Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. > llc net income and statement of members' equi

> LLC net income and statement of members' equity Interactive Media, LLC, has three members:...

50.1K

Verified Solution

Question

Accounting

> LLC net income and statement of members' equity Interactive Media, LLC, has three members: VC Partners, Colin Campella, and Active Graphics, LLC. On January 1, 20Y2, the three members had equity of $400,000, $125,000, and $175,000, respectively. VC Partners contributed an additional $75,000 to Interactive Media, LLC, on June 1, 20Y2. Colin Campella received an annual salary allowance of $90,000 during 20Y2. The members' equity accounts are also credited with 10% interest on each member's January 1 capital balance. Any remaining income is tincentives
image
image
image
image
b. Close revenues and expenses to the member equity accounts. Journalize the dosing journal entry for the member withdrawals of salary and interest, If an amount bax does not requira an entry, leave it blank c. Journalize the dosing joumal entry for the member withdrawals of salary and interest. If an amount box does not require an entry, leave it blank. menters

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students