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oshua Richards and Taylor Clark formed a limited liability company with an operating agreement that provided a salary allowance of $60,000 and $50,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:2. The two members withdrew amounts equal to their salary allowances.
a. Determine the division of $152,000 net income for the year.
b. Provide journal entries to close the (1) Income summary and (2) Drawing accounts for the two members.
c. If the net income were less than the sum of the salary allowances, how would income be divided between the two members of the LLC?
griffin corporation reports 400000 of taxable income for the current year. the following additional information is
Prepare a paper that discusses the significant elements of forming a partnership. Conduct research for the laws of Minnesota that regulate the formation of partnerships. What other types of business formations are allowed by Minnesota state law?
Matthew was a participant in his employer's contributory qualified pension plan. The plan balance of $2 million is paid to Olivia, Matthew's daughter and beneficiary. The distribution consists of the following.
In addition, on December 20, 2011, subscriptions for 2,000 shares of preferred stock were taken at a purchase price of $17. These subscribed shares were paid for on January 2, 2012. What should Amelia report as total contributed capital on its Dec..
marin company is currently producing 16800 units per month which is 77 of its production capacity. variable
describe the difference between temporary and permanent accounts and state which ones are closed. describe the purpose
the following inf big bend co. fixed budget for the year is shown belowsales 50000 units 1300000 cgs direct materials
1. Give three examples of how management can engage in "real" earnings management to achieve the desired reporting of higher net income. 2. Profiles Corp. had the following infrequent income statement items during 2009:
Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.
the following information is available for sappys surgical shears for the fiscal year ending december 31 20xx.
The Thomlin Company forecasts that total overhead for the current year will be $15,000,000 and that total machine hours will be 200,000 hours. Year to date, the actual overhead is $15,500,000 and the actual machine hours are 220,000 hours.
ramirez co. decides at the beginning of 2012 to adopt the fifo method of inventory valuation. ramirez had used the lifo
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