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Please help with parts B) - C). I also don't know which order to put the accounts in. Thank you! Dividing LLC Income Martin Farley
Please help with parts B) - C). I also don't know which order to put the accounts in. Thank you!
Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $62,000 and $50,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:2. The two members withdrew amounts equal to their salary allowances. Revenues were $668,000 and expenses were $520,000, for a net income of $148,000 a. Determine the division of $148,000 net income for the year. Schedule of Division of Net Income Farley Clark Total Remaining income 21,600 14400 36,000 Net income 83.600| 64.400 | s( 148,000Step by Step Solution
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