Maurice Tutor

(5)

$15/per page/Negotiable

About Maurice Tutor

Levels Tought:
Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 4 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 Jul 2017 My Price 4.00

Intermedia, LLC,

Intermedia, LLC, has three members: WYXT Partners, Lindsey Wilson, and Daily Sun Newspaper, LLC. On January 1, 2010, the three members had equity of $200,000, $50,000, and $120,000, respectively. WYXT Partners contributed an additional $50,000 to Intermedia, LLC, on June 1, 2010. Lindsey Wilson received an annual salary allowance of $115,600 during 2010. The members’ equity accounts are also credited with 12% 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 net income for Intermedia, LLC, for 2010 was $650,000. The salary and interest allowances were distributed to the members.
(a) Determine the division of income among the three members.
(b) Prepare the journal entry to close the net income and withdrawals to the individual member equity accounts.
(c) Prepare a statement of members’ equity for 2010.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Jul 2017 07:07 AM My Price 4.00

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