LLC Net Income and Statement of Members' Equity

FratBro23
Category:
Accounting
Price: $5 USD

Question description

ntermedia, LLC, has three members: WYXT Partners, Lindsey Wilson, and Daily Sun Newspaper, LLC. On January 1, 2014, the three members had equity of $300,000, $75,000, and $180,000, respectively. WYXT Partners contributed an additional $80,000 to Intermedia, LLC, on June 1, 2014. Lindsey Wilson received an annual salary allowance of $174,000 during 2014. 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 2014 was $440,000. Amounts equal to the salary and interest allowances were withdrawn by the members.

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