LLC Net Income and Statement of Member's Equity

timer Asked: Feb 13th, 2015

Question Description

Need help with my Accounting question - I’m studying for my class.

Intermedia, LLC, has three members: WYXT Partners, Lindsey Wilson, and Daily Sun Newspaper, LLC. On January 1, 2014, the three members had equity of $130,000, $35,000, and $80,000, respectively. WYXT Partners contributed an additional $30,000 to Intermedia, LLC, on June 1, 2014. Lindsey Wilson received an annual salary allowance of $75,400 during 2014. The members' equity accounts are also credited with 18% 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 2014 was $250,000. Amounts equal to the salary and interest allowances were withdrawn by the members.

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