ZuoTi.Pro
Question

LLC each member, r salary ratio of 3:2. The two members withdrew amounts equal to their of $148,000. Revenues were $668,000 and expenses were $520,000, for a net Schedule of Division of Net Income
a Set upa the r box does not require an entry, leave it blank. (1) Revenues Martin Farley, Member Eouty Ashley Clark, Member Euty (2) Martin Farley, Member Equity Ashiey Clark, Member Equity v □□□ drake jpg 814 AM 1/28/2019
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Solution- (a): Information Given: Farley Clark Income Sharing Ratio Salary Allowance 69,000 55,000 Net Income = $148,000 Schedule of Division of Net Income Farley $69,000 14,400 $83,400 Clark $55,000 9,600 $64,600 Total $124,000 24,000 148,000 Salary Allowance Remaining Income Net Income Working Note: 1. Distribution of Remaining Income: Remaining income = Net Income-Salary Allowance - $148,000 $69,000 $55,000 $24,000 Ratio of Income Sharing = 3:2 between Farley and Clark Farleys Share 24,000 x3/5 - $14,400 Clarks Share = 24,000 x 2/5 = $9,600Solution - (b): Journal Entries S.N Account Title and Explanation Debit Credit Revenues 668,000 Expenses Martin Farley, Member Equity Ashley Clark, Member Equity 520,000 83,400 64,600 Martin Farley, Member Equity Ashley Clark, Member Equity Martin Farley, Drawings Ashley Clark, Drawings 2 69,000 55,000 69,000 55,000 Working Note: Members Drawings are equal to their Salary Allowance So Martin Farleys Drawings $69,000 And Ashley Clarks Drawings- $55,000 1.

0 0
Add a comment
Know the answer?
Add Answer to:
LLC each member, r salary ratio of 3:2. The two members withdrew amounts equal to their...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • please help Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with...

    please help Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $60,000 and $48,000 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...

  • pleasw note the ratio is 3:1. thanks Martin Farley and Ashley Clark formed a limited liability...

    pleasw note the ratio is 3:1. thanks Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $61,000 and $49,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:1. 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...

  • Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating...

    Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $61,000 and $49,000 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...

  • Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating...

    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 3:1. 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...

  • Please correct any wrong amounts and/or categories I selected in the first section & in the...

    Please correct any wrong amounts and/or categories I selected in the first section & in the journal section. These are the options for the fill in the blank question. Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $70,000 and $56,000 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....

  • Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating...

    Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $69,000 and $55,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:5. 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...

  • Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating...

    Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $65,000 and $52,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:1. 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...

  • Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating...

    Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $68,000 and $54,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:5. 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...

  • Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating...

    Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $69,000 and $55,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:5. 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...

  • Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating...

    Dividing LLC Income Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a salary allowance of $60,000 and $48,000 to each member, respectively. In addition, the operating agreement specified an income-sharing ratio of 3:5. 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...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT