Question

Dividing LLC Tecome Martin Farley and Ashley Clark formed a limited liability company with an operating agreement that provided a wary allowance of 1.000 and 549,000 to each member, respectively. In addition, the operating agreement speed an income-sharing ratio of 1:1. The two members withdrew amounts equal to their salary allowances Revenues were 5668,000 and expenses were $520,000, for are income of $148,000. a. Determine the division of $148,000 net income for the year Schedule of Division of Net Income Salary allowance 5 the two members. For b. Providermal entries to close the (1) revenue and expenses and 2 org does not require an entry leave it blank 01 | bil v (1) Expenses Previous Next Ow My Work 2 more Check My W

Answer 1

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AND: Schedule of Division of Net Income & I farley $ 61,000 I Clark $ 49,000 To fel $110,000 Salary, allowance | Remaining Income 1. Net Income P28,500 $89,500 $ 9500 $ 58,500 $ 38,000 $148,000 1 x | $668.000 ☺ JOURNAL ENTRIES G . Ml Revenue Alc D TO expense All To Martin Parkey, Capital All To Ashley Clock, Capital Ale 2) Martin farley, Capital All Loshley, Cork lefitel All To Martin Pasley, Growing to Ashley, clark, Drawing $ 5220,000 $ 89,500 $ 58,500 : Dr $61,000 Dr $ 45,00 All $61,000 Ale $49,000