LLC Net Income and Statement of Members' Equity Exploit Media, LLC, has three members WACS Partners, Elyse O'Reilly, and Encounter Newspaper, LLC On January 1, 20Y2, the three members had equity of $180,000, $45,000, and $110,000, respectively WACS Partners contributed an additional $50,000 to Exploit, Media, LLC, on June 1, 20Y2 Elyse O'Reilly received an annual salary allowance of $104,400 during 20Y2 The members equity accounts are also credited with 18 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 Exploit Media, LLC, for 20Y2 were $1,205,550, $855,550 and $350,000 respectively Amounts equal to the salary and interest allowances were withdrawn by the members a Determine the division of income among the three members If an amount box does not require an entry, leave it blank Schedule of Division of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 WACS Partners Elyse O'Reilly Encounter Newspaper, LLC Total Salary allowance fill in the blank 22fe15031072fc4 1 $fill in the blank 22fe15031072fc4 2 fill in the blank 22fe15031072fc4 3 $fill in the blank 22fe15031072fc4 4 Interest allowance $fill in the blank 22fe15031072fc4 5 fill in the blank 22fe15031072fc4 6 $fill in the blank 22fe15031072fc4 7 fill in the blank 22fe15031072fc4 8 Remaining income (4 3 3) fill in the blank 22fe15031072fc4 9 fill in the blank 22fe15031072fc4 10 fill in the blank 22fe15031072fc4 11 fill in the blank 22fe15031072fc4 12 Net income $fill in the blank 22fe15031072fc4 13 $fill in the blank 22fe15031072fc4 14 $fill in the blank 22fe15031072fc4 15 $fill in the blank 22fe15031072fc4 16 b Prepare the journal entries to close the (1) revenues, expenses, and (2) withdrawals to the individual member equity accounts If an amount box does not require an entry, leave it blank (1) Revenues fill in the blank 96124afc802bfd9 2 fill in the blank 96124afc802bfd9 3 Expenses fill in the blank 96124afc802bfd9 5 fill in the blank 96124afc802bfd9 6 WACS Partners, Member Equity fill in the blank 96124afc802bfd9 8 fill in the blank 96124afc802bfd9 9 Elyse O'Reilly, Member Equity fill in the blank 96124afc802bfd9 11 fill in the blank 96124afc802bfd9 12 Encounter Newspaper, LLC, Member Equity fill in the blank 96124afc802bfd9 14 fill in the blank 96124afc802bfd9 15 (2) WACS Partners, Member Equity fill in the blank 96124afc802bfd9 17 fill in the blank 96124afc802bfd9 18 Elyse O'Reilly, Member Equity fill in the blank 96124afc802bfd9 20 fill in the blank 96124afc802bfd9 21 Encounter Newspaper, LLC, Member Equity fill in the blank 96124afc802bfd9 23 fill in the blank 96124afc802bfd9 24 WACS Partners, Drawing fill in the blank 96124afc802bfd9 26 fill in the blank 96124afc802bfd9 27 Elyse O'Reilly, Drawing fill in the blank 96124afc802bfd9 29 fill in the blank 96124afc802bfd9 30 Encounter Newspaper, LLC, Drawing fill in the blank 96124afc802bfd9 32 fill in the blank 96124afc802bfd9 33 c Prepare a statement of members' equity for 20Y2 If an amount box does not require an entry, leave it blank Exploit Media, LLC Statement of Members' Equity For the Year Ended December 31, 20Y2 WACS Partners Elyse O'Reilly Encounter Newspaper, LLC Total Balances, January 1, 20Y2 $fill in the blank 31f63500bfb7ff0 1 $fill in the blank 31f63500bfb7ff0 2 $fill in the blank 31f63500bfb7ff0 3 $fill in the blank 31f63500bfb7ff0 4 Capital additions fill in the blank 31f63500bfb7ff0 5 fill in the blank 31f63500bfb7ff0 6 fill in the blank 31f63500bfb7ff0 7 fill in the blank 31f63500bfb7ff0 8 Net income for the year fill in the blank 31f63500bfb7ff0 9 fill in the blank 31f63500bfb7ff0 10 fill in the blank 31f63500bfb7ff0 11 fill in the blank 31f63500bfb7ff0 12 Member withdrawals fill in the blank 31f63500bfb7ff0 13 fill in the blank 31f63500bfb7ff0 14 fill in the blank 31f63500bfb7ff0 15 fill in the blank 31f63500bfb7ff0 16 Balances, December 31, 20Y2 $fill in the blank 31f63500bfb7ff0 17 $fill in the blank 31f63500bfb7ff0 18 $fill in the blank 31f63500bfb7ff0 19 $fill in the blank 31f63500bfb7ff0 20

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LLC Net Income and Statement of Members' Equity Exploit Media, LLC, has three members: WACS Partners, Elyse O'Reilly, and Encounter Newspaper, LLC. On January 1,

LLC Net Income and Statement of Members' Equity

Exploit Media, LLC, has three members: WACS Partners, Elyse O'Reilly, and Encounter Newspaper, LLC. On January 1, 20Y2, the three members had equity of $180,000, $45,000, and $110,000, respectively. WACS Partners contributed an additional $50,000 to Exploit, Media, LLC, on June 1, 20Y2. Elyse O'Reilly received an annual salary allowance of $104,400 during 20Y2. The members equity accounts are also credited with 18% 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 Exploit Media, LLC, for 20Y2 were $1,205,550, $855,550 and $350,000 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

	WACS Partners	Elyse O'Reilly	Encounter Newspaper, LLC	Total
Salary allowance	fill in the blank 22fe15031072fc4_1	$fill in the blank 22fe15031072fc4_2	fill in the blank 22fe15031072fc4_3	$fill in the blank 22fe15031072fc4_4
Interest allowance	$fill in the blank 22fe15031072fc4_5	fill in the blank 22fe15031072fc4_6	$fill in the blank 22fe15031072fc4_7	fill in the blank 22fe15031072fc4_8
Remaining income (4:3:3)	fill in the blank 22fe15031072fc4_9	fill in the blank 22fe15031072fc4_10	fill in the blank 22fe15031072fc4_11	fill in the blank 22fe15031072fc4_12
Net income	$fill in the blank 22fe15031072fc4_13	$fill in the blank 22fe15031072fc4_14	$fill in the blank 22fe15031072fc4_15	$fill in the blank 22fe15031072fc4_16

b. Prepare the journal entries to close the (1) revenues, expenses, and (2) withdrawals to the individual member equity accounts. If an amount box does not require an entry, leave it blank.

(1)	Revenues	fill in the blank 96124afc802bfd9_2	fill in the blank 96124afc802bfd9_3
	Expenses	fill in the blank 96124afc802bfd9_5	fill in the blank 96124afc802bfd9_6
	WACS Partners, Member Equity	fill in the blank 96124afc802bfd9_8	fill in the blank 96124afc802bfd9_9
	Elyse O'Reilly, Member Equity	fill in the blank 96124afc802bfd9_11	fill in the blank 96124afc802bfd9_12
	Encounter Newspaper, LLC, Member Equity	fill in the blank 96124afc802bfd9_14	fill in the blank 96124afc802bfd9_15
(2)	WACS Partners, Member Equity	fill in the blank 96124afc802bfd9_17	fill in the blank 96124afc802bfd9_18
	Elyse O'Reilly, Member Equity	fill in the blank 96124afc802bfd9_20	fill in the blank 96124afc802bfd9_21
	Encounter Newspaper, LLC, Member Equity	fill in the blank 96124afc802bfd9_23	fill in the blank 96124afc802bfd9_24
	WACS Partners, Drawing	fill in the blank 96124afc802bfd9_26	fill in the blank 96124afc802bfd9_27
	Elyse O'Reilly, Drawing	fill in the blank 96124afc802bfd9_29	fill in the blank 96124afc802bfd9_30
	Encounter Newspaper, LLC, Drawing	fill in the blank 96124afc802bfd9_32	fill in the blank 96124afc802bfd9_33

c. Prepare a statement of members' equity for 20Y2. If an amount box does not require an entry, leave it blank.

Exploit Media, LLC
Statement of Members' Equity
For the Year Ended December 31, 20Y2
	WACS Partners	Elyse O'Reilly	Encounter Newspaper, LLC	Total
Balances, January 1, 20Y2	$fill in the blank 31f63500bfb7ff0_1	$fill in the blank 31f63500bfb7ff0_2	$fill in the blank 31f63500bfb7ff0_3	$fill in the blank 31f63500bfb7ff0_4
Capital additions	fill in the blank 31f63500bfb7ff0_5	fill in the blank 31f63500bfb7ff0_6	fill in the blank 31f63500bfb7ff0_7	fill in the blank 31f63500bfb7ff0_8
Net income for the year	fill in the blank 31f63500bfb7ff0_9	fill in the blank 31f63500bfb7ff0_10	fill in the blank 31f63500bfb7ff0_11	fill in the blank 31f63500bfb7ff0_12
Member withdrawals	fill in the blank 31f63500bfb7ff0_13	fill in the blank 31f63500bfb7ff0_14	fill in the blank 31f63500bfb7ff0_15	fill in the blank 31f63500bfb7ff0_16
Balances, December 31, 20Y2	$fill in the blank 31f63500bfb7ff0_17	$fill in the blank 31f63500bfb7ff0_18	$fill in the blank 31f63500bfb7ff0_19	$fill in the blank 31f63500bfb7ff0_20