Question

LLC Net Income and Statement of Members' Equity Marvel Media, LLC, has three members: WLKT Partners, Madison Sanders, and Observer Newspaper, LLC. On January 1, 20Y2, the three members had equity of $185,000, $45,000, and $110,000, respectively. WLKT Partners contributed an additional $50,000 to Marvel, Media, LLC, on June 1, 2012. Madison Sanders received an annual salary allowance of $107,300 during 2042. The members' equity accounts are also credited with 15% 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 Marvel Media, LLC, for 2012 were $954,635, $644,635 and $310,000 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 Amounts equal to the salary and interest allowances were withdrawn by the members.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 WLKT Partners Madison Sanders Observer Newspaper, LLC Total Salary allowance Interest allowance Remaining income (4:33) D) Net income

Answer 1

Page-03) Marvel Media LLC statement of members Equity, for the Year Ended dec 31,2042. WLKT Partners Madison Sanders Total Observer NP. LLC Balances Jan 135.000 45,000 110,000 340,000 2042 . Capital Additions. 50000 50,000 45000 110,000 390,000 159,560 62010 310,000 235,000 Net Income for the 88430 Year. 323,430 - Merober withdrauls 27,750 Balances Pec 31, 2042. 295,680 Tooooo 204560 114,050 90,510 172,010 16,500 158,300 155,510 541,700 (d) without ad income sharing agreement each member capital cuill be credited with an equal proportion of the total earnings or one sherd each Seperate contributions should be incone sharing formula. . aknowledged in the