaper, LLC. On January 1, 20Y2, the three members had equity of $275,00 $55,000, and $220,000, respectively. WACS Partners contributed an additional $69,000 to Exploit Media, LLC, on June 1, 20Y2. Elyse OʻReilly received an annual salary allowance of $76,000 during 20Y2. The members' equity accounts are also credited with 10% interest on each member's January 1 capital balance. Any remaining inco is to be shared in the ratio of 4:3:3 among the three members. The revenues, expenses, and net income for Exploit Media, LLC, for 20Y2 were $1,730,000, $1,236,00r and $494,000, respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank. Schedule of Division of Income WACS Partners Elyse O'Reilly Encounter Newspaper, LLC Total Salary allowance 76,000 Interest allowance Remaining income (4:3:3) Net income

Exploit Media, LLC, has three members: WACS Partners, Elyse OʻReilly, and Encounter Newspaper, LLC. On January 1, 20Y2, the three members had equity of $275,00 $55,000, and $220,000, respectively. WACS Partners contributed an additional $69,000 to Exploit Media, LLC, on June 1, 20Y2. Elyse OʻReilly received an annual salary allowance of $76,000 during 20Y2. The members' equity accounts are also credited with 10% interest on each member's January 1 capital balance. Any remaining inco is to be shared in the ratio of 4:3:3 among the three members. The revenues, expenses, and net income for Exploit Media, LLC, for 20Y2 were $1,730,000, $1,236,00r and $494,000, respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank. Schedule of Division of Income WACS Partners Elyse O'Reilly Encounter Newspaper, LLC Total Salary allowance 76,000 Interest allowance Remaining income (4:3:3) Net income

Name: Exploit Media, LLC, has three members: WACS Partners, Elyse O'Reilly,
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Description: Exploit Media, LLC, has three members: WACS Partners, Elyse O'Reilly, and Encounter Newspaper, LLC. On January 1, 20Y2, the three members had equity of $275,000,$55,000, and $220,000, respectively. WACS Partners contributed an additional $69,000 to

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter12: Tax Credits And Payments

Section: Chapter Questions

Problem 25P

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Which of the following entities is required to report on the accrual basis? An accounting firm operating as a Personal Service Corporation. A manufacturing business with $30 million of gross receipts operating as a regular C corporation. A corporation engaged in tropical fruit farming in Southern California. A partnership with gross receipts of $13 million and all of the partners are individuals with a December year-end.
Exploit Media, LLC, has three members: WACS Partners, Elyse O’Reilly, and Encounter Newspaper, LLC. On January 1, 20Y2, the three members had equity of $275,000, $55,000, and $220,000, respectively. WACS Partners contributed an additional $69,000 to Exploit Media, LLC, on June 1, 20Y2. Elyse O’Reilly received an annual salary allowance of $76,000 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. The revenues, expenses, and net income for Exploit Media, LLC, for 20Y2 were $1,730,000, $1,236,000, and $494,000, respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank. b. Prepare the journal entries to close the (1) revenues, expenses, and (2) withdrawals to the…
Exploit Media, LLC, has three members: WACS Partners, Elyse O’Reilly, and Encounter Newspaper, LLC. On January 1, 20Y2, the three members had equity of $275,000, $55,000, and $220,000, respectively. WACS Partners contributed an additional $69,000 to Exploit Media, LLC, on June 1, 20Y2. Elyse O’Reilly received an annual salary allowance of $76,000 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. The revenues, expenses, and net income for Exploit Media, LLC, for 20Y2 were $1,730,000, $1,236,000, and $494,000, respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank.
Exploit Media, LLC, has three members: WACS Partners, Elyse O’Reilly, and Encounter Newspaper, LLC. On January 1, 20Y2, the three members had equity of $218,800, $36,100, and $145,000, respectively. WACS Partners contributed an additional $53,500 to Exploit Media, LLC, on June 1, 20Y2. Elyse O’Reilly received an annual salary allowance of $53,700 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. The revenues, expenses, and net income for Exploit Media, LLC, for 20Y2 were $1,203,700, 866,400 and $337,300 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. If an amount box does not require an entry, leave it blank. b. Prepare the journal entry to close the revenues, expenses, and withdrawals to the individual…
Exploit Media, LLC, has three members: WACS Partners, Elyse O’Reilly, and Encounter Newspaper, LLC. On January 1, 20Y2, the three members had equity of $218,800, $36,100, and $145,000, respectively. WACS Partners contributed an additional $53,500 to Exploit Media, LLC, on June 1, 20Y2. Elyse O’Reilly received an annual salary allowance of $53,700 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. The revenues, expenses, and net income for Exploit Media, LLC, for 20Y2 were $1,203,700, 866,400 and $337,300 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. If an amount box does not require an entry, leave it blank. b. Prepare the journal entry to close the revenues, expenses, and withdrawals to the individual…
Exploit Media, LLC, has three members: WACS Partners, Elyse O’Reilly, and Encounter Newspaper, LLC. On January 1, 20Y2, the three members had equity of $218,800, $36,100, and $145,000, respectively. WACS Partners contributed an additional $53,500 to Exploit Media, LLC, on June 1, 20Y2. Elyse O’Reilly received an annual salary allowance of $53,700 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. The revenues, expenses, and net income for Exploit Media, LLC, for 20Y2 were $1,203,700, 866,400 and $337,300 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. If an amount box does not require an entry, leave it blank. b. Prepare the journal entry to close the revenues, expenses, and withdrawals to the individual…
Exploit Media, LLC, has three members: WACS Partners, Elyse O’Reilly, and Encounter Newspaper, LLC. On January 1, 20Y2, the three members had equity of $205,400, $37,700, and $175,900, respectively. WACS Partners contributed an additional $47,400 to Exploit Media, LLC, on June 1, 20Y2. Elyse O’Reilly received an annual salary allowance of $54,500 during 20Y2. The members’ equity accounts are also credited with 20% 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. The revenues, expenses, and net income for Exploit Media, LLC, for 20Y2 were $1,230,000, 891,400 and $338,600 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. If an amount box does not require an entry, leave it blank. b. Prepare the journal entry to close the revenues, expenses, and withdrawals to the individual…
Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 20Y2, the three members had equity of $220,000, $55,000, and $130,000, respectively. WLKT Partners contributed an additional $60,000 to Marvel, Media, LLC, on June 1, 20Y2. Madison Sanders received an annual salary allowance of $127,600 during 20Y2. The members’ equity accounts are also credited with 15% 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. The revenues, expenses, and net income for Marvel Media, LLC, for 20Y2 were $568,722, $198,722 and $370,000 respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank. Schedule of Division of Income WLKT Partners Madison Sanders Observer Newspaper, LLC Total…
Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 20Y2, 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 annual salary 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. C. Prepare a statement of…
Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 20Y2, 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 annual salary 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…
Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 20Y2, the three members had equity of $200,000, $40,000,and $160,000, respectively. WLKT Partners contributed an additional $50,000 to Marvel Media, LLC, on June 1, 20Y2. Madison Sanders received an annual salary allowance of $55,000 during 20Y2. The members’ equity accounts are also credited with 10% intereston 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. The revenues, expenses, and net income for Marvel Media, LLC, for 20Y2 were $1,260,000, $900,000, and $360,000, respectively. Amounts equal to the salary and interest allowances were withdrawn by the members.a. Determine the division of income among the three members.b. Prepare the journal entry to close the revenues, expenses, and withdrawals to the individual member equity accounts.c. Prepare a statement of members’ equity for 20Y2.d. What…
Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 20Y2, the three members had equity of $285,000, $70,000, and $170,000, respectively. WLKT Partners contributed an additional $70,000 to Marvel, Media, LLC, on June 1, 20Y2. Madison Sanders received an annual salary allowance of $165,300 during 20Y2. The members’ equity accounts are also credited with 12% 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. The revenues, expenses, and net income for Marvel Media, LLC, for 20Y2 were $1,253,532, $833,532 and $420,000 respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank. Schedule of Division of Income WLKT Partners Madison Sanders Observer Newspaper, LLC Total…