User Account

All Pages

Determine the division of income among the three members

Assignment Help Accounting Basics
Reference no: EM131638277

Problem - LLC Net Income and Statement of Members' Equity

Intermedia, LLC, has three members: WYXT Partners, Lindsey Wilson, and Daily Sun Newspaper, LLC. On January 1, 2014, the three members had equity of $340,000, $85,000, and $205,000, respectively. WYXT Partners contributed an additional $90,000 to Intermedia, LLC, on June 1, 2014. Lindsey Wilson received an annual salary allowance of $197,200 during 2014. 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 net income for Intermedia, LLC, for 2014 was $500,000. Amounts equal to the salary and interest allowances were withdrawn by the members.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 a statement of members' equity for 2014.

Reference no: EM131638277

Questions Cloud

Healthcare management and leadership : Describe how Health Information Technology (HIT) can help bridge the gap between healthcare management and leadership, quality improvement and information.
What percentage of iq scores for rural midwest are less : What percentage of IQ scores for rural Midwest seventh-graders are less than 100?
Procedures for accessing information on system : You have been asked to develop a set of procedures for accessing the information on the system. What would you include in the procedures?
The online learning environment : Create an argument for or against the online learning (or non-traditional) environment. How is learning different; better or worse?
Determine the division of income among the three members : Determine the division of income among the three members. If an amount box does not require an entry, leave it blank
Strategies for quantitative studies with qualitative studies : ?Compare the sampling strategies for quantitative studies with qualitative studies. What negative effects could occur if you used a quantitative sampling method
Discuss about the length of the pregnancies : Length of pregnancies. The length of human pregnancies from conception to birth varies according to a distribution that is approximately Normal with mean.
Escape the consequences of a bad bargain : "Reliance damages cannot be used to escape the consequences of a bad bargain."
Discuss the domain of professional : Discuss the domain of professional and collaborative practice, and explain and explain 4 ways

Reviews

Write a Review

Accounting Basics Questions & Answers

  Expected economic life of the asset

The expected economic life of the asset is ten years. The lease term is 5 years. The asset is expected to have a residual value of $2,000 at the end of ten years. Using the straight-line method, what would Best record as annual depreciation?

  Each of the following statements may or may not describe

listed below are nine technical accounting termscost volume profit analysiscontribution margin ratio variable cost

  Important aspects which are not shown in financial statement

Consider a business where you have had work experience or any other organisation with which you are familiar.- What aspects of the business do you think are important which are not shown in the financial statements?

  Calculate book value per share after the transactions

In January 2016, Hammond Corporation was organized and authorized to issue 2,000,000 shares, Calculate book value per share after the transactions

  Fillip corporation makes 4400 units of part u13 each year

fillip corporation makes 4400 units of part u13 each year. this part is used in one of the companys products. the

  During which year would the wages expense be reported

Employees performed services in 2009, but the wages were not paid until 2010. During which year would the wages expense be reported on the income statement under (a) The cash basis? (b) The accrual basis?

  The lo tech co just issued a dividend of 220 per share on

the lo tech co. just issued a dividend of 2.20 per share on its common stock. the company is expected to maintain a

  Arbitron media research inc conducted a study of the ipod

arbitron media research inc. conducted a study of the ipod listening habits of men and women. one facet of the study

  Materials used by aro-products inc in producing division 3s

1. income from operations for divison b is 150000 total service department charges are 400000 and operating expenses

  Pharmaceutical companies and us consumers benefit

1. How might US pharmaceutical companies and US consumers benefit from the rise of the Indian pharmaceutical industry? 2. Who might have lost out as a result of the recent rise of the Indian pharmaceutical industry?

  What would be his allowable medical expense deduction

If he were to itemize his deductions, what would be his allowable medical expense deduction after the adjusted gross income limitation is taken into account

  Appropriate entry to record the budget

A public school district formally adopted a budget with estimated revenues of $500 and approved expenditures of $490. Which of the following is the appropriate entry to record the budget?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd