Question

1) Dividing Partnership Income( just part B FOR QUESTION 1 )

Tyler Hawes and Piper Albright formed a partnership, investing $288,000 and $192,000, respectively.

Determine their participation in the year's net income of $390,000 under each of the following independent assumptions:

a)No agreement concerning division of net income.

B*) Divided in the ratio of original capital investment.

Interest at the rate of 15% allowed on original investments and the remainder divided in the ratio of 2:3.

Salary allowances of $76,000 and $104,000, respectively, and the balance divided equally.

Allowance of interest at the rate of 15% on original investments, salary allowances of $76,000 and $104,000, respectively, and the remainder divided equally.

FOR QUESTION 2 EVERYTHING PLEASE.

2) 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 $155,000, $40,000, and $95,000, respectively. WLKT Partners contributed an additional $40,000 to Marvel, Media, LLC, on June 1, 20Y2. Madison Sanders received an annual salary allowance of $89,900 during 20Y2. 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 revenues, expenses, and net income for Marvel Media, LLC, for 20Y2 were $306,257, $76,257 and $230,000 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 Amounts equal to the salary and interest allowances were withdrawn by the members.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 (4:3:3) note : please let me know how to find this part for the future.

Net income$$$$

b. Prepare the journal entries to close the (1) net income and (2) withdrawals to the individual member equity accounts. For a compound entry, if an amount box does not require an entry, leave it blank.

(1)	Revenues
	Expenses
	WLKT Partners, Member Equity
	Madison Sanders, Member Equity
	Observer Newspaper, LLC, Member Equity
(2)	WLKT Partners, Member Equity
	Madison Sanders, Member Equity
	Observer Newspaper, LLC, Member Equity
	WLKT Partners, Drawing
	Madison Sanders, Drawing
	Observer Newspaper, LLC, Drawing c. Prepare a statement of members' equity for 20Y2. If an amount box does not require an entry, leave it blank. Marvel Media, LLC Statement of Members' Equity For the Year Ended December 31, 20Y2 WLKT Partners Madison Sanders Observer Newspaper, LLC Total Balances, January 1, 20Y2 $ $ $ $ Capital additions $ $ $ $ Net income for the year $ $ $ $ Member withdrawals Balances, December 31, 20Y2 $ $ $ $

Answer 1

1 B) Divided in the ratio of original capital investment.

Profit= $390000

So $390000/3= $130000

Tyler share= $130000*2= $260000

Piper share=$130000*1=$130000

Total net income= $390000

2,

a.	Marvel Media, LLC
	Schedule of Division of Income
	For the Year Ended December 31, 20Y2
		WLKT Partners	Madison Sanders	Observer Newspaper, LLC	Total
	Salary allowance(withdrawl)		$89,900.00		$89,900.00
	Interest allowance(withdrawl)	$18,600.00	$4,800.00	$11,400.00	$34,800.00
	Remaining income (4:3:3)	$42,120.00	$31,590.00	$31,590.00	$105,300.00
	Net income	$60,720.00	$126,290.00	$42,990.00	$230,000.00
b.	Account Titles and Explanation	Debit	Credit
-1	Income summary	$230,000.00
	WLKT Partners, Member's equity		$60,720.00
	Madison Sanders, Member's equity		$126,290.00
	Observer Newspaper, LLC, Member's equity		$42,990.00
	(To close net income)
-2	WLKT Partners, Withdrawals	$18,600.00
	Madison Sanders, Withdrawals	$94,700.00
	Observer Newspaper, LLC, Withdrawals	$11,400.00
	Cash		$124,700.00
	(To record member withdrawals)
c.	Marvel Media, LLC
	Statement of Members' Equity
	For the Year Ended December 31, 20Y2
		WLKT Partners	Madison Sanders	Observer Newspaper, LLC	Total
	Balances, January 1, 20Y2	$155,000.00	$40,000.00	$95,000.00	$290,000.00
	Capital additions	$40,000.00			$40,000.00
		$195,000.00	$40,000.00	$95,000.00	$330,000.00
	Net income for the year	$235,000.00	$80,000.00	$95,000.00	$410,000.00
		$430,000.00	$120,000.00	$190,000.00	$740,000.00
	Less:Member withdrawals	($18,600.00)	($94,700.00)	($11,400.00)	($124,700.00)
	Balances, December 31, 20Y2	$411,400.00	$25,300.00	$178,600.00	$615,300.00

PLEASE RATE

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