LaToya Gardner and Lamar Ross formed a limited liability company (LLC) with an operating agreement that provided
Question:
The two members withdrew amounts equal to their salary allowances.
a. Determine the division of $132,000 net income for the year.
b. Provide journal entries to close the
(1) Income summary and
(2) Drawing accounts for the two members.
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Step by Step Answer:
a Net income 132000 Gardner R oss Total Salary allowance 58000 42000 100000 Remaining income ...View the full answer
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Related Book For 
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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