LLC het Income and statement of Members' Marvel Media, LLC has three members WUKT Partners, Madison Sanders, and observer News , LLC. on January 1, 2012, the three members had equity of $200.000 165.000 and $155.000, ectively. WUKT Partners contributed 000 to Marvel Media Co ne 2012 Madison Sanders received an annual salary wowance of $150.00 during 2012. The members' y we created 15 to each member's balance income is to be shared in the nati o n the three members. The r esponse and come for More Media, LLC for 20 0 8,412.5256.412 and .000 espective to the .. Determine the division of income on the three members. If an amount box does not require an entry leave it bank WUKT Parts anders , LLC b. Prepare the journal entries to dosethe (1) net income and (2) withdrawals to the individual member equity accounts. For a compound entry, an amount bow does not require an entry, leave it blank Observer Newspaper, LLC, Member Madison Sanders, Member Equity WIKT Partners, Drawing (2) WUKT Partners, Member County M0110 01110 lllll) 11111 Oberwspaper, LIC, Heber Equity WIKT Partners, Draw Madison Sanders, Drawing ve teme Net income b. Prepare the journal entries to close the (1) net income and (2) withdrawals to the individual memb (1) WLKT Partners, Member Equity Cash per Equity Expenses LC, Member Equity Madison Sanders, Drawing Will lllll (2) Revenues r Equity WLKT Partners, Drawing ber Equity Observer Newspaper, LLC, Member Equity WLKT Partners, Drawing Madison Sanders, Drawing Observer Newspaper, LLC. Drawinn Remaining income (4:33) Net income b. Prepare the journal entries to close the (1) net income and (2) withdrawals to the individua (1) WLKT Partners, Member Equity 1910111 dll Il llllll Equity Observer Newspaper, LLC, Drawing Member Equity Income Summary Madison Sanders, Drawing WLKT Partners, Drawing WLKT Partners, Member Equity Equity WLKT Partners, Drawing Madison Sanders, Drawing Observer Newspaper, LLC, Drawing Net income b. Prepare the journal entries to close the (1) net income and (2) withdrawals to the individual mem (1) WLKT Partners, Member Equity Madison Sanders, Member hguity Equity Cash ( 11 111111 1110 111111 (2) W Observer Newspaper, LLC, Drawing Income Summary g Madison Sanders, Member Equity Equity WLKT Partners, Drawing Madison Sanders, Drawing Observer Newspaper, LLC, Drawing C. Prepare a statement of members' equity for 2072. If an amount box does not require an entry leave ith Remaining income (4:3:3) Net income b. Prepare the journal entries to close the (1) net income and (2) withdrawals to the individual men (1) WLKT Partners, Member Equity Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity Vu 111111 Will (11) Cash llll Ma Observer Newspaper, LLC, Member Equity Income Summary Madison Sanders, Drawing WLKT Partners, Drawing Observer Newspaper, LLC, Drawing C. Prepare a statement of members' equity for an Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity WLKT Partners, Member Equity 110 111110 Observer Newspaper, LLC, Drawing Income Summary Madison Sanders, Drawing WLKT Partners, Drawing WLKT Partners, Member Equity c. Prepare a statement of members' equity for 2012. If an amount box does not require an entry, leave it blank. Marvel Media, LLC Statement of Members' Equity the Year Endod -- Plepale lile JUDI CHILOLO LIUD WLKT Partners, Member Equity Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity 11011 1110 WLKT Partners, Member Equity Madison Sanders, Member Equity Cash Observer Newspaper, LLC, Drawing Income Summary c. Prepa Madison Sanders, Member Equity WLKT Partners, Drawing for 20Y2. If an amount box does not require an entry, lea Marvel Media, LLC Statement of Members' Equity For the Year Ended December 31, 20Y? Remaining income (4:33) Net income b. Prepare the journal entries to close the (1) net income and (2) withdrawals to the individual (1) WLKT Partners, Member Equity Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity (2) WLKT Partners, Member Equity Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity WIN Observer Newspaper, LLC, Drawing Observer Newspaper, LLC, Member Equity Income Summary and Interest Expense Y2. If an amount box does not require an entry, leave WLKT Partners, Drawing | Media, LLC Statement of Members' Fouity b. Prepare the journal entries to close the (1) net income and (2) withdrawals to the indiv (1) WLKT Partners, Member Equity U Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity LULUI LINN (2) WLKT Partners, Member Equity Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity WLKT Partners, Drawing 00000 hy Observer Newspaper, LLC, Member Equity Madison Sanders, Member Equity Salary Expense lity for 2012. If an amount box does not require an entr WLKT Partners, Drawing Marvel Media, LLC WLKT Partners, Member Equity tement of Members' Equity Year Ended December 31, 20Y2 WLKT Partners Madison Can J Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity WLKT Partners, Member Equity Madison Sanders, Member Equity INNON OM Observer Newspaper, LLC, Member Equity WLKT Partners, Drawing 11111 Madison Sanders, Drawing Cash Observer Newspaper, LLC, Member Equity Madison Sanders, Drawing Madison Sanders, Member Equity WLKT Partners, Member Equity Balances, January 1, 20Y2 $ ly for 2012. If an amount box does n Marvel Media, LLC ement of Members' Equity ear Ended December 31, 20Y2 Jers Madison Sanders Observer Nes Observer Newspaper, LLC, Member Equity WLKT Partners, Member Equity Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity I will 1 111111 WLKT Partners, Drawing Madison Sanders, Drawing Observer Newspaper, LLC, Drawing for 20Y2. If an amount box does not require an entry, Cash c. Prepar Observer Newspaper, LLC, Drawing Income Summary Madison Sanders, Member Equity Balances, WLKT Partners, Member Equity Marvel Media, LLC ment of Members' Equity ar Ended December 31, 20Y2 Is Madison Sanders Observer Newspaper, LLC Te a statement of members' equity for 2012. If an amount box does not require an entry, leave it blank. Marvel Media, LLC Statement of Members' Equity For the Year Ended December 31, 2012 WLKT Partners Madison Sanders observer Newspaper, LLC Total Balances, January 1, 2012 Capital additions DO Net income for the year Member withdrawals Balances, December 31, 2012 Accounting numeric field Balances, December 31, 2012 $ $ would S d What are the advantages of an income-sharing agreem would not Jembers of this LLC? Without an income-sharing agreement, each member formula. WT be credited with an equal proportion of the total ea bec h am o rtion of the learnings or ne ach Seo contribution be acknowledged in the income-sharing eBook Calculator Print Item Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 2012, the three members had equity of $260,000, $65,000, and $155,000, respectively. WUKT Partners contributed an additional $70,000 to Marvel, Media, LLC, on June 1, 2072. Madison Sanders received an annual salary allowance of $150,800 during 2042. The members' equity accounts are also credited with 15% 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 net income for Marvel Media, LLC, for 2012 were $806,412, $366,412 and $440,000 respectively. Amounts equal to the salary and interest allowances were withdrawn by the members. a. Determine the division of income among the three members. If an amount box does not require an entry, leave it blank. Schedule of Division of Income WLKT Partners Madison Sanders Observer Newspaper, LLC Total Salary allowance Interest allowance Remaining income (4:33) Net income b. Prepare the journal entries to dose the (1) net income and (2) withdrawals to the individual member equity accounts. For a compound entry, if an amount box does not require an entry, leave it blank (1) Revenues WLKT Partners, Member Equity Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity WUKT Partners, Member Equity Madison Sanders, Member Equity Observer Newspaper, LLC, Member Equity WUKT Partners, Drawing Madison Sanders, Drawing Observer Newspaper, LLC, Drawing b1011 110111 00111 01110 c. Prepare a statement of members' equity for 2072. If an amount box does not require an entry, leave it blank. Marvel Media, LLC Statement of Members' Equity For the Year Ended December 31, 20Y2 WLKT Partners Madison Sanders Observer Newspaper, LLC Total Balances, January 1, 2012 Capital additions Net income for the year Member withdrawals Balances, December 31, 2012 d What are the advantages of an income-sharing agreement for the members of this LLC? Without an income-sharing agreement, each member would be credited with an equal proportion of the total earnings, or one-third each. Separate contributions can bracnowledged in the income-sharing formula