Homework Help is Here – Start Your Trial Now!
Business
Accounting
a) What was the income-sharing ratio in 20Y3? Enter the percentage per member and then select the ratio. Idaho Properties, LLC _______% Silver Streams, LLC _______ %   b) What was the income-sharing ratio in 20Y4? Enter the percentage per member and then select the ratio. Idaho Properties, LLC ____________% Silver Streams, LLC ____________% Thomas Dunn ____________% c) How much cash did Thomas Dunn contribute to Bonanza, LLC, for his interest? _______

a) What was the income-sharing ratio in 20Y3? Enter the percentage per member and then select the ratio. Idaho Properties, LLC _______% Silver Streams, LLC _______ %   b) What was the income-sharing ratio in 20Y4? Enter the percentage per member and then select the ratio. Idaho Properties, LLC ____________% Silver Streams, LLC ____________% Thomas Dunn ____________% c) How much cash did Thomas Dunn contribute to Bonanza, LLC, for his interest? _______

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

a) What was the income-sharing ratio in 20Y3? Enter the percentage per member and then select the ratio.

Idaho Properties, LLC _______%
Silver Streams, LLC _______ %

 

b) What was the income-sharing ratio in 20Y4? Enter the percentage per member and then select the ratio.

Idaho Properties, LLC ____________%
Silver Streams, LLC ____________%
Thomas Dunn ____________%

c) How much cash did Thomas Dunn contribute to Bonanza, LLC, for his interest? _______

d) What percentage interest of Bonanza did Thomas Dunn acquire?

The statement of members' equity for Bonanza, LLC, follows: Bonanza, LLC Statement of Members' Equity For the Years Ended December 31, 20Y3 and 20Y4 Idaho Silver Thomas Properties, Streams, Total Dunn, LLC, LLC, Members' Member Member Member Equity Equity Equity Equity Members' equity, January 1, 20Y3 $1,041,500 $1,013,500 $2,055,000 Net income 408,000 272,000 680,000 Members' equity, December 31, 20Y3 $1,449,500 $1,285,500 $2,735,000 Dunn contribution, January 1, 20Y4 27,300 18,200 $569,500 615,000 Net income 388,000 485,000 97,000 970,000 Member withdrawals (139,700) (101,900) (35,900) (277,500) Members' equity, December 31, 20Y4 $1,725,100 $1,686,800 $630,600 $4,042,500
Transcribed Image Text:The statement of members' equity for Bonanza, LLC, follows: Bonanza, LLC Statement of Members' Equity For the Years Ended December 31, 20Y3 and 20Y4 Idaho Silver Thomas Properties, Streams, Total Dunn, LLC, LLC, Members' Member Member Member Equity Equity Equity Equity Members' equity, January 1, 20Y3 $1,041,500 $1,013,500 $2,055,000 Net income 408,000 272,000 680,000 Members' equity, December 31, 20Y3 $1,449,500 $1,285,500 $2,735,000 Dunn contribution, January 1, 20Y4 27,300 18,200 $569,500 615,000 Net income 388,000 485,000 97,000 970,000 Member withdrawals (139,700) (101,900) (35,900) (277,500) Members' equity, December 31, 20Y4 $1,725,100 $1,686,800 $630,600 $4,042,500
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Investments and Financial instruments
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS