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eBook LLC net income and statement of members' equity. Schedule of Division of Income Journal Statement of Members' Equity Instructions Marvel Media, LLC , has
eBook
LLC net income and statement of members' equity.
Schedule of Division of Income
Journal
Statement of Members' Equity
Instructions
Marvel Media, LLC has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC On January the three members had equity of $$ and $ respectively. WLKT Partners contributed an additional $ to Marvel Media, LLC on June Y Madison Sanders received an annual salary allowance of $ during Y The members' equity accounts are also credited with interest on each member's January capital balance. Any remaining income is to be shared in the ratio of :: among the three members. members. The revenues, expenses, and net income for Marvel Media, LLC for Y were $ and $ 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Amounts equal to the salary and interest allowances were withdrawn by the members.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.
B Prepare the journal entries to close the net income and withdrawals to the individual member equity accounts. Refer to the Chart of Accounts for exact wording of account titles.
C Prepare a statement of members' equity for Y
D What are the advantages of an incomesharing agreement for the members of this LLC
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