Marvel Modin, LLC, han three member: WEKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 2012, the troo members had equity of 196,600,539.100 and $166,000, respectively. WEKT Partners contributed an additional $53,300 to Marvel Media, LLC, on June 1, 2012 Madison Sanders received an annual salary allowance of $56,100 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 4:33 among the three members, members. The revenues, expenses, and not income for Marvel Media, LLC, for 2072 were $1.243,100, 854,900 and $380.200 respectively, Amounts equal to the salary and interest allowances were withdrawn by the members Required: A Determine the division of income among the three members 8. Prepare the ouma entries to close the net income and withdrawal to the individual member culty account. Hetor to the Chart of Accounts for exact wording of accounts C Prepare a statement of members equity for 20Y2 D. What are the advantages of an income-sharing agreement for the members of this LLC JOURNAL Score: 2/135 ACCOUNTING EQUATION BATE DESCIUTI POSEBE DORT COIT THIS rouTY Closing Entries Dec 31 51 Score: 0/106 Marvel Media, LLC Statement of Members' Equity For the Year Ended December 31, 2012 W.KT Partners Madison Sanders Observer Newspaper, Ur Total 2 Balances, laruary 1, 2042 Capital additions 4 5. Net Income for the year 6 7 Member withdrawals * Balances, December 31, 2012 D. What are the advantages of an income-sharing agreement for the members of this LLC be credited with an equal proportion of the total camnings, or one-third ench. Separato contributions Without an income-sharing agreement, each momber be acknowledged in the income-sharing formula Marvel Modin, LLC, han three member: WEKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 2012, the troo members had equity of 196,600,539.100 and $166,000, respectively. WEKT Partners contributed an additional $53,300 to Marvel Media, LLC, on June 1, 2012 Madison Sanders received an annual salary allowance of $56,100 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 4:33 among the three members, members. The revenues, expenses, and not income for Marvel Media, LLC, for 2072 were $1.243,100, 854,900 and $380.200 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 8. Prepare the ouma entries to close the net income and withdrawal to the individual member culty account. Hetor to the Chart of Accounts for exact wording of accounts C Prepare a statement of members equity for 20Y2 D. What are the advantages of an income-sharing agreement for the members of this LLC JOURNAL Score: 2/135 ACCOUNTING EQUATION BATE DESCIUTI POSEBE DORT COIT THIS rouTY Closing Entries Dec 31 51 Score: 0/106 Marvel Media, LLC Statement of Members' Equity For the Year Ended December 31, 2012 W.KT Partners Madison Sanders Observer Newspaper, Ur Total 2 Balances, laruary 1, 2042 Capital additions 4 5. Net Income for the year 6 7 Member withdrawals * Balances, December 31, 2012 D. What are the advantages of an income-sharing agreement for the members of this LLC be credited with an equal proportion of the total camnings, or one-third ench. Separato contributions Without an income-sharing agreement, each momber be acknowledged in the income-sharing formula
