eBook LLC Net Income and Statement of Members' Equity Journal Chart of Accounts Schedule of Division of Income Instructions Exploit Media, LLC has three members: WACS Partners, Elyse O'Reilly, and Encounter Newspaper, LLC. On January 1, 2012, the three members had equity of $213.200, 535,000, and $159,200, respectively. WACS Partners contributed an additional 549,100 to Exploit Media, LLC, on June 1, 2012 Elyse O'Reilly received an annual salary allowance of 554,500 during 2072. The members equity accounts are also credited with 20% 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 revenues, expenses, and not income for Exploit Media, LLC, for 2012 were 51.255,500.872,400 and 5383,100 respectively. Amounts equal to the salary and interest allowances were withdrawn by the members Required: a. Determine the division of income among the three members if an amount box does not require an entry leave tank Prepare the journal entry to close the revenues expenses and withdrawals to the individual member equity accounts Refer to the chart of accounts for the exact wording of the account is CNOWJournals do not use ines for journal explanations Every Nne on a journal page is used for debitor credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered eBook LLC Net Income and Statement of Members Equity Chart of Accounts Schedule of Division of Income Journal Instructions Schedule of Division of income Tec a Determine the division of income among the three members an amount box does not require an entry, feave it bank cal Me Schedule of Division of income mi WACS Parteien Elyse Reilly Encounter Newspaper, LLC Total 3 Salary allowance Interest allowance * Remaining income (4:55) 1 Net income nem Checker Stud Daddy Get Behere Binet Heading list eBook LLC Net Income and statement of Members' Equity Instructions Chart of Accounts Schedule of Division of Income Journal Journal b. On December 31, prepare the journal entry to close to revenues, expenses and withdrawala to the individual member equity account Refer to the chart of account the exact wording of the account titles CNOWjournals do not use lines for journal explanations. Every line on a journal page a wed for debitor creditore NOW Journals actomatically indent a credit entry when a credit amount is entered PAGE JOURUL ACCOUNTING EQUATION POST HET DELIT CREDIT ASSETS LATES EGUT DATE DESCRIPTION Closing Entries nos Chor About Schedule of Division of Income Journal Shitement of Meman Equity c. Propure a stofront of members equity for 2072. A decrease to medes' equity should be entered as a negative amount. If an amount box does not requru on evtry, love blank Exploit Media, LLC Statement of Members Equity For the Year Ended December 31, 2012 WACS Partners Elyse Reilly Encounter Newspaper LLC Total ? Balances, anuary 1, 2012 1 Capital additions Net income for the year Member withdrawals Balances. December 31, 2012
