Question
Camila, Dani, and Olivia are members of an Limited liability company (LLC) and share net income and loss equally. Olivia withdraws from the business
Camila, Dani, and Olivia are members of an Limited liability company (LLC) and share net income and loss equally. Olivia withdraws from the business when equity for each member is Camila, $19,800; Dani, $6,800; and Olivia, $8,800. Olivia is paid $13,600 for her equity in the LLC. Prepare the entry to record Olivia's withdrawal. Hint: Use the following LLC equity accounts: Camila, Member Equity; Dani, Member Equity; Olivia, Member Equity.
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Get StartedRecommended Textbook for
Fundamental Accounting Principles
Authors: John J Wild, Ken Shaw
25th Edition
1260247988, 978-1260247985
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